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Gaming Consoles Market to Reach USD 51.15 Billion by 2027; Acquisition of Audiokinetic by Sony to Boost Market Revenue

March 12, 2020 | Information & Technology

The global gaming consoles market size is predicted to reach USD 51.15 billion by 2027. The growing acceptance of ultra-high-definition resolution such as 4K, DCI 4K, and 8K will promote healthy growth of the market during the forecast period, mentioned in a report, titled “Gaming Console Market Size, Share & Industry Analysis, By Type (Home Consoles and Handheld Console (Portable and Non-Portable)), By End-use (Residential and Commercial), By Applications (Gaming and Non-Gaming), and Region Forecast, 2020-2027” the market size stood at USD 34.27 billion in 2019 and is predicted to register a CAGR of 5.3% between 2020 to 2027.


Acquisition of Audiokinetic by Sony to Back Market Development


Sony Interactive Entertainment, a multinational video game and digital entertainment company announced that it acquired a Canadian software company based in Montreal, Quebec. The agreement between the two companies will involve Audiokinetic's vast audio engineering expertise, adding significant value to the PlayStation® ecosystem. The acquisition of Sony will not help both the companies but also aid the gaming consoles market shares during the forecast. Moreover, the partnership will allow Audiokinetic to operate independently, licensing its multi-platform audio tools and middleware to developers in established and growth markets. In addition, the increasing focus of companies towards the integration of VR in their gaming consoles will spur demand among consumers, thus aiding the growth of the market.


To Get the detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/gaming-console-market-102420


Penetration of Wireless Technologies to Augment Market


The introduction of wireless technologies such as Bluetooth 5.0, Wi-Fi, and others have impelled key players to develop gaming consoles based on wireless technologies to deliver an enhanced experience to their users. Moreover, the advancements in various electronics such as 4K TVs, 3D audio headphones, keyboard, and others have also helped in the innovation of advanced gaming consoles. Likewise, the adoption of other technologies, including haptic vibration, Blu-ray, and wireless connectivity technologies, will subsequently promote the growth of the market. The growing number of gamers and an array of online multiplier games will simultaneously improve the prospects of the market. Nonetheless, the increasing R&D investment for the development of trailblazing video games will also accelerate the gaming console market revenue in the foreseeable future.


Key Players Fixed on Product Innovation and Novel Offerings


Leading Market Players operating in the market are focused on launching innovative gaming consoles to cater to the demand of the customers. For instance, Sony Corporation designs, manufacture, and sells electronic products including, electronic instruments, devices, game consoles, and software. The company provides electronic products such as game and network services, semiconductors, home entertainment and sound, music, pictures, mobile communications, imaging products and solutions, financial services, and others to industrial markets. The company’s game and network services segment include product such as PlayStation4 (PS4), PlayStation3 (PS3), and PlayStationVita (PS Vita) related software. Moreover, the surge in partnerships and collaborations among prominent players will enhance the market potential. For instance, Sony Corporation and Microsoft Corporation completed a strategic partnership to enhance gamers' experiences in direct-to-consumer entertainment platforms, cloud, and AI solutions.


The Report lists the Major Companies:



  • Nintendo Co. Ltd., (Japan)

  • Sony Corporation (Sony Computers Entertainment Inc.) (Japan)

  • Microsoft Corporation (United States)


Further Report Findings:


Regional Analysis: The market in Asia pacific stood at USD 16.57 billion in 2018 and USD 17.43 billion in 2019. The growth of the market is attributed to the presence of existing key players such as Sony Corporation. Europe is expected to rise significantly during the forecast period owing to the rising demand for games and other wireless services.


Leading Segment: The gaming application accounted for a share of 47.8% in 2019 and is likely to witness high demand during the forecast period owing to rising demand for content integrated application consoles such as YouTube, Netflix, Amazon Prime Video, and others.


The Global Gaming Console Market is Segmented into:











































SEGMENTATION



  DETAILS



Study Period



  2015 - 2027



Base Year



  2019



Forecast Period



  2020 - 2027



Historical Period



  2015 - 2018



Unit



  Value (USD billion)



Segmentation



By Type



  • Home Console

  • Handheld Console

    • Portable

    • Non-Portable





By End-use



  • Residential

  • Commercial



By Application



  • Gaming

  • Non-Gaming



By Region



  • North America

  • Europe

  • Asia Pacific

  • Middle East and Africa

  • Latin America


Gaming Consoles Market
  • PDF
  • 2019
  • 2015-2018
  • 120

    CHOOSE LICENSE TYPE

  • 4850
    5850
    6850

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