A new study was recently released by AllTheResearch that provides insight into console gaming. According to this report, the global console gaming market will be valued at $53.6 billion by 2027.
AllTheReserach is reporting that the global gaming console market was worth $37.1 billion in 2020. This means that between 2020 and 2027, the industry is expected to grow at a CAGR of 5.4%.
“A gaming console is a highly specialized computer device which is used to offer one or more users to play computer games. A gaming console is an exceptionally particular piece of equipment that has quickly developed since its origin incorporating the most recent advancements in processor technology, memory, graphics, and sound among others to give the gamer an enhanced gaming experience,” the study reads. “The increasing popularity of 3D gaming drives the growth of the gaming console market during the forecast period. The 3D gaming console supports stereoscopic graphics gameplays on an integrated high-resolution display. Moreover, 3D gaming offer features such as precise 3-D localization, which helps to improve users’ experience and deliver realism to the gameplay. Furthermore, the increasing demand for gaming consoles based on 3D architecture is expected to accelerate the growth of the gaming console market.”