Gaming Console Market Outlook 2021, Global Demand, Key Drivers, Restraints and Future Prospects till 2027
Posted on Aug 4 2021 3:53 AM
"Top Players in Gaming Console Market include Nintendo Co. Ltd., (Japan), Sony Corporation (Sony Computers Entertainment Inc.) (Japan), Microsoft Corporation (United States)."
The global gaming console market forecast 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.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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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)
Request a Sample Copy for more detailed Gaming Consoles Market Overview: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/gaming-console-market-102420
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.
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.
Major Table of Content for Gaming Consoles Market:
- Definition, By Segment
- Research Approach
- 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
- Non Portable
- Market Analysis, Insights, and Forecast – By Application
- Market Analysis, Insights, and Forecast – By End-use
- Market Analysis, Insights, and Forecast – By Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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