3D gaming console market set to grow with CAGR of 14.2% during the forecast period from 2018 to 2026

Market Insights

Since the invention of first commercial video game in 1972, gaming industry witnessed significant evolution and became multibillions-dollar industry. The console industry began to develop after the introduction of better hardware and inventions of next generation technologies. The industry has its crashes in the early stages due to poor standards of games, however revived with evolution of several monitoring authorities and quality assurance method. Gaming consoles are commonly referred as systems that enable players to interact with the game by using special controller or joystick. Current 8th generation consoles utilize cutting-edge technologies including Blu Ray, motion sense technology, virtual reality (VR), HD quality video and online functions.

Overall 3D gaming console market is segmented on the basis of component, console type, platform type, and technology. 3D gaming console market is commanded by the home console segment primarily due to simple control schemes offered by such consoles. Similarly, handheld consoles are set to witness higher demand across the forecast period. There are several multiuse handhelds consoles such as PlayStation Portable that enable to play movies and music on go. North America was the leading market for 3D gaming console in 2017, primarily supported by the U.S. In 2017, U.S. gaming market was worth more than US$ 30 Bn in software and hardware sales, registering increase of four times the market size in 1990. However, Asia Pacific region ha started to catch-up with rapid pace. For instance, China is the leading gaming industry market across the world accounted for more than US$ 34 Bn in 2017. Similarly, Japan ranked as third largest market for gaming industry with value of more than US$ 17 Bn. Burgeoning markets such as India, Korea and Taiwan are expected to accelerate with rapid rate, thereby stimulating 3D gaming console market here.

Another prominent factor driving the 3D gaming console market is growth of online gaming industry across the globe. Market for online gaming industry expected to cross US$ 40 Bn in 2018 across the globe with growth rate of more than 8%. Initially designed for PCs, online gaming industry goes beyond its convention platform and penetrated web-enabled tablets, smartphones & consoles. Rapid penetration of internet in gaming console across the world has brought several consumers on digital gaming platform. With continued technological development and multiuse functionality, 3D gaming consoles are expected to witness immense growth across the globe.

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About the Author: Kevin Wilson

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