Videogame Console Market: Technical Signs Point Rapid Growth In Coming Years And Business Opportunities 2020-2027

Allied Market Research published a new report, titled, “Videogame Console Market” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Innovation and new technologies have significantly surged the demand for video game consoles in several audio-visual types of equipment. The increase in availability of high-end sound systems and displays give customers a rich and enhanced experience. New consoles with wireless connectivity and a growing number of gamers drive the growth of the gaming console market. Along with this, an increase in the availability and popularity of a multi-functional gaming console is the latest trend emerging on the market for gaming consoles. Several advantages offered by the multi-functional consoles, such as allowing gamers to download videos, browse the internet, listen to music and watch videos simultaneously while playing games, are expected to have a positive impact on market growth over the coming years.

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However, high-cost purchase and disk-cost associated with such consoles impede the market growth. Along with this, the introduction of new smartphones and tablets with the latest gaming application is expected to significantly hamper the growth of the industry. Also, shift in consumer trends to alternative platforms, including online games and mobile games, may create obstacles in the market growth over the next few years. Increase in piracy rates and unauthorized users gaining free access are few other factors hamper the revenue of the video game consoling market. Online and mobile games are available at a significantly low cost compared to expensive console disks, resulting in a decrease in the demand for a gaming console. Furthermore, the main challenge for manufacturers competing in this market is expected to be maintaining a balance between quality and price, along with incorporating the latest features into the game console.

Therefore, owing to the great source of entertainment that the video games provide, the forecasters predict that the global video game console market is anticipated to grow exponentially during the forecast period.

Regions covered – North America (U.S., and Canada), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil, and Rest of LAMEA)

Competitive analysis – Sony, Microsoft, Nvidia Corp., Valve Corp., PlayJam, BlueStacks, Nintendo Co. Ltd., Mad Catz, and OUYA Inc.

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COVID-19 Scenario Analysis:

This industry faces huge decline due to disruption in trade with China.
Shutdown of all non-essential goods during COVID-19 also slows down this market.
Consumer demand is shifting toward the essential food and safety items.
However, online sales platform is witnessing an increase in the demand for video games console because people sitting back at their homes are seeking for sources for their entertainment.

Key Segments Covered:

Type
• Home Console
• Handheld Game Console

Products
• Xbox One
• Wii U
• PlayStation 4
• Steam Machine
• Leap TV
• Others

Distribution Channels
• Online Channel
• Offline Channels

Key Benefits of the Report:

This study presents the analytical depiction of the videogame console Industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the videogame console market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the global videogame console growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed videogame console market analysis based on competitive intensity and how the competition will take shape in the coming years.

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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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