The main rivals in the gaming market have progressed dramatically with the advancement of technology, from light gun accessory for Magnavox (Brown Box) to Xbox to Xbox Series X, PlayStation to PlayStation 5, and SEGA SG-1000 to SEGA Advanced Pico Beena.
A gaming console is a computer system that connects to display devices such as televisions and monitors to allow users to play video games.
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GAMING CONSOLE MARKET DYNAMICS
Previously, handheld gaming systems such as the Sony PSP and Nintendo Game Boy dominated the market. As technology progressed, so did the basic basis for games. This opened up a new path for TV game consoles like Sony’s PlayStation and Microsoft’s Xbox.
Over 700 million individuals prefer to play video games on a specialised console nowadays. And the methods by which companies in the sector make money have evolved dramatically over time. With the release of new consoles from Microsoft and Sony, both firms have made a clear push into software and subscriptions.
GAMING CONSOLE MARKET SIZE AND FORECAST
The worldwide gaming console industry is expected to reach $XX billion in 2020, with a – percent compound annual growth rate (CAGR) until 2025. Despite a pandemic, a slowdown in economic activity, and a tightening of household budgets in 2020, gaming revenues have remained unaffected. This tendency could be attributed to the rise of video games as a form of at-home entertainment.
The outbreak of Covid19, which was followed by obligatory statewide quarantine rules, has given committed console and computer gamers extra time to play new games. For casual gamers, however, the rising adoption of smartphones has raised demand for mobile gaming over console games.
POPULAR PRODUCTS IN THE GAMING CONSOLE MARKET
Online gaming and high performance are the two main driving forces behind the huge rise of gaming consoles.
Today’s gaming consoles range from simple consoles that take one down memory lane to ultra-portable gaming rigs for on-the-go gaming to extremely powerful systems for high-resolution HDR and virtual reality gaming.
The Xbox Series X and PlayStation 5, Microsoft and Sony’s next-generation game consoles, will be available in late 2020 for $499.99.
TECHNOLOGY TRENDS IN GAMING CONSOLE MARKET
The inclusion of cutting-edge technology and the addition of new features to gaming consoles can help boost the global gaming market’s income. By 2020, gaming on consoles will be more like a real-life experience with high-quality video and music thanks to the use of Augmented Reality and Virtual Reality.
Important advancements in this industry include the recent introduction of Sony’s PlayStation 5 and Microsoft’s Xbox Series X in late 2020.
Market Growth is Expected to Be Driven by the Emergence of AR/VR Gaming: Immersive technologies such as virtual reality, augmented reality, and mixed reality are being increasingly widely used in the game business, allowing consumers to improve their whole experience and make it more fun and convenient than traditional options. VR/AR headsets will be a growth driver, and they will eventually combine with game consoles, so this instance is expected to drive the gaming console application.
Visual Display Resolution Evolution and Adoption: The majority of organisations in the market are transitioning from standard-definition (SDTV) and high-definition (HDTV) to advanced ultra-high-definition (UHDTV) and full-high-definition (FHDTV) (FHDTV).
GAMING CONSOLE MARKET COMPETITIVE LANDSCAPE
Sony, Microsoft, Nvidia Corporation, Valve Corporation, PlayJam, BlueStacks, Nintendo Co. Ltd., Mad Catz, and OUYA Inc. are the major market participants.
Nintendo (switch), Microsoft (Xbox), and Sony (Playstation) are engaged in fierce competition for game consoles (PS4). The key areas where the suppliers compete are product features, the most recent game release, and price.
Sony and Microsoft, for example, have dominated the gaming console industry for a long time and continue to coordinate their strategies to capitalise on dedicated gamers’ willingness to pay a premium for high-performance machines. With new generation goods due out in 2023, both firms hope to reclaim their supremacy in the gaming console market through pricing and marketing.
GAMING CONSOLE MARKET COMPANIES PROFILED
- Nvidia Corporation
- Valve Corporation
- Nintendo Co. Ltd.
- Mad Catz
- OUYA Inc.
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Arcade Gaming Market: https://mobilityforesights.com/product/arcade-gaming-market/
Connected Gaming Console Market: https://mobilityforesights.com/product/connected-gaming-console-market/
US Connected Gaming Console Market: https://mobilityforesights.com/product/us-connected-gaming-console-market/
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