NEWARK, Del, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The connected game console market is anticipated to have a significant CAGR of 14.4% from 2023 to 2033. The market is expected to grow from US$ 19,550.7 million in 2023 to US$ 75,280.8 million by 2033. According to FMI, in 2022, the market was valued at US$ 17,332.2 million.
With over 3.09 billion active video gamers globally by 2023, the video game industry is undergoing massive growth. Investments worth billions and billions of dollars are being poured into the sector as there are transformations on multiple fronts, such as mobile games, PC games, and console gaming. Gaming consoles occupy a huge portion of the gaming industry, with many established players already existing.
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Gaming console devices lead the video gaming industry with distinguished features like multimedia capabilities, online gaming and streaming, and social networking. Connected game consoles include handheld, dedicated, and micro consoles. The rapid development in the connected gaming console market is attributed to the new technological advancements in game consoles, such as Wi-Fi connectivity availability, graphics improvement, and higher definition image quality.
The market growth may be hampered by the alternatives available, such as online gaming and mobile gaming, in the coming years. The alternatives' affordability decreases the demand for gaming consoles as the consoles are comparatively expensive.
The connected gaming console market is expected to experience a surge in the forecast period as there is an upsurge in the capabilities offered by modern game consoles. The introduction of cloud-based gaming services has opened a gate to new possibilities for the gaming industry.
Technological wireless advancements such as 5.0, Wi-Fi, and 5G networks will lead to market demand for gaming consoles. The popularity of 3D gaming with better user experience is expected to increase market demand further in the connected gaming console market. To lead market demand for gaming consoles. The popularity of 3D gaming with better user experience is expected to increase market demand further in the connected gaming console market.
Key Takeaways from the Connected Game Console Market Report:
- The United States held a share of 15.6% in the global gaming console market in 2022.
- The Indian market for gaming consoles is expected to increase with a CAGR of 18.4% in the forecast period.
- The United Kingdom market is likely to grow at a CAGR of 12.1% by 2033.
- Germany accounted for a market value of 7.3% in the connected gaming console market in 2022.
- The market for connected gaming consoles is anticipated to expand at a CAGR of 16.5% by 2033.
"The Connected Game Console market, as highlighted in our recent market research study, is experiencing robust growth driven by technological advancements, increasing consumer demand for immersive gaming experiences, and the expanding availability of high-speed internet connectivity. With a diverse range of gaming consoles equipped with online capabilities, the market is poised for substantial expansion in the coming years. This dynamic landscape offers significant opportunities for both established players and emerging entrants to capitalize on the growing appetite for connected gaming solutions." - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Scope of the Report:
| Attribute | Details | |
| Estimated Market Size (2023) | US$ 19,550.7 million | |
| Projected Market Valuation (2033) | US$ 75,280.8 million | |
| Value-based CAGR (2023 to 2033) | 14.4 | % |
| Forecast Period | 2023 to 2033 | |
| Historical Data Available for | 2018 to 2022 | |
| Market Analysis | Value (US$ million) | |
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| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa (MEA) | |
| Key Countries Covered | United States, Canada, Germany, UK, France, Italy, Spain, BENELUX, Russia, China, Japan, South Korea, India, Malaysia, Indonesia, Singapore, Australia & New Zealand, GCC Countries, Turkey, and South Africa | |
| Key Segments Covered | Product Type, Application, and Region | |
| Key Companies Profiled |
| |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives | |
Recent Developments:
- In June 2023, Sony Electronics Inc. collaborated with SQUARE ENIX in the FINAL FANTASY game franchise, FINAL FANTASY XVI, which is exclusively available on PlayStation 5.
- In July 2023, Microsoft's Xbox launched a new feature of voice reporting, enabling players to capture and report inappropriate in-game voice chats.
Connected Game Console Market Segmentation:
By Product Type:
- Connected Console
- Standalone Console
- Handheld Console
- Services
- Prepaid Service
- Other Direct Service
By Application:
- Gaming
- Non-Gaming
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Have a Look at the Related Reports of the Technology Domain:
- eSports & Games Streaming Market Size: This market is projected to register a CAGR of 11.9% during the forecast period. The market is likely to grow from US$ 2,589.6 million in 2023 to reach a valuation of US$ 7,725.9 million by 2033.
- Video Game Market Outlook: This market is anticipated to have a prodigious CAGR of 13.5% during the forecast period of 2023 to 2033. According to FMI, the market is expected to grow from US$ 227 billion in 2023 to US$ 805.3 billion by 2033.
- Wearable Gaming Technology Market Share: The global market holds a share of US$ 19,560 million in 2022 and is likely to surpass US$ 76,421 million by 2032. The market is advancing at a CAGR of 14.6% during the forecast period.
- Gaming Monitors Market Analysis: The global market stands at a valuation of US$ 9.8 Billion in 2023 and is predicted to expand rapidly at a CAGR of 6.5% from 2023 to 2033, reaching US$ 18.40 Billion by 2033.
- Gaming Hardware Market Overview: The global market is forecasted to be valued at US$ 36,739.7 million in 2023. During the forecast period from 2023 to 2033, the sales are projected to experience substantial growth at a CAGR of 4.9%. By 2033, this industry is anticipated to reach an impressive valuation of US$ 59,464.4 million.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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