According to Future Market Insights (FMI), the global connected game console market size is expected to reach ~US$ 65.4 Billion by 2032, growing at a CAGR of 14.1% during 2022-2032. The market stood at ~US$ 15.4 Billion 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 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, 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 3% CAGR during 2022-2032.
- Based on application, the non-gaming segment is estimated to grow at a steady CAGR of 1% during the forecast period.
- The U.S. connected game console market is expected to progress at a CAGR of around 3% through 2032.
- In the South Asia & Pacific region, Indonesia is expected to grow at a CAGR of 6% during the forecast period.
- The China connected game console market is anticipated to create an absolute dollar opportunity of ~US$ 4.7 Billion by the end of 2032.
- Japan is estimated to exhibit a CAGR of 1% during 2022-2032 and is anticipated to create an absolute dollar opportunity of ~US$ 3.4 Billion 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 a 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.
Competitive Landscape: Connected Game Console Market
Some of the renowned companies operating in the global 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.
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Get More Valuable Insights on Connected Game Console Market
Future Market Insight's report on the connected game console market research is segmented into four major sections - product type (connected console [standalone console, and handheld console], and services [prepaid service, and other direct service]), application (gaming, and non-gaming), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the connected game console demand outlook
Connected Game Console Outlook by Category
By Product Type:
- Connected Console
- Standalone Console
- Handheld Console
- Prepaid Service
- Other Direct Service
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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Original Source of the original story >> Connected Game Console Market is Estimated to Reach US$ 65.4 Billion by 2032 at a steady CAGR. Data analysis by FMI