Dublin, July 22, 2021 (GLOBE NEWSWIRE) -- The "Console Games Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global console games market is expected to grow from $40.69 billion in 2020 to $42.44 billion in 2021 at a compound annual growth rate (CAGR) of 4.3%. 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 $65.74 billion in 2025 at a CAGR of 12%.
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, in June 2017, released a Netflix-style offering called Game-Pass, for its first-party games and a number of titles from third-party developers and publishers.
In January 2019, Sony Interactive Entertainment, formerly known as Sony Computer Entertainment, is a multinational video game and digital entertainment company, which is a Japan-based company acquired Audiokinetic, Inc., for an undisclosed amount. With this acquisition, SIE will tap into Audiokinetic's vast audio engineering expertise, adding significant value to the PlayStation ecosystem. Audiokinetic Inc. is a Canadian software company that develops new standards in audio production for interactive media and games.
The major driving force for the console games market is the rapid increase in the number of active gamers across the world. In 2017, there were 2.21 billion gamers worldwide and the number 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 it is estimated that approximately 557 million people will watch Esports by 2021.
The report includes:
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, the impact of COVID-19 and forecasting its recovery.
Market segmentations break down market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
The console games market section of the report gives context. It compares the console games market with other segments of the console games market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, console games indicators comparison.
Scope of the report:
1) By Type: Digital Console Games; Online/Microtransaction Console; Physical Console Games
2) By Application: Shooter; Action; Sport Games; Role-Playing; Adventure; Racing; Fighting; Strategy; Others
3) By Device: TV; Computer/PC; System Consoles
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and forecast.
Sony Interactive Entertainment
Bethesda Game Studios
Insomniac Games Inc
Bandai Namco Entertainment
For more information about this report visit https://www.researchandmarkets.com/r/uumx5u
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