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Global Console Games Industry Set to Reach $57.9 Billion in 2020 - COVID-19 Quarantine Has Created a Favorable Market ScenarioDUBLIN, June 19, 2020 /PRNewswire/ -- The "Console Games Global Market Report 2020-30: COVID-19 Implications and Growth" report has been added to ResearchAndMarkets.com's offering. Where is the largest and fastest growing market for the console games? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The global console games market is expected to grow from $40.6 billion in 2019 to about $57.9 billion in 2020. Covid quarantine has presented an opportunity for dedicated console and computer gamers to spend more time with new games in store. However, high penetration of smartphones has increased the demand for mobile gaming as compared to that of console games. The market is expected to stabilize and reach $67.1 billion at a CAGR of 13.4% through 2023. 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. 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. 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. Major players in the console games market are Tencent Games, Sony Interactive Entertainment, Microsoft Studios, Activision Blizzard and EA. Key Topics Covered 1. Executive Summary 2. Console Games Market Characteristics 3. Console Games Market Size And Growth 3.1. Global Console Games Historic Market, 2015 - 2019, $ Billion 3.1.1. Drivers Of The Market 3.1.2. Restraints On The Market 3.2. Global Console Games Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion 3.2.1. Drivers Of The Market 3.2.2. Restraints On the Market 4. Console Games Market Segmentation 4.1. Global Console Games Market, Segmentation Final Segments By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.2. Global Console Games Market, Segmentation Final Segments By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5. Console Games Market Regional And Country Analysis
For more information about this report visit https://www.researchandmarkets.com/r/z2hvvx Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Research and Markets View original content:http://www.prnewswire.com/news-releases/global-console-games-industry-set-to-reach-57-9-billion-in-2020---covid-19-quarantine-has-created-a-favorable-market-scenario-301080293.html SOURCE Research and Markets |