Global Connected Game Console Market Revenue to Increase from US$ 7,097.5 Mn in 2014 to US$ 15,559.2 Mn by 2020 Due to Increasing Broadband Penetration, Creative Promotional Campaigns by Manufacturers
The video game industry initially started in the early 1990’s and has evolved rapidly over the years. This industry includes game console, PC, mobile device and online. Connected game console is basically a gaming console which can be connected to the internet thus in turn enhancing its features. The connected game console offer various features like downloading games directly from a library source, access a variety of applications, stream various media such as movies, music and other videos and play online games. Connected game console can be segmented into connected consoles and service.
Market Value and Forecast
The global connected game console market is anticipated to grow at a double-digit CAGR during the forecast period. Growth of the global connected game console market is mainly driven by increasing spending on games, growing disposable income, increasing broadband penetration and growing technology technological advancements. Moreover, the trend that follows with the growth of connected game console market are game on demand services, convergent entertainment system and adoption of new technologies such as virtual reality gaming to enhance customer gaming experience.
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Segmentation by Product Type
The global connected game console market can be segmented, based on product type, into connected console and service. Out of these segments, connected console accounted for over 30% of the global connected game console market share in 2014. In contrast, the service segment market which dominated the global connected console market in 2014 and is expected to remain dominant during the forecast period. In addition, the service segment is anticipated to expand at a double-digit CAGR from 2015 to 2020.
Segmentation by Connected Console
The global connected console segment can be sub segmented into standalone and handheld connected console. Out of these sub segments, home console dominated the global connected game console segment in 2014, and is expected to continue its dominance in the sub segment market by 2020. In contrast, handheld sub segment accounted for over 40% market share of the global connected console segment in 2014.
Segmentation by Service
The global service segment can be sub segmented into prepaid and other direct services. Out of all these sub segments, prepaid services sub segment dominated the global connected game console segment in 2014. But however, prepaid services sub segment is anticipated to lose out its dominance to other direct services sub segment by 2020. In addition, other direct services is predicted to grow at a double digit CAGR during the forecast period 2015 to 2020.
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The global connected game console market has been sub-segment into seven major regions which include North America, Western Europe, Asia-Pacific Excluding Japan (APEJ), Japan, Eastern Europe, Latin America and Middle East & Africa. Of all the regions, North America dominated the market with over 45% of overall video on demand market share of in 2014. Western Europe ranked second with more than 15% market share in 2014, followed by Japan. In addition, Asia-Pacific is anticipated to become the fastest growing region in the connected game console market.
Some of the key players identified in global connected game console market are Microsoft Corporation, Sony Corporation, Nintendo Co. Ltd and NVIDIA Corporation. These key players in the global connected game console market continue to expand their global presence by expanding into emerging markets either by reducing the cost of the older consoles or placing manufacturing plants near these developing regions so as to reduce costs of the whole package. But primarily these key players heavily spend into research and development to innovate their existing game consoles by adding various features such as video streaming and online game stores.
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