Leading connected game console developers are investing in tech innovations for performance and aesthetic improvements in gaming experience. This is essential to sales after the end of the outbreak.
DUBAI, UAE / ACCESSWIRE / July 13, 2020 / The connected game console market is expected to witness a short term downturn for the duration of the coronavirus pandemic. The crisis has resulted in major job cuts and consumer expenditure is likely to be focused towards essentials. Consequently, sales of connected game consoles will take a hit, next-gen variants in particular will be hit hard, depending on the duration and severity of the pandemic on the global economy.
'"With the rise of disposable incomes, the growing sales of high-end display devices is a key factor bolstering adoption of connected game consoles. The market is also gaining traction with easier access and affordability of HDMI, HD display, and compatibility to wireless networks, helping market recovery after the end of the pandemic," says the FMI analyst.
Connected Game Console - Primary Takeaways
- Connected consoles are rapidly gaining traction, aided by frequent advancements in technology.
- VR compatible connected game consoles are popular owing to novelty of the gaming experience.
- North America is a leading the market for connected game consoles supported by higher disposable incomes and internet penetration.
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Connected Game Console - Growth Factors
- Growth in spending on games and gaming equipment is a critical factor supporting market growth.
- Rapid growth in the penetration of broadband internet services generates key growth opportunities for connected game console manufacturers.
- High investments for research and development efforts is essential to market developments.
Connected Game Console - Major Constraints
- High costs of purchasing new gaming consoles is the primary obstacle to adoption.
- Rising competition from alternative gaming platforms including PC and mobile devices holds back market growth.
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The Projected Impact of Coronavirus
Following the covid-19 outbreak, connected game console manufacturers have had to contend with tightening of budgets to sustain operations despite the sharp drop in sales during the crisis period. Some governments are pushing financial stimulus to the gaming sector which could help to partially alleviate the issues of the industry. However, the rapid advances in gaming tech and equipment will aid a strong recovery after the end of the current crisis.
Competition Landscape
The connected game console market comprises players including but not limited to NVIDIA Corporation, Microsoft Corporation, Nintendo Co. Ltd., and Sony Corporation. Market players are reducing costs of older product offerings in addition to investments into tech development.
For instance, Sony is providing major discounts for the sales of its PS4 range of consoles and games.
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More About the Study
The FMI study provides detailed insights on connected game consoles. The market is broken down in terms of product type (connected console and service) across seven key regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and MEA).
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SOURCE: Future Market Insights