Video gaming is one of the fastest-growing sectors in the industry. This segment was among the few businesses that thrived during the outbreak of the COVID-19 pandemic. The video game industry includes the creation, promotion, and monetization of video games. Video gaming comprises different modes of gaming, including console gaming, mobile gaming, and PC gaming.
Console gaming is a form of video game that uses images and sounds produced by a gaming console, which are shown on a television or other comparable audio-video system and can be controlled by the player.
The market size of Console gaming reached $38 billion in 2021 globally. The console video gaming market grew by 13% in 2021 as the demand for video gaming increased. The market grew as indoor game activities increased following the shutdown of outdoor games owing to the pandemic and people globally spent most of their time at home due to the lockdowns.
The UK has the second highest market share in the console gaming segment globally which accounts for $3.7 billion making up 10% of the global market size. Key players in the console gaming segment in the UK include BossaStudios,Outplay Entertainment, and Chuckle Fish.
UK region witnessed a compound annual growth rate of 14% during the period of 2017-2021.
In late 2020, console gaming giants, Microsoft and Sony released their next-gen consoles, ushering in a new era of hardware for the video gaming industry. Despite the high-end models of both consoles costing more than the earlier models, both companies claimed that the effect of the pandemic on the economy would not have a say in their fast-growing sales. Sony registered sales of 10.9 million units and Microsoft sold 5.6 million units by the end of 2020.
Many companies in the gaming industry are bringing digitization and user-friendly engagement to their gaming platforms to enhance the user’s gaming experience.
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