Gaming Console Market To Grow By 18% Over 5 Years
The gaming console market has been forecasted to grow by 18.4 per cent during the period of 2021 to 2026, according to a market research report.
Main gaming vendors Sony and Microsoft, which dominate the industry, are expected to continue to align its strategies to entice gamers to pay premium for next-generation consoles.
“With their pricing and marketing, both companies will seek to regain their dominance in the game console market with new generation products to be released,” the report details.
The global average time consumers spend on gaming is also expected to increase, with the current average 7.11 hours per week.
Gamers in Europe spend the most time gaming with almost 7.98 hours per week, according to the data shared by ZarkCentral.
The application of immersive technologies in gaming, such as virtual and augmented reality, is also set to be a growth driver in the industry.
The report predicts the growth of the gaming console industry will drive further growth and R&D in gaming-compatible technology, such as 8K TVs.
And while the landscape remains dominated by two players in particular – Sony and Microsoft – the report claims there will be increased competition from the advancement in cloud infrastructure.
“The market will be betting the future of gaming against the daunting list of new entrant’s cloud offerings such as Google’s stadia platform and Amazon’s rumoured cloud gaming service.”