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Gaming Console Market Valued USD 34.3 Billion in 2020 and Projected to Grow at 5.37% CAGR During 2021 to 2030 – Report by Market Research Future (MRFR)

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3 years ago

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According to a comprehensive research report by Market Research Future (MRFR), “Global Gaming Console Market information by Type, by Application, End User and Region – forecast to 2030“, market was settled at USD 34.3 BN in 2020, which is expected to expand further at 5.37% CAGR during the forecast period (2021-2030).  

Key Players Involved In The Gaming Console Market:

  • Microsoft Corporation (US)
  • Sony Corporation (Japan)
  • Nintendo Co., Ltd. (Japan)
  • Valve Corporation (US)
  • Logitech Inc. (Switzerland)
  • NVIDIA Corporation (US)
  • BlueStacks (US)
  • PlayJam (UK)
  • OUYA Inc. (US)
  • Atari (US)
  • Sega (Japan)

Huge Popularity of 3D Gaming Drives the Market
The gaming console market is constantly growing, witnessing vast demand. The rapidly growing gaming market drives the demand for these consoles. 2020 was a dynamic year for the online gaming & gambling market. Besides, government initiatives for supporting the online gaming industry and subtle federal restrictions allow the gaming console market to garner significant revenues. With more legal breakthroughs expected in gaming in 2021 and beyond, the market is expected to garner significant gain in the years to come.

Players like Sony, Microsoft, and NVIDIA are seeing new opportunities to foster their global footprints markets that could mean big things. This also means that gaming console markets would garner significant traction worldwide during the years ahead. Besides, advances in various related technologies are expected to foster the global gaming console market size.

Industry Trends:
Rapid improvements in networking technologies and gaming platforms are projected to increase the gaming console market size, registering significant revenue growth and user screen time. Moreover, the growing adoption of smartphones and vast developments in technologies such as virtual reality (VR) and artificial intelligence (AI) are major trends accelerating the demand for gaming consoles.

The rising popularity of 3D video games and increasing numbers of e-sport tournaments boost market revenues. Besides, the rising popularity of competitive games and increasing numbers of gamers influence the market growth. The gaming industry is evolving and rebuilding with the growth in technological upgrades. Advancement in core wireless connectivity is also a major factor positively impacting the market growth.

The advancement in wireless connectivity is anticipated to drive the gaming console market in future years. The 5G technology has opened new avenues in the connectivity landscape and transformed the gaming industry. Therefore, countries worldwide are investing heavily in 5G technology to gain broader microeconomic advantages.

Also, there has been a rapid increase in the adoption of Bluetooth, Wi-Fi and other communication technologies. Wi-Fi 6 and IoT are the major developments in wireless connectivity. Wi-Fi 6 offers groundbreaking possibilities for developing new products across the gaming industry.

Besides, the extensive uptake of online games in the education, media & entertainment sectors has allowed the market to garner vast momentum in recent years. The rising adoption of cloud gaming and increasing numbers of gaming arenas influence the market value. Also, the wide commercial and personal uses impact the cloud gaming market share.

Prohibitive Cost is a Major Headwind 
On the other hand, the high costs of gaming consoles restrict market growth. Also, the lack of skilled professionals poses challenges to the growth of the gaming console market in some countries.

Segmentation:
The gaming console market is segmented into types, applications, end-users, and regions. The type segment is bifurcated into home console, handheld console, hybrid console. The application segment is bifurcated into gaming and non-gaming. The end-user segment is bifurcated into personal and commercial. The region segment bifurcated into North America, Europe, Asia-Pacific, Middle East & Africa, and rest-of-the-world.

Regional Analysis
North America dominates the global gaming console market due to the rapidly growing gaming market in the region. Besides, increased demand for gaming consoles and improved Internet connectivity with high reliability boosts the market size in this region. The strong presence of key gaming console manufacturers, such as Microsoft, Valve Corporation, and NVIDIA, drives the regional market growth.

Also, various online gaming tournaments create significant demand for gaming consoles. Gaming is a rapidly growing segment in the entertainment industry in the US, encouraging the sales of the latest gaming devices and thus, contributing to the gaming console market shares in North America.

COVID-19 Impact
The onset of COVID-19 boosted the already booming gaming console industry, increasing public interest in online gaming. The pandemic and lockdown mandates worldwide allowed people more free time to involve in gaming and leisure activities. Besides, social distancing mandates are increasing the uptake of gaming accessories.

Also, increased uses of various cloud gaming services allow the gaming console market to witness a constant uptick over the past few months. Additionally, increasing investments by industry players to foster R&D activities offer significant market opportunities.

Competitive Analysis:
The gaming console market is expected to witness significant product launches and several strategic initiatives, such as collaborations, mergers & acquisitions, expansion, and product launches. Matured industry players make substantial strategic investments in research and development activities and foster their expansion plans.

For instance, recently, on Jan.11, 2022, Tencent Holdings (China) announced its plan to acquire Chinese gaming phone company Black Shark to build its own metaverse. The metaverse is a logical strategy for Tencent, and hence, this move would position Tencent in the leading place.

Tencent Holdings is the majority-owner of Tencent Music Entertainment and owner of WeChat and QQ Messenger. Black Shark is currently focusing on gaming-centric phones and hardware accessories, which will change to building virtual reality hardware. Technology giant Xiaomi is the majority shareholder in Black Shark currently.

In another instance, on Jan.05, 2022, Educational software company Picoo announced the development of a new video game console named after the company itself. The Picoo is a screen-less gaming console.

The new console looks like a PlayStation Move controller and comes with a one-handed remote, a wrist strap, and glowing light. It doesn’t have any buttons other than an On/Off switch. Instead, it uses a speaker, accelerometer, and vibration for play.

