New Delhi, April 10 (IANS) – The global gaming console market experienced a 10 percent growth last year, driven by improvements in the supply chain, increased consumer demand, and new releases. According to Counterpoint Research, Sony emerged as the top player in 2023, surpassing Nintendo, thanks to the popularity of the PS5.
After the successful launch of new-generation consoles by Sony and Microsoft in 2020, the market saw a significant uptick in 2021. The Covid-19 pandemic also played a role in boosting the market as people spent more time at home. Supply chain constraints in 2022 were overcome in 2023, leading to a market rebound.
Looking ahead to 2024, Sony is expected to maintain its lead in the market due to its strong popularity and limited competition. Software and other services revenue accounted for over 70 percent of gaming revenue for Sony and Microsoft in 2023 and is expected to continue increasing in the coming years.
The report also highlighted the importance of artificial intelligence (AI) integration in the gaming industry’s future growth. Microsoft is already working on an AI chatbox for Xbox while Sony is expected to enhance its upcoming devices with AI technology, including the PS5 Pro and PS6. AI upscaling is set to improve content quality in the PS5 Pro.
Overall, the gaming console market is projected to see a single-digit decline in 2024. With advancements in AI technology and the popularity of new consoles, the industry is poised for continued growth in the coming years.
–IANS
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