Connected Game Console Market Is Expected To Exhibit a CAGR of 11.5% During The Forecast Period (2020-2027)

The Global Connected Game Console Market, By Product Type (Connected Console (Stand Alone Console and Handheld), Service (Prepaid Services and Other Direct Services) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 33,301.3 Million by 2027, exhibiting a CAGR of 11.5% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.

Overview

Connected game console refers to a gaming console that can be connected to the internet, which in turn, enhances its features. The connected game console offers different features such as access to different applications, downloading games from library sources, and the facility of streaming music, movies, and play online games. There are various types of video game consoles including handheld game consoles, dedicated consoles, home video game consoles, and micro-consoles. Connected game consoles have evolved significantly over the past, with availably of Wi-Fi connectivity, better graphics, and higher definition image quality.

The global Connected Game Console Market was accounted for US$ 13,818.1 Mn in terms of value in 2019 and is expected to grow at CAGR of 11.5% for the period 2020-2027.

Market Driver

Increasing technological developments are expected to boost the global connected game console market growth over the forecast period

Game console manufacturers are laying emphasis on introducing innovative technologies such as motion sensing in game consoles, in order to attain a competitive advantage in the market. As a result of this, the sales for connected game consoles are increasing. For instance, major console manufacturers such as Sony and Microsoft offer motion-sensing accessories that enable users to interact with the console and play games using body movements and hand gestures. Thus, these factors are expected to support growth of the global connected game console market in the near future.

Market Opportunity

Rising popularity of online gaming platform can present significant growth opportunities

Connected game consoles allow users to connect to a dedicated game network where they can interact with other gamers across the world. Gamers can share game data and compete with other gamers on these platforms. Game data can be synced with social media platforms such as Facebook and Twitter. These features offered by connected game consoles are driving growth of the market. For instance, key game console manufacturers such as Sony Corporation and Microsoft Corporation have introduced social gaming network connectivity on their game consoles.

Market Restraint

Availability of game console in the grey market is expected to hamper the global connected game console market growth over the forecast period

There is a high demand for connected game consoles through various illegal sources, owing to reduced price and availability of unlocked versions of game consoles. These unlocked game consoles enable users to play cheap pirated versions of various top game titles as compared to the original game titles available in the market. Hence, these factors are expected to restrain growth of the global connected game console market during the forecast period.

Market Trends

1. Education through gaming is an emerging trend in the market

Video games are gaining major popularity in the education sector to educate school-age children. Game manufacturers are developing educational games to engage children and help them hone various skills such as memory, social interaction and language. For instance, in 2015, O2 Games released Luv Me Buddies Wonderland – a game that aims to provide challenging, fun and educational activities for children.

2. Game on-demand service is another major factor

Connected game consoles offer on-demand services that enable users to buy game titles directly through the game console. These games can either be downloaded on the console or played online. For instance, in Xbox One and PS4 allow users to buy games online and download them either through a subscription or transactional 4based model.

3. Mobility of connected game consoles

Increasing global penetration of mobile devices such as smartphones and tablets has compelled game console manufacturers to focus on developing applications that allow users to remotely access their consoles and download games on-the-go.

Competitive Section

Key players operating in the global connected game console market are Microsoft Corporation, NVIDIA Corporation, Sony Corporation, Nintendo Co. Ltd., Valve Corp., OUYA Inc., PlayJam, Mad Catz, and BlueStacks.

Key Developments

1. Major market players are involved in product launches, in order to enhance the product portfolio. For instance, in March 2017, Nintendo Co. Ltd. introduced Nintendo Switch with three play modes.
2. Major companies in the market are involved in product development, in order to gain a significant advantage in the market. For instance, in December 2019, Microsoft Corporation introduced Xbox Series X gaming console.

Segmentation

Market Taxonomy:

1. By Product Type

• Connected Console
• Stand Alone Console
• Handheld
• Service
• Prepaid Services
• Other Direct Services

2. By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America