Gaming Console Market Growth at CAGR of 5.37% | Market Size, Share, News, Demand, Opportunity and Forecast - 2030 from Aryan's blog

The global Gaming Console market is anticipated to experience profound growth in the foreseeable future. This is owing to the different market components including suppliers, market participants, distributors, and others that are affected by distinct market factors. According to a comprehensive research report by Market Research Future (MRFR), “Global Gaming Console Market information by Type, by Application, End User and Region – forecast to 2030”, market was settled at USD 34.3 BN in 2020, which is expected to expand further at 5.37% CAGR during the forecast period (2021-2030). 

Key Players Involved In The Gaming Console Market:

• Microsoft Corporation (US)
• Sony Corporation (Japan)
• Nintendo Co., Ltd. (Japan)
• Valve Corporation (US)
• Logitech Inc. (Switzerland)
• NVIDIA Corporation (US)
• BlueStacks (US)
• PlayJam (UK)
• OUYA Inc. (US)
• Atari (US)
• Sega (Japan)

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Huge Popularity of 3D Gaming Drives the Market

The gaming console market is constantly growing, witnessing vast demand. The rapidly growing gaming market drives the demand for these consoles. 2020 was a dynamic year for the online gaming & gambling market. Besides, government initiatives for supporting the online gaming industry and subtle federal restrictions allow the gaming console market to garner significant revenues. With more legal breakthroughs expected in gaming in 2021 and beyond, the market is expected to garner significant gain in the years to come.

Players like Sony, Microsoft, and NVIDIA are seeing new opportunities to foster their global footprints markets that could mean big things. This also means that gaming console markets would garner significant traction worldwide during the years ahead. Besides, advances in various related technologies are expected to foster the global gaming console market size. 

Industry Trends:

Rapid improvements in networking technologies and gaming platforms are projected to increase the gaming console market size, registering significant revenue growth and user screen time. Moreover, the growing adoption of smartphones and vast developments in technologies such as virtual reality (VR) and artificial intelligence (AI) are major trends accelerating the demand for gaming consoles. 

The rising popularity of 3D video games and increasing numbers of e-sport tournaments boost market revenues. Besides, the rising popularity of competitive games and increasing numbers of gamers influence the market growth. The gaming industry is evolving and rebuilding with the growth in technological upgrades. Advancement in core wireless connectivity is also a major factor positively impacting the market growth. 

The advancement in wireless connectivity is anticipated to drive the gaming console market in future years. The 5G technology has opened new avenues in the connectivity landscape and transformed the gaming industry. Therefore, countries worldwide are investing heavily in 5G technology to gain broader microeconomic advantages. 

Also, there has been a rapid increase in the adoption of Bluetooth, Wi-Fi and other communication technologies. Wi-Fi 6 and IoT are the major developments in wireless connectivity. Wi-Fi 6 offers groundbreaking possibilities for developing new products across the gaming industry.

Besides, the extensive uptake of online games in the education, media & entertainment sectors has allowed the market to garner vast momentum in recent years. The rising adoption of cloud gaming and increasing numbers of gaming arenas influence the market value. Also, the wide commercial and personal uses impact the cloud gaming market share. 

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Gaming Console Market Segmentation

Based on Type

• Home Console
• Handheld Console
• Hybrid Console

Based on Application

• Gaming
• Non-Gaming

Based on End User

• Residential
• Commercial

Based on Region

• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America

Reasons for Buying This Report:

• It Provides A Forward-Looking Perspective on Different Factors Driving or Restraining Market Growth.
• It Provides Five-Year Forecast Assessed based on How the Market Is Predicted to Grow.
• It Helps in Understanding the Key Product Segments and Their Future.
• It Provides Pinpoint Analysis of Changing Competition Dynamics and Keeps You Ahead of Competitors.
• It Helps in Making Informed Business Decisions by Having Complete Insights of Market and By Making an In-Depth Analysis of Market Segments.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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