Fortune Business Insights released a new report stating the global console gaming market will be worth $51.15 billion by 2027. Since the market was worth $34.27 billion in 2019, this industry will register a compound annual growth rate (CAGR) of 5.3% during this forecast period.
“The rising adoption of Augmented Reality (AR)/ Virtual Reality (VR) in educational and entertainment applications will stimulate the healthy growth of the market,” the report reads. “Moreover, the penetration of smart games and applications can be one of the crucial factors in boosting the gaming consoles market revenue during the forecast period. Additionally, the increasing emphasis of major companies towards the manufacturing of high-tech gaming consoles will enable speedy growth of the market.”
It should come as no surprise that the Asia-Pacific region generated $17.43 billion in revenues in 2019. That number is only expected to grow during the aforementioned forecast period thanks to the presence of key industry players like Sony and Nintendo.
(All information was provided by GlobeNewswire)