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 value for console gaming in Middle East & Africa reached $437 million in 2021. The console video gaming market grew by 23% 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 console video gaming market in Middle East & Africa grew at a CAGR of 22.7% during 2017–2021. Such growth highlights the strong demand for console gaming in the region and is among the leading video game streaming markets in the world.
Late in 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.
Saudi Arabia is the biggest market for console gaming in the Middle East & Africa with $366 million in 2021, contributing to 84% of the market share. It is also among the biggest markets globally.
The major companies that have a strong presence in the Middle East & Africa region in the video gaming market include Microsoft, Sony, and Nintendo.
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