Press release
Gaming Console Market Top Key Players – Sony, Microsoft, Nvidia Corporation, Valve Corporation, PlayJam, BlueStacks, Nintendo Co. Ltd., Mad Catz
Digital distribution of games has also allowed firms to rake in bigger profit margins than selling physical copies in stores. Whereas publishers would traditionally make about $35 on a $60 game sold in-store, online downloads mean they can now make as much as $45 per game; this can increase exponentially for platform holders like Sony selling their first-party games digitally.
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GAMING CONSOLE MARKET DYNAMICS
Earlier, handheld gaming consoles were ruling the market with Sony PSP and Nintendo Game Boy. As technology developed, the basic platform for gaming also changed. This introduced a new path for TV gaming consoles like Sony PlayStation Series and Xbox Series.
Today, more than 700 million people prefer to play video games on a dedicated console. And the way companies in the sector make money has changed rapidly over the years. Now, with new consoles from Microsoft and Sony on sale, there’s a clear push from both companies deeper into software and subscriptions.
TECHNOLOGY TRENDS IN GAMING CONSOLE MARKET
The incorporation of the latest technology and providing additional features to the gaming consoles can boost the revenue of the global gaming market. Gaming with consoles in 2020 is becoming more like a real-life experience with fine quality in terms of both video and audio by the application of Augmented Reality and Virtual Reality.The recent release of Sony’s PlayStation 5 and Microsoft’s Xbox Series X in late 2020 are important developments in this market.
Emergence of AR/VR Gaming is Expected to Drive Market Growth: The increasing application of immersive technologies, such as virtual reality, augmented reality, and mixed reality, is going to be a cornerstone for the gaming industry, where users can enhance their overall experience and make it more enjoyable and convenient than traditional alternatives. This instance is expected to drive the game console application, as VR/AR headsets will be a growth driver, as they will ultimately combine with game consoles.
Evolution and adoption of Visual Display Resolutions: The majority of companies operating in the market are shifting from standard-definition television (SDTV) and high-definition television (HDTV) to advanced ultra-high-definition (UHDTV) and full-high-definition television (FHDTV).
Rising demand for wireless and 3D gaming consoles: The rising demand for game consoles based on advanced wireless technologies, including 5.0, Wi-Fi and 5G network among others are expected to drive market growth. Key players, including Sony Corporation and others are offering gaming consoles based on wireless technologies to deliver an enriched user experience.
Tech Giants joining the Gaming Industry: Other tech giants in the market are stepping on gaming companies’ turf. Google, Amazon and Facebook have all released their own cloud gaming services, looking to carve out a share of the billion dollars gaming market. On the one hand, Google and Amazon are trying to compete with the likes of Steam and Epic Games as digital game distribution platforms themselves. On the other, Facebook is using game streaming as an advertising tool.
COMPETITIVE LANDSCAPE
The key market players are Sony, Microsoft, Nvidia Corporation, Valve Corporation, PlayJam, BlueStacks, Nintendo Co. Ltd., Mad Catz, OUYA Inc. For game consoles, intense competition currently exists between Nintendo (switch), Microsoft (Xbox), and Sony (PS4). Product features, latest game release, and the price are the main areas where the vendors competer on.
To welcome this new generation of gaming, PlayStation 5’s launch expanded to include more territories in Asia, Europe, the Middle East, and South America.
COMPANIES PROFILED
Sony
Microsoft
Nvidia Corporation
Valve Corporation
PlayJam
BlueStacks
Nintendo Co. Ltd.
Mad Catz
OUYA Inc.
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