Pune, March 12, 2020 (GLOBE NEWSWIRE) -- The global Gaming Consoles 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.
To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/gaming-console-market-102420
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.
Restraint:
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.
Request a Sample Copy: https://www.fortunebusinessinsights.com/enquiry/sample/gaming-console-market-102420
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.
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)
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/gaming-console-market-102420
Table of Content:
- 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
Request for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/gaming-console-market-102420
(Have a Look at Reports Trending in Information & Technology Industry)
Browse Related Reports:
Virtual Reality Market Size, Share & Industry Analysis, By Offering (Hardware, Software), By Technology (Nonimmersive, Semi-Immersive), By Industry Vertical (Gaming & Entertainment Media, Healthcare, Education, Automotive, Aerospace & Defense, Manufacturing), By Application (Training & Simulation, Educational, Attraction, Research & Development) and Regional Forecast, 2019 - 2026
Virtual Reality in Gaming and Entertainment Market Size, Share & Industry Analysis, By Component (Hardware, Software, and Content), By Device (Mobile, Console/PC, and Standalone), and Regional Forecast, 2019-2026
Artificial Intelligence (AI) Market Size, Share and Global Trend by Component (Hardware, Software, Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, Others), By Industry Vertical (BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Government, Others) and Geography Forecast till 2026
Home Automation Market Size, Share and Industry Analysis by Product Type (Luxury, Mainstream, Managed, DIY Do It Yourself Home Automation System), Application (Safety and Security, Lighting, Entertainment, Heating, Ventilation and Air conditioning), Networking Technology (Wired & Wireless) and Regional Forecast 2018-2025
Smart Home Market Size, Share & Industry Analysis, By Product (Home Monitoring/Security, Smart Lighting, Entertainment, Smart Appliances, and Others (Thermostat, etc.)), and Regional Forecast, 2019-2026
Push-To-Talk Market Size, Share and Industry Analysis by Network (PoC, LMR), Component (Hardware, Software, Services), Application (Public Safety & Security, Transportation & Logistics, Manufacturing & Construction, Travel & Hospitality Defense), And Regional Forecast 2018-2025
Image Recognition Market Size, Share & Industry Analysis, By Component (Hardware, Software, Services), By Technology (Barcode Recognition, Facial Recognition, Object Recognition, Pattern Recognition), By Applications (Scanning and Imaging, Security and Surveillance, Image Search, Augmented Reality & others), By Deployment (On-Premises, Cloud), By End-User (BFSI, Media and Entertainment) and Regional Forecast, 2019-2026
Beacon Market Size, Share & Industry Analysis, By Component (Hardware and Platform / Software Development Kit (SDK)), By Connectivity Type (Bluetooth Low Energy (BLE), Wi-Fi, Hybrid and Others), By Deployment (Indoor and Outdoor), By End-use (Residential and Commercial) and Regional Forecast, 2019-2026
Virtual Sensors Market Size, Share & Industry Analysis, By Component (Solution, Services), By Deployment (Cloud, On-Premises), By End-User (Oil and Gas, Manufacturing and Utilities, Consumer Technology, Automotive, Aerospace and Defence, Healthcare, Chemical, and Others) and Regional Forecast, 2019-2026
About us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs
Press Release: https://www.fortunebusinessinsights.com/press-release/gaming-consoles-market-9651