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Gaming Consoles Market Worth USD 51.15 Billion by 2027 | Report by Fortune Business Insights

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Pune, India, Jan. 24, 2023 (GLOBE NEWSWIRE) — The global Gaming Consoles Market size was valued at USD 34.27 billion in 2019. The market is project grow USD 51.15 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period. The rising adoption of Augmented Reality, Virtual Reality in educational and entertainment applications will stimulate the healthy growth of the market. This information is provided by Fortune Business Insights, in its report, titled “Gaming Consoles Market Forecast, 2023-2027.”

Key Industry Development:

Sony Interactive Entertainment (SIE) acquired Audiokinetic, Inc., a provider of audio solutions for the gaming and media industries. This acquisition helped SIE to acquire Audiokinetic’s audio engineering technical business unit. This acquisition added substantial value to the PlayStation audio ecosystem.

Request a Sample Copy of the Research Report:

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/gaming-console-market-102420

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2020 to 2027
Forecast Period 2020 to 2027 CAGR 5.3%
2027 Value Projection USD 51.15 billion
Base Year 2019
Gaming Consoles Market Size in 2019 USD 34.27 billion
Historical Data for 2015 to 2018
No. of Pages 120
Segments covered Type, End-user and Geography
Gaming Consoles Market Growth Drivers Surge in Video Game Piracy to Occlude Market

Key Takeaways

  • The rising demand for gaming consoles based on 3D architecture is also expected to drive the overall market growth of gaming console during the forecast 2023-2029
  • Type Analysis: The Rising Number of Online Gamers among Countries such as China, the U.S., and India to Drive the Market
  • Gaming Console Market Size in Asia Pacific was USD 17.43 Billion in 2019

Browse Complete Report Details:

https://www.fortunebusinessinsights.com/gaming-console-market-102420

Drivers and Restraints:

  • Surge in Video Game Piracy to Occlude Market
  • The integration of augmented reality and virtual reality in 3D gaming consoles has fueled demand for gaming consoles and accessories, which in turn will facilitate the gaming consoles market share.
  • Some of the 3D gaming consoles include Xbox one X, PlayStation 4, and NES Classic Edition.
  • The growing privacy rate of online and offline video games will subsequently hamper the sales of gaming consoles.
  • Likewise, privacy concerns and gaming-related issues will dampen the growth of the market during the forecast period.

Segmentation

Increasing Popularity of Content Integrated Consoles to Aid Market Growth

Based on applications, the gaming console market is segmented into gaming and non-gaming applications. Among these, the non-gaming segment is estimated to grow at a significant CAGR, owing to the rising demand for consoles integrated with extensive content applications including YouTube, Netflix, Amazon Prime Video, and others. Further, the gaming segment is expected to rise with the highest CAGR during the forecast period. Advancement in the controller-free gaming console is expected to create new opportunities for manufacturers in this market.

Regional Insights

Presence of Leading Players to Promote Growth in Asia Pacific

Asia Pacific generated a revenue of USD 17.43 billion in 2019 and is likely to expand progressively during the forecast period. The growth in the region is attributed to the presence of key players such as Sony Corporation and Nintendo Co. Ltd. The market in North America can proliferate in the forthcoming years owing to the rising demand for gaming-consoles in the region.

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Competitive Landscape:

Introduction of Project Scorpio by Microsoft to Facilitate Market Growth

Microsoft, an American multinational technology company with headquarters in Redmond, Washington launched gaming console “Project Scorpio” enabled with six teraflops GPU to support full 4K, cloud, and VR capabilities. The announcement of the new console, Project Scorpio, will spur demand among gamers owing to the new features and enhance technology, which in turn will augur well for the gaming consoles market in the forthcoming years. The console is enabled with 8-core AMD CPU, clocked at 2.3GHz based on the AI platform, and features enhanced AI and smoother interactions for the extraordinary gaming experience. Furthermore, the growing attractiveness of 3D gaming will contribute positively to the growth of the gaming consoles market. As 3D gaming provides features such as precise 3-D localization, which helps to improve the users’ experience and bring realism to the gameplay.

The Report lists the Major Companies in the Global Gaming Consoles Market:

  • Nintendo Co. Ltd.
  • Sony Corporation
  • Microsoft Corporation

Major Table of Contents:

