With the emergence and long-term Impact of COVID-19, the Global Gaming Console Market is to reach USD XX Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Gaming Console Market is poised to raise up to USD XX Billion by 2030. Gaming consoles are electrical computing devices or gadgets that transmit video to a display system so that one or more people may use it to play the games that are available on it. The key factor driving the market growth is rising demand for wireless and 3D gaming console with 4k resolutions capabilities and increasing investment to aid market growth. Also, the rising popularity of e-sports is anticipated to support the market growth. Moreover, the rising popularity of e-sports is supporting the growth of the gaming console market by creating a larger audience and driving demand for high-performance gaming hardware. As e-sports gain mainstream recognition and attract a larger following, more individuals are becoming interested in competitive gaming and investing in gaming consoles to enhance their gaming experience. This increased demand for gaming consoles, which offer advanced graphics, processing power, and multiplayer capabilities, is contributing to market growth. According to Statista, in 2020, the global eSports audience was 435.7 million; in 2022 the number reached 532 million and it is anticipated to reach 640.8 million by 2025. As a result, the rising popularity of esports is anticipated to support the market growth during forecast period. Additionally, rising number of online users is anticipated to create the lucrative opportunity for the market during forecast period. However, the lack of skilled professionals and increasing piracy rate stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Gaming Console Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the rising demand for gaming consoles based on advanced technologies such as AR/VR platform, Bluetooth, cloud services, 3D technology and others and growing number of gaming users. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as presence of key market players, technological advancement and development in gaming console, and online gaming streaming is anticipated to support the market growth in the region.
The global Gaming Console Market is highly competitive owing to the presence of several key manufacturers such as Tencent Games, Sony Interactive Entertainment, Microsoft Studios, Activision Blizzard, Nintendo Co., Ltd., Rockstar Games, Inc., and others.
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Key findings of the study suggest:
- Global Gaming Console Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030.
- In the Application segment, Gaming emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the rising number of gaming users.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
- Home Console
- Handheld Console
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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