Nintendo consoles

With a CAGR of 5.3%, the game console market is worth 51.15 billion

Pune, India, 07 Jul. 2022 (GLOBE NEWSWIRE) — The world game console market the share should reach USD 51.15 billion by 2027with a CAGR of 5.3% during the forecast period. Increasing adoption of Augmented Reality (AR)/Virtual Reality (VR) in educational and entertainment applications will drive the healthy growth of the market. For example, digital education has become more stable in most colleges. VR and AR can provide an immersive and enhanced user experience.

Moreover, the penetration of smart games and applications can be one of the crucial factors to increase the game console market revenue during the forecast period. Additionally, the growing focus of large companies on manufacturing high-tech game consoles will enable rapid growth of the market. For example, Sony Corporation announced the next-generation console PlayStation 5. The company also revealed the major technological changes that have been implemented in the new game console, such as “adaptive triggers”. Sony Interactive Entertainment CEO Jim Ryan and PS5 system architect Mark Cerny said in an interview with Wired, “There’s ray-tracing acceleration in GPU hardware.”

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The size of the market was 34.27 billion USD in 2019. The Game Consoles market report incorporates several factors that have impacted the growth and market share in recent years. Besides providing insights into growth enhancers, it reveals a few factors that have been limiting market growth. The report highlights some of the major products, significant companies and considerable developments in the industry in recent times. The competitive landscape has been thoroughly discussed in the Foodservice Equipment Market report. The forecast market values ​​have been provided in the report for the period of 2019 to 2026. Additionally, the report recognizes the areas that have witnessed the highest demand and applications for the product in recent years.

Industry key development:

January 2019 – Sony Interactive Entertainment (SIE) has acquired Audiokinetic, Inc., a provider of audio solutions for the gaming and media industries. This acquisition enabled SIE to acquire Audiokinetic’s audio engineering technical business unit. This acquisition added substantial value to the PlayStation audio ecosystem.

Report scope and segmentation

Report cover Details
Forecast period 2022 to 2027
Forecast Period 2022 to 2027 CAGR 5.3%
2027 value projection $51.15 billion
Year of reference 2019
Game console market size in 2021 $34.27 billion
Historical data for 2015 to 2018
Number of pages 120
Segments Covered Type, end user, application and geography
Game Console Market Growth Drivers Growing demand for wireless and 3D game consoles with 4K resolution capabilities and increasing investment to drive market growth
Lack of skilled professionals and increasing hacking rate

Growing digitalization amid pandemic to propel growth

COVID-19 pandemic positively impacted the growth of Everything as a Service (XaaS) Market due to increasing digitalization in several industries. Moreover, leading companies in various industries have adopted recent technologies to simplify their business operations and ease the work process. Additionally, companies have implemented recent technologies to embrace a work-from-home/remote work culture. These factors have supported the growth and expansion of the market during the pandemic.

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Drivers and Restrictions:

Increase in video game piracy to obstruct the market

The integration of augmented reality and virtual reality in 3D game consoles has fueled the demand for game consoles and accessories, which in turn will facilitate the market share of game consoles. For example, some of the 3D game consoles include Xbox One X, PlayStation 4, and NES Classic Edition. However, the increasing secrecy rate of online and offline video games will subsequently hamper game console sales. Likewise, privacy issues and gaming-related issues will restrain the market growth over the forecast period.

Competitive Landscape:

Introduction of Microsoft’s Project Scorpio to facilitate market growth

Microsoft, an American multinational technology company headquartered in Redmond, Washington, has launched the “Project Scorpio” game console equipped with a six-teraflop GPU to support all 4K, cloud and VR capabilities. The announcement of the new console, Project Scorpio, will drive gamer demand through new features and improved technology, which in turn will bode well for the game console market in the years to come. . The console is equipped with an AMD 8-core, 2.3 GHz processor based on the AI ​​platform, and offers improved AI and smoother interactions for an extraordinary gaming experience. Moreover, the growing attractiveness of 3D games will contribute positively to the growth of the game console market. As 3D games provide features such as accurate 3D localization, which helps to improve user experience and bring realism to gameplay.

Game console market segments By type
  • Home Console
  • Portable console
By end use
By request

Regional analysis:

Presence of leading players to promote growth in Asia-Pacific

Asia-Pacific generated USD 17.43 billion in revenue in 2019 and is expected to grow gradually over the forecast period. The growth in the region is attributed to the presence of key players such as Sony Corporation and Nintendo Co. Ltd. The North American market may proliferate in the coming years due to the growing demand for game consoles in the region.

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The report lists the top companies in the world Game console market:

  • Nintendo Co. Ltd., (Japan)
  • Sony Corporation (Sony Computers Entertainment Inc.) (Japan)
  • Microsoft Corporation (USA)

Main table of contents:

Introduction

  • Definition, by segment
  • Research approach
  • Sources
  • Summary
  • Market dynamics
  • Drivers, constraints and opportunities
  • Emerging trends
  • Macro and micro economic indicators
  • Consolidated SWOT analysis of key players

Global Game Console Market Analysis, Outlook and Forecast, 2015-2027

  • Main results/summary
  • Market Analysis, Information & Forecast – By Type
    • Home Console
    • handheld game console
    • Portable
    • Not portable
  • Market Analysis, Insights & Forecast – By Application
  • Market Analysis, Outlook and Forecast – By End Use
  • Market Analysis, Outlook and Forecast – By Region
    • North America
    • Europe
    • Asia Pacific
    • Middle East and Africa
    • Latin America

North America Game Console Market Analysis, Outlook and Forecast, 2015-2027

  • Main results/summary
  • Market Analysis, Information & Forecast – By Type
    • Home Console
    • handheld game console
    • Portable
    • Not portable
  • Market Analysis, Insights & Forecast – By Application
  • Market Analysis, Outlook and Forecast – By End Use
  • Market analysis, outlook and forecast – by country

Europe Game Console Market Analysis, Outlook and Forecast, 2015-2027

  • Main results/summary
  • Market Analysis, Information & Forecast – By Type
    • Home Console
    • handheld game console
  • Market Analysis, Insights & Forecast – By Application
  • Market Analysis, Outlook and Forecast – By End Use
  • Market analysis, outlook and forecast – by country
    • UK
    • Germany
    • Italy
    • France
    • Spain
    • The rest of Europe

TOC Continued…!

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