The connected game console market has achieved remarkable growth, amassing a staggering US$ 19,550.7 million in revenue on a global scale in the year 2023. Projections for the near future are nothing short of spectacular, with the market expected to ascend to US$ 75,280.8 million by the year 2033, translating to an extraordinary CAGR of 14.4% from 2023 to 2033. Remarkably, this burgeoning sector now claims an impressive share of approximately 27.0% of the global video game market.
Driving Factors Propelling the Global Connected Game Console Market:
- Innovative Technological Advancements: Pioneering technological advancements in the gaming industry have unleashed a tidal wave of innovation within the connected game console market. The integration of cutting-edge features such as augmented reality (AR), virtual reality (VR), and cloud-based gaming has captivated consumers, elevating the gaming experience to unparalleled heights.
- Expanding User Base: The relentless expansion of the global gaming community has played a pivotal role in propelling the connected game console market forward. An ever-growing demographic of gamers, spanning diverse age groups and geographies, has created an insatiable demand for immersive gaming experiences.
- Ecosystem Synergy: The interconnectedness of various entertainment ecosystems, such as music streaming, video streaming, and social media, has fostered a symbiotic relationship with the connected game console market. This synergy has culminated in a convergence of digital entertainment experiences, rendering these consoles as versatile hubs for multifaceted entertainment.
- Content Aggregation: The continuous influx of captivating and exclusive gaming titles has been a significant driving force behind the market’s meteoric rise. Game developers and publishers are relentlessly pushing the boundaries of creativity, delivering engaging content that resonates with a wide audience.
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Many video game companies are working hard to improve the technology in both online and offline video games. They’re doing this by updating and releasing new versions of the game’s software for various platforms like Xbox, the latest generation of PlayStation consoles, and Windows PC.
Demand for mobile, console, and computer video games is on the rise, thanks to the growing popularity of metaverse gaming, games based on blockchain technology, gaming events, and electronic sports (e-sports). Additionally, the development of various cutting-edge technologies is expected to boost the demand for computer video games, cloud gaming, and other forms of gaming.
E-sports or electronic sports can transform online video gaming into a spectator sport. The experience is the same as watching a professional sports event, but viewers can watch video game players compete against each other in a virtual environment. E-sports will be included in an official event at the Asian Games 2023 for the first time. International Olympic Committee, e-sports will be included in an official event at the Asian Games 2023 for the first time.
Development of Next-generation Gaming Consoles to Boost the Industry:
Developers are constantly working on system updates and enhancements to improve the gaming experience. In February 2022, Sony announced that it shipped 3.9 million PlayStation 5s during its third quarter which ended on December 31, 2021. It brings the PS5’s lifetime total to 17.3 million consoles shipped.
Its new internet-connected consoles include a DualSense controller, 3D AudioTech, and improved SSD storage for quick load times. For instance, Sony and Microsoft announced the launch of an Xbox Series X Console and a new PS5 Pro in 2023. Similar developments by prominent vendors are expected to fuel the demand for connected game consoles during the forecast period.
Key Players:
- Sony
- Microsoft
- Nintendo
- Tencent Holdings Ltd.
- Activision Blizzard, Inc.
- Valve Corporation
- Rockstar Games
- Sega Games Co. Ltd
- Square Enix Holdings Co. Ltd
- Capcom Company Ltd
- Naughty Dog Inc.
- Rovio Entertainment Corporation
- Lucid Games
- Disney+
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Connected Game Console Market Segmentation:
By Product Type:
- Connected Console
- Standalone Console
- Handheld Console
- Services
- Prepaid Service
- Other Direct Service
By Application:
- Gaming
- Non-Gaming
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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