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Impact Of E-Sports Growth On The Console Games Market: An Emerging Driver Transforming The Console Games Market Landscape
Console Games
What Is the Console Games Market Size and Projected Growth Rate?
There has been a robust expansion in the size of the console games market in the previous years. It's projected that the value will rise from $79.71 billion in 2024 to $86.74 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 8.8%. This growth during the historical period can be traced back to factors such as exclusive title impacts, the emergence of digital distribution platforms, the widening of gaming genres, the launch of home consoles, and the popularity of iconic game titles.
The market size for console games is forecasted to experience robust expansion in the ensuing years, reaching $119.68 billion in 2029 with a compound annual growth rate (CAGR) of 8.4%. Factors contributing to growth during the forecast period include the shift towards more advanced consoles, gaming services built on subscription models, cloud gaming interfaces, incorporation of virtual reality (VR), and sustained focus on exclusive titles. Other trending developments during the forecast period include story-based games, games influenced by environmental and social issues, efforts towards inclusivity and accessibility, augmented reality (AR) incorporation, and the burgeoning esports industry.
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What Are the Major Segments in the Console Games Market?
The console games market covered in this report is segmented -
1) By Type: Digital Console Games, Online Or Microtransaction Console, Physical Console Games
2) By Device: TV, Computer Or PC, System Consoles
3) By Application: Shooter, Action, Sport Games, Role-Playing, Adventure, Racing, Fighting, Strategy, Other Applications
Subsegments:
1) By Digital Console Games: Downloadable Games, Digital Bundles And Collections, Subscription-Based Games
2) By Online Or Microtransaction Console Games: Free-To-Play Games With Microtransactions, Paid Games With In-Game Purchases, Seasonal Pass Games
3) By Physical Console Games: Disc-Based Games, Cartridge-Based Games, Limited Edition Physical Releases
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What Are The Driving Console Games Market Evolution?
The burgeoning interest in e-sports is predicted to stimulate advancements in the console games market in the future. Referring to structured competitive events, esports tournaments see professional or amateur gamers vying against each other in various video games. The escalating popularity of these tournaments is supported by increased internet accessibility, the expansion of global gaming communities, and the escalating recognition of professional gaming tournaments with significant rewards. E-sports augment the gaming experience for console users by promoting competitive gameplay and community involvement, while presenting opportunities for brands to interact with a dedicated audience. Newzoo International B.V., a video games and gamer data provider based in Netherlands, reported in October 2022 that the global esports audience is projected to grow by 8.7% year-on-year in 2022, amounting to 532 million people, out of which over 261 million are considered enthusiasts and 271 million occasional spectators. There is an expectation for the number of esports enthusiast to increase to 640 million by 2025. Consequently, the burgeoning interest in e-sports is propelling the console games market.
Which Firms Dominate The Console Games Market Segments?
Major companies operating in the console games market include Sony Interactive Entertainment, Microsoft Studios, Nintendo Co., Ltd., Ubisoft Entertainment, Electronic Arts Inc., Activision Blizzard, Inc., Square Enix Holdings Co., Ltd., Capcom Co., Ltd., Bandai Namco Entertainment Inc., Sega Corporation, Konami Holdings Corporation, Take-Two Interactive Software Inc., Rockstar Games, THQ Nordic, CD Projekt, Bethesda Softworks, Warner Bros. Interactive Entertainment, Insomniac Games, Naughty Dog LLC, Bungie Inc., Epic Games, Gearbox Software, FromSoftware Inc., Atlus Co. Ltd., Koei Tecmo Holdings Co. Ltd., Remedy Entertainment, SNK Corporation, Arc System Works, Telltale Games, Lucasfilm Games
What Trends Are Driving Growth in The Console Games Market?
Major businesses in the console games market are working on the creation of unique products like wireless controllers to increase user involvement and enrich gameplay experiences. Wireless controllers are advanced gaming devices that use wireless technology to connect to consoles, providing players with more mobility, customizable controls, and superior ergonomics for a more engaging gaming experience. For example, in January 2023, Sony Interactive Entertainment (SIE), a US-based firm that designs and manages video gaming consoles and products, rolled out a new product called DualSense Edge wireless controller globally. This versatile, bespoke controller is designed to enhance the gaming experience on PlayStation 5 by allowing players to customize controls and settings according to their individual gaming strategies. This controller includes replaceable stick caps, tunable sensitivity, and a simple interface for the creation of personalized profiles.
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Which Is The Largest Region In The Console Games Market?
Asia-Pacific was the largest region in the console games market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the global console games market report during the forecast period. The regions covered in the console games market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Console Games Market?
2. What is the CAGR expected in the Console Games Market?
3. What Are the Key Innovations Transforming the Console Games Industry?
4. Which Region Is Leading the Console Games Market?
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