Pune, India, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The global Gaming Consoles Market size was valued at USD 34.27 billion in 2019. The market is project grow USD 51.15 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period. The rising adoption of Augmented Reality, Virtual Reality in educational and entertainment applications will stimulate the healthy growth of the market. This information is provided by Fortune Business Insights, in its report, titled “Gaming Consoles Market Forecast, 2023-2027.”
Key Industry Development:
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.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 5.3% |
| 2027 Value Projection | USD 51.15 billion |
| Base Year | 2019 |
| Gaming Consoles Market Size in 2019 | USD 34.27 billion |
| Historical Data for | 2015 to 2018 |
| No. of Pages | 120 |
| Segments covered | Type, End-user and Geography |
| Gaming Consoles Market Growth Drivers | Surge in Video Game Piracy to Occlude Market |
Key Takeaways
- The rising demand for gaming consoles based on 3D architecture is also expected to drive the overall market growth of gaming console during the forecast 2023-2029
- Type Analysis: The Rising Number of Online Gamers among Countries such as China, the U.S., and India to Drive the Market
- Gaming Console Market Size in Asia Pacific was USD 17.43 Billion in 2019
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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.
- Some of the 3D gaming consoles include Xbox one X, PlayStation 4, and NES Classic Edition.
- 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.
Segmentation
Increasing Popularity of Content Integrated Consoles to Aid Market Growth
Based on applications, the gaming console market is segmented into gaming and non-gaming applications. Among these, the non-gaming segment is estimated to grow at a significant CAGR, owing to the rising demand for consoles integrated with extensive content applications including YouTube, Netflix, Amazon Prime Video, and others. Further, the gaming segment is expected to rise with the highest CAGR during the forecast period. Advancement in the controller-free gaming console is expected to create new opportunities for manufacturers in this market.
Regional Insights
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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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.
The Report lists the Major Companies in the Global Gaming Consoles Market:
- Nintendo Co. Ltd.
- Sony Corporation
- Microsoft Corporation
Major Table of Contents:
- Global Gaming Console Market Analysis, Insights and Forecast
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Type
- Home Console
- Handheld Game Console
- 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
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Type
- Home Console
- Handheld Game Console
- 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
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Type
- Home Console
- Handheld Game Console
- 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
- Asia Pacific Gaming Console Market Analysis, Insights and Forecast
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Type
- Home Console
- Handheld Game Console
- 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
- China
- Japan
- India
- South East Asia
- Rest of APAC
Toc Continued…
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FAQ’s
How much is the global gaming console market worth in 2019?
Fortune Business Insights says that the market value stood at USD 34.27 billion in 2019
How much will the global gaming console Market be worth in the future?
The Gaming Console Market size is expected to reach USD 51.15 billion by 2027
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