NEW YORK, US, Jan. 25, 2022 (Globe Newswire) – Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “my world game market Information by type, application, end user, and region – Outlook to 2030“The market settled at $34.3 billion in 2020, which is expected to expand further at 5.37% CAGR during the forecast period. (2021-2030).
Major Players in the Game Consoles Market:
- Microsoft Corporation (USA)
- Sony Corporation (Japan)
- Nintendo Co., Ltd. (Japan)
- Valve Corporation (USA)
- Logitech Inc. (Switzerland)
- NVIDIA Corporation (USA)
- BlueStacks (USA)
- PlayJam (UK)
- OUYA Inc. (United State)
- Atari (USA)
- Sega (Japan)
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The huge popularity of 3D games is what drives the market
The market for gaming devices is constantly growing, and is in great demand. The fast growing gaming market is driving the demand for these devices. 2020 was a dynamic year for the online gaming and gambling market. Besides, government initiatives to support the online gaming industry and subtle federal restrictions allow the gaming hardware market to reap significant revenue. With more legal breakthroughs expected in gaming in 2021 and beyond, the market is expected to make significant gains in the coming years.
Players like Sony, Microsoft, and NVIDIA see new opportunities to boost their global markets that could mean big things. This also means that the gaming hardware market will gain a lot of acceptance all over the world in the coming years. Besides, developments in various related technologies are expected to boost the size of the global gaming hardware market.
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Rapid improvements in networking technologies and gaming platforms are expected to increase the game console market size, and record significant growth in revenue and user screen time. Moreover, the growing adoption of smartphones and the massive advances in technologies such as virtual reality (VR) and artificial intelligence (AI) are major trends accelerating the demand for gaming consoles.
The growing popularity of 3D video games and the increasing numbers of esports tournaments are boosting market returns. Besides, the increasing popularity of competitive games and the increasing numbers of players are affecting the growth of the market. The gaming industry evolves and rebuilds with the growth in technology upgrades. Advances in basic wireless connectivity is also a major factor positively affecting market growth.
Advances in wireless connectivity are expected to drive the gaming hardware market in the coming years. 5G technology has opened up new horizons in connectivity and transformed the gaming industry. Therefore, countries around the world are investing heavily in 5G technology to gain broader micro-economic advantages.
Also, there has been a rapid increase in the adoption of Bluetooth, Wi-Fi, and other connectivity technologies. Wi-Fi 6 and IoT are major advances in wireless connectivity. Wi-Fi 6 provides groundbreaking capabilities for new product development across the gaming industry.
Besides, the wide uptake of online games in the education, media and entertainment sectors has allowed the market to gain significant momentum in recent years. The increasing adoption of cloud gaming and the increasing numbers of gaming arenas are affecting the market value. Also, extensive commercial and personal uses influence the cloud gaming market share.
The high cost is a major headwind
On the other hand, the high costs of gaming consoles are restricting the growth of the market. Also, the shortage of skilled professionals poses challenges to the growth of the gaming hardware market in some countries.
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The gaming hardware market is segmented into types, applications, end users, and regions. The type section is divided into home console, portable console and hybrid console. The Applications section is divided into games and non-games. The end user section is divided into personal and commercial. The region segment is divided into North America, Europe, Asia Pacific, Middle East, Africa and Rest of the World.
North America dominate The global gaming hardware market is due to the rapid growth of the gaming market in the region. Besides, the increasing demand for game consoles and improved internet connection with high reliability boosts the market size in this region. The strong presence of game console manufacturers such as Microsoft, Valve Corporation and NVIDIA is driving the growth of the regional market.
Also, many online gaming tournaments create a huge demand for game consoles. Gaming is a fast-growing segment of the US entertainment industry that encourages the sale of the latest gaming hardware and thus contributes to the gaming hardware market shares in North America.
Impact of COVID-19
The emergence of COVID-19 has boosted the already booming gaming hardware industry, fueling public interest in online gaming. The mandates of the pandemic and lockdown around the world have given people more free time to participate in gaming and entertainment activities. Besides, social distancing mandates are increasing the uptake of gaming accessories.
Also, the increasing uses of various cloud gaming services allow the gaming hardware market to witness a steady rise over the past few months. In addition, increased investments by industry players to boost research and development activities presents significant market opportunities.
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The gaming hardware market is expected to witness major product launches and many strategic initiatives, such as collaborations, mergers and acquisitions, expansion and product launches. Mature players in the industry are making significant strategic investments in research and development activities and furthering their expansion plans.
For example, recently, on January 11, 2022, Tencent Holdings (China) announced its plan to acquire Chinese gaming phone company Black Shark to build its own metaverse. The metaverse is a logical strategy for Tencent, thus, this move will put Tencent ahead.
Tencent Holdings is the largest owner of Tencent Music Entertainment and the owner of WeChat and QQ Messenger. Black Shark is currently focusing on gaming focused phones and hardware accessories, which will change to build virtual reality devices. Tech giant Xiaomi is currently the largest shareholder in Black Shark.
In another case, on January 5, 2022, educational software company Picoo announced the development of a new video game console with the same company’s name. Picoo is a game console without a screen.
The new console looks like a PlayStation Move controller and comes with a one-handed remote control, a wrist strap and a glowing light. It does not have any buttons other than the on/off switch. Instead, it uses a speaker, accelerometer, and vibration to play.
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