Console Games Market:
Executive Summary
The console games market consists of sales of console games. The console games market is segmented into digital, online/micro-transaction and physical console games.
The global console games market was valued at about $26.81 billion in 2018 and is expected to grow to $31.49 billion at a CAGR of 4.1% through 2022.
The console games market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. The Asia-Pacific market is the largest market for Console Games and is expected to continue to be the largest market during the forecast period.
The major driving force for the console games market is the rapid increase in the number of active gamers across the world. In 2017, there were 2.21 billion gamers worldwide and the number is expected to reach 2.73 billion by 2021. According to Nielsen, 64% of the general population in the USA are gamers. Esports viewers would also significantly contribute to the growth of console games market as it is estimated that approximately 557 million people will watch Esports by 2021.
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There has been a rapid growth in the mobile/tablet gaming owing to introduction of new smart phones/tablets with enhanced features to play video games without having to connect an external device/console. For example, the ease of using a mobile phone for multiple purposes such as messaging, internet use, and gaming has led to the maximum adoption of mobiles without having to sit in a fixed location with an external console device. Due to the mobility offered by mobile/tablet based games, console games market may decline. According to the recent data from GMM, Mobile gaming segment was close to 47% of the total revenue of the global games market and is further increasing at a strong growth posing a significant threat to the console games market.
Console video game developers are adopting to subscription-based gaming. For example, Xbox Live and PlayStation Plus provide licenses for a few games on monthly rotation basis. The first major subscription program by EA was the EA Access on Xbox One which offered discounts on EA games, a limited number of hours of pre-release play, and a vault of back catalog offerings. Microsoft, in June 2017, released a Netflix-style offering called Game-Pass, for its first-party games and a number of titles from third-party developers and publishers.
A majority of parents around the world are concerned about children being exposed to inappropriate content via video games, therefore, a few regulatory actions have been taken up to standardise the age ratings online. The Entertainment Software Rating Board (ESRB) provides ratings for video games and apps so parents can make informed choices. Majority of the retailers in across North America carry an ESRB rating.
In November 2018, Microsoft has completed the acquisition of Obsidian Entertainment, a game development studio famous for Fallout: New Vegas. Apart from Obsidian, Microsoft has also added game developer InXile to expand its base of game development studios. Obsidian Entertainment Inc. develops role-playing games and functions as a game development studio. The company was founded in 2003 and is headquartered in Irvine, California, USA.
Major players in the market are Tencent Games, Sony Interactive Entertainment, Microsoft Studios, Activision Blizzard and EA.
Continuous…
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