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Aaron LaBerge

PENN Entertainment Launches Stand-alone iCasino App, theScore Casino, in Ontario

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3 days ago

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April 10, 2025

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PENN Entertainment announced that it has launched theScore Casino, a new stand-alone iCasino app in Ontario. The dedicated online casino experience leverages the popular theScore brand, which has been a mainstay in the Ontario market for decades. Now available on Android, iOS, and desktop, customers can login using their existing theScore Bet credentials, allowing for a seamless experience across online gaming platforms.

theScore Casino operates on the same cutting-edge proprietary technology platform as PENN’s online Hollywood Casino, which launched as a standalone product in the US in December. The product was recently ranked by Eilers & Krejcik as the #2 overall iCasino product in the US.

theScore Casino, also available within theScore Bet app, offers a variety of online slots, table games, and live dealer content, including original titles from PENN Game Studios, the company’s in-house game development studio. theScore Casino also includes bespoke live dealer tables and exclusive games such as Blue Jays Blackjack, an original title leveraging theScore Bet’s partnership with the Toronto Blue Jays.

“We’re excited to introduce our dedicated iCasino product in Ontario under the well-known and trusted theScore brand. We’ve built a strong online gaming foothold in the Ontario market and are primed to deliver an even better casino experience with our proven stand-alone app. Our customer-friendly platform features more than 1200 games, dozens of original titles and intuitive game play that distinguishes our product and positions us for even greater success,” said Aaron LaBerge, Chief Technology Officer and Head of Interactive at PENN Entertainment.

The post PENN Entertainment Launches Stand-alone iCasino App, theScore Casino, in Ontario appeared first on Gaming and Gambling Industry in the Americas.

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ELK Studios Expands Partnership with SkillOnNet to Ontario Market

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5 days ago

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April 8, 2025

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PlayOJO, SlotsMagic and SpinGenie to carry ELK Studios’ games in Ontario

Global entertainment brand SkillOnNet and innovative Swedish game creator Elk Studios have cemented their longstanding partnership with the launch of ELK’s groundbreaking portfolio in the Ontario market.

ELK Studios is responsible for some of the industry’s most innovative and engaging online casino games. Now, players at SkillOnNet’s Ontario-licensed casinos, PlayOJO, SlotsMagic and SpinGenie, will be able to experience the feature-packed delights of hit titles like Nitropolis, Tinkerbot and Pirot, as well as new release Orbitfall, and the studio’s signature X-iter and CollectR mechanics.

The expansion marks a milestone for ELK Studios as it continues to grow its footprint in regulated markets worldwide. SkillOnNet recently successfully launched the studio’s portfolio in the Spanish and Mexican markets through its Spanish-language brands and expects the studio’s games to make a similarly immediate impact with Ontario players.

Ontario has become a hugely important growth market since the province launched regulated online gaming in 2022. It was worth $2.4 billion in 2024, with $63 billion in wagering, the lion’s share coming from online casinos.

Jani Kontturi, Head of Games at SkillOnNet said: “ELK Studios is known for its high-quality games that blend unique storytelling and humour with high levels of engagement and playability, which is why we’re delighted to introduce them to Ontario. We believe they will perform successfully, as they have in other markets around the world.”

Vaida Cirtautaite, CCO at ELK Studios said: “SkillOnNet has been an invaluable partner in our growth journey, and we are thrilled to expand our collaboration into Ontario. We’re excited to bring our innovative games to a new wave of players in this dynamic market.”

The post ELK Studios Expands Partnership with SkillOnNet to Ontario Market appeared first on Gaming and Gambling Industry in the Americas.

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AGCO

Playnetic granted Ontario supplier license

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6 days ago

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April 7, 2025

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Global B2B iGaming content provider secures first Canadian market entry following the successful submission and approval of its gaming-related supplier application

Playnetic, the in-demand global B2B iGaming content provider known for its quality games, reliable delivery and outstanding customer service, has announced the approval of its gaming-related supplier application by the Alcohol and Gaming Commission of Ontario (AGCO).

With the AGCO licensing process being recognised in the industry for its rigorous standards and thorough due diligence, the new certification confirms Playnetic was able to meet the high levels of integrity and regulatory compliance needed to legally distribute its content within the province.

As a result of the approval, Playnetic has now secured its first Canadian market entry and will be able to provide its library of innovative games to licensed operators in the Ontario region – with this starting point paving the way for further expansion into other regulated provinces in future.

Given signs of change emerging within the Canadian market and Alberta making progress toward a regulated online model – likely drawing from Ontario’s framework – this license positions Playnetic strongly to expand its footprint in the country and further solidifies the company’s ambitious growth plans.

In the meantime, Playnetic has already begun making groundwork with key operators in the Ontario region and is looking forward to going live with some exciting brands over the coming months. The company will also be attending SBC’s Canadian Gaming Summit from June 17-19, where both existing and new potential partners alike are welcome to stop by and meet the team.

Dan Phillips, Chief Executive Officer at Playnetic, said: “Acquiring AGCO approval for our gaming-related supplier application is undoubtedly a big step for Playnetic. The new license not only secures our first Canadian market entry, but also reaffirms Playnetic’s position as a trusted provider in iGaming and underlines our commitment to compliance and operational excellence.”

Julian Borg-Barthet, Chief Commercial Officer at Playnetic, said: “We’re very excited to now be in a position to offer our library of innovative gaming content in Ontario, and the groundwork to do that with some of the region’s biggest licensed operators is already underway. Over time, we’re confident this license will also help us expand further into current markets and emerging regulated provinces, such as Alberta.”

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