DUBLIN, April 04, 2022–(BUSINESS WIRE)–The “Console Games Global Market Report 2022, By Type, Application, Device” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global console games market as it emerges from the COVID-19 shut down.
The global console games market is expected to grow from $65.48 billion in 2021 to $72.67 billion in 2022 at a compound annual growth rate (CAGR) of 11%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $103.93 billion in 2026 at a CAGR of 9.4%.
Reasons to Purchase
Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.
Understand how the market is experiencing rapid growth due to the coronavirus and how it is likely to stabilize as the impact of the virus abates.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market research findings.
Benchmark performance against key competitors.
Utilize the relationships between key data sets for superior strategizing.
Suitable for supporting your internal and external presentations with reliable high quality data and analysis
The console games market consists of sales of console games. A console game is a type of video game that have an interactive multimedia software that uses a video game console to provide an interactive multimedia experience. Only goods and services traded between entities or sold to end consumers are included.
The main types of console games are digital console games, online/microtransaction console and physical console games. Digital console games are the games that are played on an interactive electronic device such as consoles and computers. The devices used are TV, computer/PC, system consoles and are used in playing games such as shooter, action, sport games, role-playing, adventure, racing, fighting, strategy, others.
The major driving force for the console games market is the rapid increase in the number of active gamers across the world. The number of the gamers is expected to reach 2.73 billion by 2021. According to Nielsen, 64% of the general population in the USA are gamers. Esports viewers would also significantly contribute to the growth of console games market as around 557 million people watched Esports in 2021.
The regions covered in console games market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
There has been a rapid growth in the mobile/tablet gaming owing to introduction of new smart phones/tablets with enhanced features to play video games without having to connect an external device/console. For example, the ease of using a mobile phone for multiple purposes such as messaging, internet use, and gaming has led to the maximum adoption of mobiles without having to sit in a fixed location with an external console device. Due to the mobility offered by mobile/tablet based games, console games market may decline. According to the recent data from GMM, mobile gaming segment was close to 47% of the total revenue of the global games market and is further increasing at a strong growth posing a significant threat to the console games market.
Console video game developers are adopting to subscription-based gaming. For example, Xbox Live and PlayStation Plus provide licenses for a few games on monthly rotation basis. The first major subscription program by EA was the EA Access on Xbox One which offered discounts on EA games, a limited number of hours of pre-release play, and a vault of back catalog offerings. Microsoft released a Netflix-style offering called Game-Pass, for its first-party games and a number of titles from third-party developers and publishers.
A majority of parents around the world are concerned about children being exposed to inappropriate content via video games, therefore, a few regulatory actions have been taken up to standardise the age ratings online. The Entertainment Software Rating Board (ESRB) provides ratings for video games and apps so parents can make informed choices. Majority of the retailers in across North America carry an ESRB rating.
For more information about this report visit https://www.researchandmarkets.com/r/gn5735
View source version on businesswire.com: https://www.businesswire.com/news/home/20220404005683/en/
Laura Wood, Senior Press Manager
For EST Office Hours Call 1-917-300-0470
For US/CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900