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CONNECTED GAME CONSOLE MARKET ANALYSIS (2019-2027)

A video game console refers to a computer device that allows one or more people to play the video game.

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CONNECTED GAME CONSOLE MARKET ANALYSIS (2019-2027)

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. CONNECTED GAME CONSOLE MARKET ANALYSIS • Connected Game Console Market, By Product Type (Connected Console (Stand Alone Console and Handheld), Service (Prepaid Services and Other Direct Services) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

  3. Market Overview A video game console refers to a computer device that allows one or more people to play the video game. The term video game console is majorly used to distinguish a console machine to play video games in contrast to arcade machines or home computers. There are various types of video game consoles including handheld game consoles, dedicated consoles, home video game consoles, and micro-consoles. Connected game consoles have evolved significantly over the past, with availably of Wi-Fi connectivity, better graphics, and higher definition image quality. The global connected game console market focuses on seven regions namely North America, Western Europe, Japan, Asia Pacific, MEA, and Latin America. The global Connected Game Console Market was accounted for US$ 13,818.1 Mn in terms of value in 2019 and is expected to grow at CAGR of 11.5% for the period 2020-2027.

  4. Market Dynamics-Drivers Rising expenditure on games is expected to drive growth of the global connected game console marketduring the forecast period Consumer expenditure on games and gaming equipment has increased significantly in the recent past. Furthermore, consumers are increasingly spending on different video game accessories such as controllers, light guns, joysticks, and more. According to Coherent Market Insights’ analysis, North America held the dominant position in the global video games market in 2014, accounting for US$ 15 billion in terms of revenue. Thus, these factors are expected to drive growth of the global connected game console market during the forecast period.

  5. Increasing broadband penetration worldwide is expected to propel the global connected game console growth over the forecast period Broadband penetration has increased worldwide, especially in developed countries such as the U.S. and Canada. As a result of this, the demand for gaming consoles has increased with connected game console providers pushing sales of connected game consoles. According to the International Telecommunication Union (ITU) report 2013, in developed countries, around 77% of the total population has access to the internet as compared to 7% in emerging economies. Furthermore, according to the same source, Europe reported the highest broadband penetration of 75% followed by North America and Latin America with 61%. Hence, rising broadband penetration is expected to propel the global connected game console growth in the near future. Statistics: North America held dominant position in the global Connected Game Console market in 2019, accounting for 43.7% share in terms of value, followed by Europe and Asia Pacific, Latin America and Middle East and Africa respectively

  6. Figure 1: Global Connected Game Console Market Share (%), in terms of Value, By Region, 2019

  7. Market Dynamics- Restraint High cost of game console is expected to hamper the global connected game console market growthduring the forecast period Although consumer expenditure has increased over the years, the prices of game consoles have risen similarly. With the introduction of new technologies and upgraded versions of consoles, the price of connected game consoles is increasing too. Therefore, these factors are expected to hamper the global connected game console market growth in the near future. Rising threat from smartphone gaming is expected to restrain growth of the global connected game console market during the forecast period Smartphone gaming is increasing rapidly across the globe, especially in emerging economies. Game development time for mobile games is far lesser than that for game consoles. Moreover, most mobile games are available for free or cost substantially lesser than those for game consoles. This is affecting growth of the market to some extent. According to the Ericsson Mobility Report, smartphone ownership was reported at 1.3 billion in 2012 and is expected to grow to 5.6 billion by 2019. Thus, these factors are expected to hinder the global connected console market in the near future.

  8. Market Opportunity Rising investments in research and development activities can present lucrative growth opportunities Game console manufacturers are focused on research and development activities and investing substantially, in order to introduce innovative features in their consoles. With this, market players can capitalize on opportunities and gain a sustainable advantage over their competitors and enhance their consumer base. For instance, in 2013, in 2013, Microsoft Corporation’s R&D investment was valued at US$ 9.8 Bn. Constant collaboration and partnership activities can offer major business opportunities for market players Key companies in the market are focused on collaboration and partnership activities, in order to enhance their market presence. For instance, in 2014, Nintendo collaborated with Yoplait USA, Inc., a yogurt providing company to place characters such as Mario, Luigi, Peach and Bowser on the side of Yoplait’s Petits, Filous, and Frubes products. The objective of this collaboration was to enhance the company’s visibility in the market.

  9. Figure 2: Global Connected Game Console Market Value (US$ Mn), 2017 - 2027 The global Connected Game Console market was valued at US$ 13,818.1.4 Mn in 2019 and is forecast to reach a value of US$ 33,30,1.3 Mn by 2027 at a CAGR of 11.5% between 2020 and 2027.

  10. Market Trends The advent of virtual reality gaming Virtual reality (VR) gaming has gained significant popularity among consumers in the global connected game console market. VR gaming offers enhanced experience of gaming with a virtual environment wherein gamers can interact with the game though body and hand motions. This trend is expected to continue during the forecast period. For instance, in 2014, Sony Computer Entertainment Inc. introduced Project Morpheus’, a system that allows for VR gaming on the PS4. Rising trend of convergent entertainment system Connected game console offers enhanced entertainment features such as video streaming, Blu-ray DVD video playback, and internet browsing. Moreover, it also allows access to video streaming services such as Netflix and YouTube.

  11. Competitive Section Key players operating in the global connected game console market are Microsoft Corporation, NVIDIA Corporation, Sony Corporation, Nintendo Co. Ltd., Valve Corp., OUYA Inc., PlayJam, Mad Catz, and BlueStacks. Key Developments Key companies in the market are focused on partnership and collaboration activities, in order to enhance the market presence. For instance, in May 2019, Microsoft Corporation collaborated with Sony Corporation for video games in the cloud where Sony’s current services will be delivered using the Microsoft Azure data center platform. Major market players are involved in product launches, in order to expand the product portfolio. For instance, in February 2020, NVIDIA Corporation introduced affordable GeForce Now Cloud Gaming Service with 30+ free-to-play games available.

  12. Request Sample Report • Request Customization • Download PDF brochure • Talk To Analyst • Buy Now • Reference: https://www.coherentmarketinsights.com/market-insight/connected-game-console-market-3798

  13. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: Customized Market Research Services Industry Analysis Services Business Consulting Services Market Intelligence Services Long term Engagement Model Country Specific Analysis

  14. Contact Us Mr. Shah Coherent Market Insights Pvt.Ltd. Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S. Phone: +1-206-701-6702 Email: sales@coherentmarketinsights.com

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