The Ascendancy of the Connected Game Console Market: US$ 65.4 Billion by 2032 with a Remarkable CAGR of 14.1% | FMI

According to Future Market Insights (FMI), the global connected game console market size is expected to reach ~US$ 65.4 Bn by 2032, growing at a CAGR of 14.1% during 2022–2032. The market stood at ~US$ 15.4 Bn in 2021.

Online users can access new video games with the help of cloud-based gaming platforms. The days of stressing over finding a copy at the neighborhood video game shop are over. Cloud-based gaming does not require downloading. Additionally, it is easy to install the appropriate software and there are no hardware requirements like GPU, CPU, or system storage.

Demand for mobile games has increased at a fast pace. Many people are turning to games on mobile devices for entertainment during their prolonged time at home with the rising adoption of work from the home trend. According to the latest data by Udonis, there are around 2.69 billion mobile game players across the globe. In addition to that, the number of mobile game users in Canada and the U.S. has increased by approximately 12% since 2019, as per the NDB Group report. Therefore, the growing adoption of cloud-based gaming and mobile gaming is fueling growth in the connected game console market.

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Key Takeaways: Connected Game Console Market

• By product type, the connected console services segment is set to register high growth at 13.3% CAGR during 2022-2032.
• Based on application, the non-gaming segment is estimated to grow at a steady CAGR of 16.1% during the forecast period.
• The U.S. connected game console market is expected to progress at a CAGR of around 11.3% through 2032.
• In the South Asia & Pacific region, Indonesia is expected to grow at a CAGR of 19.6% during the forecast period.
• The China-connected game console market is anticipated to create an absolute dollar opportunity of ~US$ 4.7 Bn by the end of 2032.
• Japan is estimated to exhibit a CAGR of 18.1% during 2022-2032 and is anticipated to create an absolute dollar opportunity of ~US$ 3.4 Bn by the end of 2032.

“Increased diversity in games, growing popularity of mobile games among youths, and surging adoption of next-generation consoles are anticipated to drive the demand for connected game consoles during the forecast period,” says an FMI analyst.

Development of Next-generation Gaming Consoles to Boost the Industry

Developers are constantly working on system updates and enhancements to improve gaming experience. In February 2022, Sony announced that it shipped 3.9 million PlayStation 5s during its third quarter that ended on December 31, 2021. It brings the PS5’s lifetime total to 17.3 million

consoles shipped. Its new internet-connected consoles include 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 new PS5 Pro in 2023. Similar developments by prominent vendors are expected to fuel the demand for connected game consoles during the forecast period.

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Competitive Landscape: Connected Game Console Market

Some of the renowned companies operating in the globally connected game console market are

• 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, and
• Disney+ among others.