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.
Console gaming reached a value of $38 billion in 2021 globally, witnessing a significant increase of 13% from the previous year as a result of the growing demand for video gaming. The market grew as indoor game activities increased following the shutdown of outdoor games owing to the pandemic forcing people to spend most of their time at home due to the multiple lockdowns in almost all parts of the globe.
The Middle East & Africa saw the biggest growth during the 2017-2021 period with a CAGR of 22.7%. Overall, the global console gaming market saw a CAGR of 12.5% during 2017-2021. The US has the biggest market for console gaming globally with a market value of over $20 billion, contributing to 52% of the global market share. The UK comes second with a share of 10%, closely followed by France with 9%.
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.
Though the market size of traditional console gaming is on growth, it continues to face stiff competition from the mobile gaming segment. A disruptive increase in the number of smartphone users and the roll-out of 5G services by network providers in many regions has paved a way for the mobile gaming market to come closer to the console gaming market.
The major companies that have a strong presence in the global console gaming market include Sony, Microsoft, Nintendo, Tencent, Electronic Arts Inc., and Activision Blizzard Inc among others.
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