  • Global Gaming Console Market Analysis, Insights and Forecast
    • Key Findings / Summary
    • Market Analysis, Insights, and Forecast – By Type
      • Home Console
      • Handheld Game Console
    • Market Analysis, Insights, and Forecast – By Application
      • Gaming
      • Non-Gaming
    • Market Analysis, Insights, and Forecast – By End-use
      • Residential
      • Commercials
    • Market Analysis, Insights, and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • Latin America
  • North America Gaming Console Market Analysis, Insights and Forecast
    • Key Findings / Summary
    • Market Analysis, Insights, and Forecast – By Type
      • Home Console
      • Handheld Game Console
    • Market Analysis, Insights, and Forecast – By Application
      • Gaming
      • Non-Gaming
    • Market Analysis, Insights, and Forecast – By End-use
      • Residential
      • Commercials
    • Market Analysis, Insights, and Forecast – By Country
      • U.S.
      • Canada
  • Europe Gaming Console Market Analysis, Insights and Forecast
    • Key Findings / Summary
    • Market Analysis, Insights, and Forecast – By Type
      • Home Console
      • Handheld Game Console
    • Market Analysis, Insights, and Forecast – By Application
      • Gaming
      • Non-Gaming
    • Market Analysis, Insights, and Forecast – By End-use
      • Residential
      • Commercials
    • Market Analysis, Insights, and Forecast – By Country
      • UK
      • Germany
      • Italy
      • France
      • Spain
      • Rest of Europe
  • Asia Pacific Gaming Console Market Analysis, Insights and Forecast
    • Key Findings / Summary
    • Market Analysis, Insights, and Forecast – By Type
      • Home Console
      • Handheld Game Console
    • Market Analysis, Insights, and Forecast – By Application
      • Gaming
      • Non-Gaming
    • Market Analysis, Insights, and Forecast – By End-use
      • Residential
      • Commercials
    • Market Analysis, Insights, and Forecast – By Country
      • China
      • Japan
      • India
      • South East Asia
      • Rest of APAC

Toc Continued…

Access Full Report– Gaming Console Market

https://www.fortunebusinessinsights.com/checkout-page/102420

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FAQ’s

How much is the global gaming console market worth in 2019?

Fortune Business Insights says that the market value stood at USD 34.27 billion in 2019

How much will the global gaming console Market be worth in the future?

The Gaming Console Market size is expected to reach USD 51.15 billion by 2027

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: [email protected]

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

First Comprehensive Report on Public Web Data Released by Bright Data

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Reveals necessity in every industry
NEW YORK, April 23, 2024 /PRNewswire/ — Released today, The State of Public Web Data Report 2024, details a comprehensive analysis on how organizations leverage public web data to drive innovation, enhance customer experience, and develop AI models.

Bright Data commissioned an independent third-party to carry out the first survey of this kind which details the emergence of public web data as the most valued data type. Nearly every organization surveyed uses and benefits from public web data through quicker decision-making, boosting revenue, and meeting customer needs.
The need for public web data in AI is clear in all industries, with more than half of respondents using public web data to build AI models for customer service or to meet internal needs such as fraud detection and risk assessment.
Although necessary to build AI machines, 72% of respondents are worried that public web data will no longer be accessible in the next 5 years. The lack of a legal framework to protect this data emerged as a top concern.
Other key insights from the report:
89% of respondents recognize public web data is crucial or very important to the global economy.82% of respondents say public web data is critical to the future of their organization.79% of respondents agree that large organizations and or big tech hide too much of their public web data.88% of respondents believe public web data is critical for the development of AI models.”Our findings reveal a clear consensus among industry leaders: leveraging public web data is key to unlocking growth and fostering innovation,” said Or Lenchner, CEO of Bright Data. “Public web data is not a ‘like to have,’ it’s a ‘must have’ to conduct business and maintain a competitive market. We understand from our own experience with 20,000 customers that once a business realizes the potential of public web data they will look to discover new ways to leverage this tool to lead against the competition.”
About Bright Data: Bright Data is the #1 web data platform. Fortune 500 companies, academic institutions, non-profits, and small businesses rely on Bright Data’s solutions to collect public web data in the most efficient, reliable, and flexible way to make faster, more informed business-critical decisions.
Contacts:[email protected]
Logo – https://mma.prnewswire.com/media/2276620/Bright_Data_logo__1044x234_Logo.jpg 

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Artificial Intelligence

OSIA becomes an official International Telecoms Union (ITU) standard

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ITU Standardization Sector (ITU-T) Recommendation X.1281 – APIs for interoperability of identity management systems
BRUSSELS, April 23, 2024 /PRNewswire/ — The Secure Identity Alliance (SIA) announced today that its OSIA specification, is recognized as international standard by the International Telecommunication Union’s Telecommunication Standardization Sector (ITU-T). This milestone establishes OSIA as official ITU standard (ITU-T Recommendation) for the global infrastructure of information and communication technologies (ICT).

