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 North America reached $21 billion in 2021 with a growth of 13% from the previous year as a result of an increase in the demand for video gaming. North America and especially the US always had a huge market for the console gaming segment which saw further growth during the pandemic, as most of the outdoor facilities were shut down and people were forced to spend most of their time in their homes, resulting in an increase in indoor game activities.
The console video gaming market in North America grew at a CAGR of 13.3% during 2017–21. 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 US is the biggest market for console gaming in North America with 95% of the market share. It is the biggest market globally as well with $20 billion in 2021, contributing to 52% of the global market share.
The major companies in North America that have a strong presence in the global video gaming market include Microsoft, Electronic Arts Inc., and Activision Blizzard Inc.
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