Gaming Console Market: Introduction of Technologically Advanced Gaming Consoles to Propel Market
The global gaming console market size 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.”
According to the report, published by
Fortune Business Insights, titled “Global Gaming Consoles Market Size, Share
& Industry Analysis, By Type (Home Consoles and Handheld Console (Portable
and Non-Portable)), By End-use (Residential and Commercial), By Applications
(Gaming and Non-Gaming), and Region Forecast, 2020-2027” the market size stood
at USD 34.27 billion in 2019. The gaming consoles market report incorporates
several factors that have impacted the gaming consoles 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.
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)
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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