The specification that is now an ITU-T Recommendation is: ITU-T X.1281 – APIs for interoperability of identity management systems.
ITU-T is the standardization arm of ITU, the United Nations specialized agency for ICT. The Secure Identity Alliance specifications were approved as official ITU-T Recommendations by ITU members including 193 countries and the world’s front-running ICT companies on 1st March 2024. The new ITU-T Recommendation is under the responsibility of ITU’s standardization expert group for security, ITU-T Study Group 17.
“We are very proud that the OSIA specification is recognized as an international standard by ITU-T. This milestone demonstrates the maturity of OSIA and its potential to foster interoperability and promote fairness in the identity management systems market,” said Debora Comparin, Chair of the OSIA Initiative.
Prof. Heung Youl Youm, Chairman of ITU-T Study Group 17, said, “The recognition of the OSIA specification as an official ITU-T Recommendation underscores its critical contribution to the advancement of global ICT infrastructure. We are thrilled about the ongoing collaboration between ITU-T SG17 and the SIA, aimed at developing standards for secure identity management.”
“As Editor of the OSIA standard in the ITU-T Study Group 17 Q10, I am pleased to have contributed to this successful recommendation by the ITU,” said Abbie Barbir, Rapporteur for ITU-T’s working group on ‘Identity management and telebiometrics architecture and mechanisms’ (Q10/17). “The collaboration with the SIA continues on OSIA and other structuring initiatives and standards development.”
Engr Abisoye Coker-Odusote, CEO, National Identity Management Commission (NIMC), Nigeria & Chair of the OSIA Advisory Committee, said, “As the Chair of the OSIA Advisory Committee, comprised exclusively of government representatives, we take great pride in our five years of collaboration guiding the working group in the development of the OSIA specification. OSIA establishes equal marketplace conditions, fosters collaboration, and ensures product compatibility post-mergers and acquisitions. The OSIA standardized interfaces drive innovation, enabling new local market models and reducing fraud within multiple ID systems. Additionally, OSIA addresses integrator/vendor lock-in, allowing governments to maintain control over their identity systems and pursue national development agendas seamlessly.”
“The Secure Identity Alliance has always supported standards and its members have contributed to thousands of standards globally, which are now used in the ICT market. Standards are key to unlock the full power of Identity to enable people, economy and society to thrive,” concluded Didier Trutt, Chairman of the SIA.
X.1281 is at publication stage and can be accessed here: https://www.itu.int/ITU-T/workprog/wp_item.aspx?isn=18778
OSIA v6.1.0. twin specification can be accessed here: https://osia.readthedocs.io/en/v6.1.0/index.html 
OSIA qualification programme can be accessed here: https://globalplatform.org/osia-qualification-program/
For more information on the Secure Identity Alliance and the OSIA Initiative, visit http://www.secureidentityalliance.org and www.osia.io
For more information on ITU-T SG 17 visit https://www.itu.int/en/ITU-T/studygroups/2022-2024/17/Pages/default.aspx.
About the Secure Identity Alliance:
Secure Identity Alliance (SIA) is a global non-profit association that serves as the voice for public and private actors and organizations active in the secure identity ecosystem and adjacent industries. SIA’s mission is to unlock the full power of identity so that people, economy, and society thrive. The association supports the development of the activities of its members across four broad pillars: Identity for Good, Outreach, Open Standards Development and Industry Services and Solutions. www.secureidentityalliance.org
About OSIA:
A digital public good, OSIA is an open standard set of interfaces (APIs) that enables seamless connectivity between building blocks of the identity management ecosystem – independent of technology, solution architecture or vendor.  More information at www.osia.io
Follow the Secure Identity Alliance at on X @secureidentity1 and LinkedIn at https://www.linkedin.com/company/secure-identity-alliance/ 
About ITU-T SG 17
The ITU Telecommunication Standardization Sector (ITU-T) is one of the three Sectors (branches) of the International Telecommunication Union (ITU). It is responsible for coordinating standards for telecommunications and Information Communication Technology such as X.509 for cybersecurity, Y.3172 and Y.3173 for machine learning, and H.264/MPEG-4 AVC for video compression, between its Member States, Private Sector Members, and Academia Members.
Logo: https://mma.prnewswire.com/media/2394623/OSIA_Logo.jpg
 

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SciBase will present at the Redeye Medtech Event on April 24th

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STOCKHOLM, April 23, 2024 /PRNewswire/ — SciBase Holding AB (“SciBase”) (STO: SCIB), a leading developer of augmented intelligence-based solutions for skin disorders will participate at the Redeye Medtech event.

On April 24 at CET 9.50 CEO Pia Renaudin will present the latest developments in SciBase at Redeye. The presentation is live broadcasted and can be followed at https://www.redeye.se/events/974326/redeye-theme-medtech-2 where the replay and the presentations will be available afterwards.
For additional information, please contact:Pia Renaudin, VD, tel. +46732069802, e-mail: [email protected]
Certified Advisor (CA):Vator SecuritiesTel: +46 8 580 065 99Email: [email protected]
About SciBase:
SciBase is a global medical technology company, specializing in early detection and prevention in dermatology. SciBase develops and commercializes Nevisense, a unique point-of-care platform that combines AI (artificial intelligence) and advanced EIS technology to elevate diagnostic accuracy, ensuring proactive skin health management.
Our commitment is to minimize patient suffering, allowing clinicians to improve and save lives through timely detection and intervention and reduce healthcare costs.
Built on more than 20 years of research at Karolinska Institute in Stockholm, Sweden, SciBase is a leader in dermatological advancements.
The company has been on the Nasdaq First North Growth Market exchange since June 2, 2015. Learn more at www.scibase.com. All press releases and financial reports can be found here: http://investors.scibase.se/en/pressreleases
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/scibase/r/scibase-will-present-at-the-redeye-medtech-event-on-april-24-th-,c3966053
The following files are available for download:
https://mb.cision.com/Main/12371/3966053/2751965.pdf
Redeye presentation
 

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