By 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 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 on the manufacturing of high-tech gaming consoles will enable the speedy growth of the market. For instance, Sony Corporation announced the next-generation-console PlayStation 5.
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.
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.
Many gamers choose to play on a console since it is meant to be simple to set up and maintain. Gaming on a console may begin as soon as you take it out of the box. To begin having fun, there are no construction timeframes or technical expertise required. While the relative pricing of consoles and PCs are arguable, consoles are usually less expensive than gaming PCs. Plus, newer systems can stream movies, TV episodes, and music, making owning a console even more appealing.
Surge in Video Game Piracy to Occlude Market
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.
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)
Are you primarily concerned about convenience as a gamer? Or how much does it cost? Online gaming with several players? Do you appreciate or are you interested in updating your own computer? The answer is simple at Crucial®: PC gaming reigns supreme. Whatever you select, the most essential thing is to play and enjoy yourself.
