Gaming Console Market Connectivity Fuels Rise of Social Gaming: Exploring Power of Online Multiplayer Experiences Will Reach at $34.09 Bn by 2030

Gaming Console Market is the success of these titles not only showcases the demand for engaging game play but also highlights the significance of social interaction within the gaming community. As technology continues to evolve, it's likely that the gaming landscape will further expand, providing even more diverse and engaging experiences for gamers worldwide.

Market Size-

The SNS Insider report indicates that the Gaming Console Market?was valued at USD 22.9 billion in 2022, and it is projected to achieve a market size of USD 34.09 billion by 2030, with a compound annual growth rate (CAGR) of?5.1% expected over the forecast period from 2023 to 2030.

Market Report Scope –

Gaming Console Market has more people accessing the Internet at faster speeds, online gaming is becoming increasingly available to a wider audience internet and smartphones. The main driver of this market has also been the growth in online multiplayer games. For gamers who enjoy competition and cooperation aspects of gaming, games like Call of Duty, Fortnite or FIFA are increasingly popular.

Market Growth Factors –

In addition, 3D gaming is becoming increasingly popular all over the world. 3D gaming console support stereoscopic graphics gameplays on an integrated high-resolution display. For example, precise3D localization is one such feature which enables users to enjoy their games with greater accuracy. The popularity of metaverse gaming, blockchain-based gaming, gaming events, and electronic sports (e-sports). Besides, the demand for computer video games and cloud computing is forecast to grow as a result of the emergence of many advanced technologies gaming, and so on.

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Segmentation Analysis –

The market for gaming consoles is divided on the basis of types, namely home consoles and portable devices. In terms of revenue, the home consoles segment is estimated to have a maximum market share. In addition, the segment of home appliances is forecast to grow at a high compound annual growth rate over the period under consideration.

The market for video game consoles is split between games and other applications, on the basis of application. Among these, the non-gaming segment is estimated to grow at a significant CAGR, owing to the rising demand for consoles Integrates with a wide range of content applications, including YouTube, Netflix, Amazon Prime Video and so on. Further, During the forecast period, the gaming segment is expected to grow with the highest compound annual growth rate.

MARKET SEGMENTATION

By Type

• Home Console
• Handheld Console
• Hybrid Console

By Interface

• Residential
• Commercial

By Application

• Gaming
• Non-Gaming

Key Regional Development –

During the forecast period, Europe is projected to show remarkable compound annual growth rates. In Europe, the increasing investments made by consumers in countries such as the United Kingdom, Germany, France are a major driver for market growth of gaming consoles. In the United Kingdom, according to UK Interactive Entertainment Ltd., customer investment in games amounted to about USD 7.40 billion and $6.60 billion respectively. The growth in the United Kingdom is due to a presence here.

The region is experiencing a growth because of the growing demand for consoles that use technologies such as 3D architecture or cloud services, ARIVR platform, motion detection techniques, high resolution displays and so on. The global market for connected game consoles is expected to be dominated by the North American region and reach US$ 18.5 billion by 2033. By application, the non-gaming segment is expected to remain at the forefront and exhibit growth at a CAGR of 16.1% During this forecast period.

Major Market Players

Some of key players are Valve Corporation (U.S.), NVIDIA Corporation (U.S.), PlayJam (UK), BlueStacks (U.S.), Sega (Japan), Sony Corporation (Japan), Microsoft (U.S.), Nintendo (Japan), Logitech (Switzerland), Atari Inc., (U.S.) and other players are listed in a final report.

Key Takeaway’s–

Moreover, 3D gaming is becoming much more common all over the world. On an integrated high-resolution monitor, 3D gaming consoles support stereoscopic graphics gameplays. Exact 3-D Localization, another aspect of 3D gaming that contributes to enhancing user experience and adding realism into games is also part of it. example of how it benefits from this technology The increase in demand for gaming consoles during the planned period Also, the market's expansion is expected to be fueled by 3D architecture. Microsoft is also expanding its gaming offerings beyond consoles, with plans to launch Xbox Game Pass on smart TV sets and streaming devices. In March 2023, Nintendo Co. Ltd. released a new Switch OLED based on The Legend of Zelda: Tears of the Kingdon Edition.

Recent Developments -

• In May 2022, Valve created a new HalfLife game for the upcoming Steam Deck device. Steam Deck is a gaming A device that emulates the Steam operating system and helps to run games from the library.