LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global gaming console market to generate a revenue of USD 10.67 billion by 2021, according to their latest report.
The research study covers the present scenario and growth prospects of the global gaming console market for 2017-2021. The market is segmented based on type (TV consoles and handheld consoles) and geography (EMEA, the Americas, and APAC).
The global gaming console market is heavily influenced by the launch of next-generation gaming consoles. The three major vendors that have a significant impact on the market size and growth rate are Sony, Microsoft, and Nintendo. The last generation of console wars happened in 2013, and the market was booming in 2014. However, since then the global gaming console market has been on a decline as the market has reached saturation. Gamers need to upgrade the technologies constantly, and the sales of gaming consoles will only decline till the next generation of consoles is launched.
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Technavio media and entertainment research analysts highlight the following three factors that are contributing to the growth of the global gaming console market:
- Enhanced features of next-generation gaming consoles
- Diversifying gaming population
- Enhanced technological features and product innovations
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Enhanced features of next-generation gaming consoles
Despite the fact that an average gamer uses gaming consoles for nearly a decade, the next generation of gaming consoles are released every five years (on an average). The major reason for this is the increased consumer demands as the consumers look forward to enriched audio and visual experience for gaming.
Ujjwal Doshi, a lead gaming research analyst at Technavio, says, “The increasing disposable incomes have made the gamers able to afford high-end display and TV sets. The HD displays, along with HDMI and wireless network compatibility, have increased the expectations of the gamers. These add-ons have increased the availability of gaming as well. Also, the penetration of high-end sound systems, such as home theatre sound systems, provides gamers with a real life-like gaming experience.”
Diversifying gaming population
One of the major factors influencing the growth of the global gaming console market is the paradigm shift in the demographics of the audience. The market mainly consists of teenagers, but the number of adults using gaming consoles is increasing currently. Hence, the average age of the gamers has been increased from 18 (in 2008) to 27 (in 2016).
“Another main factor that drives the market is the increase in the number of female gamers. The increase in the diversity of end-users has increased the target audience of gaming console vendors. Also, the diversifying gaming population has encouraged the vendors to change their marketing strategies. The penetration of gaming-specific peripherals is rapidly increasing, which is an indication of the changing lifestyle of the gamers,” adds Ujjwal.
Enhanced technological features and product innovations
The global gaming console market has gone through numerous technological developments in order to cater to the increasing needs of consumers over the years. The first generation of gaming console was invented in the 1950s. The last generation of gaming consoles from prominent vendors like Sony and Microsoft were PS4 and Xbox One, respectively, and they are considered as the ninth-generation gaming consoles.
Over time, gaming consoles have been undergoing significant technological advances. The modern-day gaming consoles offer various features such as a CPU, RAM, motion sensors, and advanced connectivity options. The goal is to provide the gamers with the ultimate gaming experience. Gaming enthusiasts will always crave for an enhanced gaming experience. This will force the game developers to come up with innovative technologies, which will fuel the growth of the global gaming console market.
Top vendors:
- Microsoft
- Nintendo
- Sony
- Razer
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