With 5.3% CAGR, Gaming Consoles Market Worth 51.15 billion by 2027

According to Fortune Business Insights, the global Gaming Consoles Market size is projected to reach USD 51.15 billion by 2027, at a CAGR of 5.3% during the forecast period

Pune, India, July 07, 2022 (GLOBE NEWSWIRE) — The global gaming consoles market share is expected to reach USD 51.15 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period. The rising adoption of Augmented Reality (AR)/ Virtual Reality (VR) in educational and entertainment applications will stimulate the healthy growth of the market. For instance, digital education has become more of a stable in most of the advanced schools. VR and AR can provide an immersive and enhanced experience to the user.

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

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The market size stood at USD 34.27 billion in 2019. The gaming consoles market report incorporates several factors that have impacted the market growth and share in recent years. Besides providing insights on the growth stimulators, it reveals a few factors that have restricted the market growth. The report highlights a few of the leading products, significant companies, and considerable industry developments of recent times. The competitive landscape has been discussed in in-depth in the foodservice equipment market report. Forecast values for the market have been provided in the report for the period of 2019 to 2026. Moreover, the report recognizes areas that have witnessed the highest demand and applications for the product in recent years.

Key Industry Development:

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

Report Scope & Segmentation

Rising Digitization Amid Pandemic to Propel Growth

The COVID-19 pandemic has positively impacted the Everything as a Service (XaaS) market growth due to rising digitization in several industries. Also, leading companies from various sectors have adopted recent technologies to simplify their business operations and ease the work process. Furthermore, the companies implemented recent technologies to adopt work from home/remote work culture. These factors bolstered the market growth and expansion during the pandemic.

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Drivers and Restraints:

Surge in Video Game Piracy to Occlude Market

The integration of augmented reality and virtual reality in 3D gaming consoles has fueled demand for gaming consoles and accessories, which in turn will facilitate the gaming consoles market share. For instance, some of the 3D gaming consoles include Xbox one X, PlayStation 4, and NES Classic Edition. However, the growing privacy rate of online and offline video games will subsequently hamper the sales of gaming consoles. Likewise, privacy concerns and gaming-related issues will dampen the growth of the market during the forecast period.

Competitive Landscape:

Introduction of Project Scorpio by Microsoft to Facilitate Market Growth

Microsoft, an American multinational technology company with headquarters in Redmond, Washington launched gaming console “Project Scorpio” enabled with six teraflops GPU to support full 4K, cloud, and VR capabilities. The announcement of the new console, Project Scorpio, will spur demand among gamers owing to the new features and enhance technology, which in turn will augur well for the gaming consoles market in the forthcoming years. The console is enabled with 8-core AMD CPU, clocked at 2.3GHz based on the AI platform, and features enhanced AI and smoother interactions for the extraordinary gaming experience. Furthermore, the growing attractiveness of 3D gaming will contribute positively to the growth of the gaming consoles market. As 3D gaming provides features such as precise 3-D localization, which helps to improve the users’ experience and bring realism to the gameplay.

Regional Analysis:

Presence of Leading Players to Promote Growth in Asia Pacific

Asia Pacific generated a revenue of USD 17.43 billion in 2019 and is likely to expand progressively during 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 market in North America can proliferate in the forthcoming years owing to the rising demand for gaming-consoles in the region.

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The Report lists the Major Companies in the Global Gaming Consoles Market:

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

Major Table of Contents:

Introduction

• Definition, By Segment
• Research Approach
• Sources

• Executive Summary
• Market Dynamics

• Drivers, Restraints, and Opportunities
• Emerging Trends

• Key Insights

• Macro and Micro Economic Indicators
• Consolidated SWOT Analysis of Key Players

Global Gaming Console Market Analysis, Insights and Forecast, 2015-2027

• Key Findings / Summary
• Market Analysis, Insights, and Forecast – By Type

• • Home Console
  • Handheld Game Console
  • Portable
  • Non Portable

• Market Analysis, Insights, and Forecast – By Application

• • Gaming
  • Non-Gaming

• Market Analysis, Insights, and Forecast – By End-use

• • Residential
  • Commercials

• Market Analysis, Insights, and Forecast – By Region

• • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

North America Gaming Console Market Analysis, Insights and Forecast, 2015-2027

• Key Findings / Summary
• Market Analysis, Insights, and Forecast – By Type

• • Home Console
  • Handheld Game Console
  • Portable
  • Non Portable

• Market Analysis, Insights, and Forecast – By Application

• • Gaming
  • Non-Gaming

• Market Analysis, Insights, and Forecast – By End-use

• • Residential
  • Commercials

• Market Analysis, Insights, and Forecast – By Country

• • U.S.
  • Canada

Europe Gaming Console Market Analysis, Insights and Forecast, 2015-2027

• Key Findings / Summary
• Market Analysis, Insights, and Forecast – By Type

• • Home Console
  • Handheld Game Console

• • Portable
  • Non Portable

• Market Analysis, Insights, and Forecast – By Application

• • Gaming
  • Non-Gaming

• Market Analysis, Insights, and Forecast – By End-use

• • Residential
  • Commercials

• Market Analysis, Insights, and Forecast – By Country

• • UK
  • Germany
  • Italy
  • France
  • Spain
  • Rest of Europe

TOC Continued…!

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