The global gaming consoles market size is expected to reach USD 51.15 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period. The rising adoption of Augmented Reality (AR)/ Virtual Reality (VR) in educational and entertainment applications will stimulate the healthy growth of the market. For instance, digital education has become more of a stable in most of the advanced schools. VR and AR can provide an immersive and enhanced experience to the user.
Moreover, the penetration of smart games and applications can be one of the crucial factors in boosting the gaming consoles market revenue during the forecast period. Additionally, the increasing emphasis of major companies towards the manufacturing of high-tech gaming consoles will enable speedy growth of the market. For instance, Sony Corporation announced the next-generation-console PlayStation 5. The company also revealed the major technological changes that have been implemented in the new gaming console, such as the “adaptive triggers.” Sony Interactive Entertainment CEO Jim Ryan and PS5 system architect Mark Cerny said in an interview with Wired, “There is ray-tracing acceleration in the GPU hardware.”
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According to the report, published by Fortune Business Insights, titled “Global Gaming Consoles 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. The gaming consoles market report incorporates several factors that have impacted the gaming consoles market growth and share in recent years. Besides providing insights on the growth stimulators, it reveals a few factors that have restricted the market growth. The report highlights a few of the leading products, significant companies, and considerable industry developments of recent times. The competitive landscape has been discussed in in-depth in the foodservice equipment market report. Forecast values for the market have been provided in the report for the period of 2019 to 2026. Moreover, the report recognizes areas that have witnessed the highest demand and applications for the product in recent years.
The Report lists the Major Companies in the Global Gaming Consoles Market:
- Nintendo Co. Ltd., (Japan)
- Sony Corporation (Sony Computers Entertainment Inc.) (Japan)
- Microsoft Corporation (United States)
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Presence of Leading Players to Promote Growth in Asia Pacific
Asia Pacific generated a revenue of USD 17.43 billion in 2019 and is likely to expand progressively during the forecast period. The growth in the region is attributed to the presence of key players such as Sony Corporation and Nintendo Co. Ltd. The market in North America can proliferate in the forthcoming years owing to the rising demand for gaming-consoles in the region.
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