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Advent of Multipurpose Gaming Console to Unlock Exciting Opportunities(October 13, 2017)
The comprehensive report on the worldwide market for gaming consoles offers an incisive assessment of key drivers and challenges, notable trends and emerging opportunities, recent technological developments, major product launches, and vendor landscape. The research provides an in-depth insight into the factors influencing the share of prominent product segments and the key trends governing their demand in various regions such as the Americas, the Europe, the Middle East, and Africa (EMEA), and Asia Pacific (APAC). The study also takes a closer look at the disruptive forces and the likely change of strategies of major players to sustain their position in the market.
The global gaming console market is projected to decline at a CAGR of 1.23% from 2017 to 2021. The decline is attributed mainly to rising and sustained adoption of mobile gaming among consumers and the continued availability of gaming on a variety of streaming media devices. Over the past few years, market players have witnessed marked challenges brought to the fore by these developments. The burgeoning uptake of mobile devices, including tablets and smartphones, in several emerging and developed economies is a key factor accentuating the demand for mobile gaming. The low penetration of gaming consoles in the area of live video gaming, notably eSports, is contributing to the decline.
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The growing focus of vendors in offering multipurpose gaming consoles with a variety of functionalities will expectedly help them pick up the slack. The companies funding video games and digital media apps are looking for new gaming platforms to find lucrative avenues in various developed regions, such as Europe and North America. The advent of innovative technologies for home users is expected to open up exciting opportunities for market players. The rising disposable incomes of populations in developing economies is expected to increase the spending on gaming console by youth populations.
The growing adoption of smart TV among consumers is a crucial factor likely to eat into the revenue of the gaming console market in major regions. The rising penetration of personal computers is likely to hamper the demand of gaming consoles to an extent. The growing adoption of these connected devices among non-traditional gamers is another factor expected to impede the growth of the market in the coming years. Nevertheless, several prominent device makers such as Sony, Amazon, Apple, and Samsung are offering gaming functionalities along with their connected devices. This is a key factor expected to accentuate the market. In addition, these players are designing custom-made consoles to the user experience more immersive.
The growing popularity of IoT in entertainment and gaming is a prominent development expected to unlock a slew of opportunities for market players to capitalize on. In addition, the advent of ultra-HD displays and substantial advancements made in the wireless network compatibility are key factors anticipated to unlock exciting avenues for growth over the forecast period. Recent developments in the augmented reality space in developed regions is a key development expected to enrich audio and visual experiences of gamers. Furthermore, the advent of high-end sound systems such as home theatres sound systems is expected to bolster the demand for multipurpose gaming consoles.
The gaming consoles market features a consolidated landscape to a large extent. Vendors are actively expanding their product portfolio in order to consolidate their shares. Several players are focusing on product differentiation and competitive pricing to gain a competitive edge over others.
Prominent vendors operating in the market include Razer Inc., Nintendo Co., Ltd., Sony, and Microsoft Corporation. Some of the other key vendors are Tommo Inc., OUYA, and NVIDIA.
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