The global 3D gaming console market is estimated to grow at a CAGR of over 14% from the year 2015 to 2022. Technological proliferation and superior gaming experience are expected to drive market growth.
Increasing purchasing power, rise in the average spending by gamers, and aggressive marketing strategies adopted by developers across the globe are expected to drive the demand over the forecast period.
These video game consoles are capable of supporting stereoscopic three-dimensional gameplay on integrated or peripheral displays. Such images create an illusion of depth and offer optimal perception of surface materials in the gameplay environment. In addition, they provide accurate spatial localization, which improves the immersive experience and realism of the gameplay.
These game stations render 3D images from both dedicated S3D games and as well as the conventional 2D games into multidimensional format. Moreover, the emergence of affordable 3D display technologies advanced game software applications and advanced game console accessories have enabled the game and entertainment industry to expand from 2D to multidimensional gameplay. Young working professionals with high disposable incomes are increasingly getting addicted to realistic visual effects and real time gameplay experience leading to 3D gaming console industry growth.
The adoption of such advanced gaming technology has been constrained majorly due to the high cost of display and hardware components. However, the scenario has been changing over the past few years with the advent of affordable multidimensional display technologies and its steady encroachment into the home entertainment through TVs and PC monitors.
Innovative features and the incorporation of advanced technologies such as multi-screen displays, motion sensors, and intelligent communication that provide gamers with more intense and interactive game experience are driving 3D gaming console market growth.
Technological advancements and the development of new generation of TVs are expected to have a positive impact on the game industry. However, the introduction of advanced 3D smartphones poses a strong threat to handheld gaming consoles.
Online video games industry goes beyond PCs as web-enabled mobile phones, tablets & consoles. With developers such as Oculus VR owned by Facebook Inc. working extensively towards virtual reality concept, the technology is expected to make a strong comeback in the video games industry, offering a promising avenue for multidimensional gameplay. Such innovative immersive technology alliances are projected to drive the future of video game industry.
Increasing competition has intensified the 3D video games industry. Developments at hardware and content level boost opportunities for video games software development. Moreover, manufacturers are deploying various marketing tools to compete with rivals and gain advantage in the video game industry.
The 3D gaming console market can be segmented on the basis of technology into Active Shutter Technology, Auto Stereoscopy, KINECT motion gaming, Leap Motion, Oculus Rift, Polarized Shutter Technology, Project Holodeck, and Xbox IllumiRoom.
Developed nations from the North American and European region are expected to draw the largest demand for such advanced video game devices. However, Asia Pacific is anticipated to be the fastest growing region owing to the growth witnessed in emerging economies such as China, India, and Korea.
Sony Corporation has managed to dominate the video game industry making innovative product launches and establishing strategic alliances with other hardware and software developers. The company recently made collaborative agreements with developers such as YoYo Games and Unity Technologies enabling PlayStation game developers to get more access to Unity’s game engine tools at no additional costs. Additionally, the company launched its fourth generation video game console PlayStation and is expected to launch Morpheus VR headset in 2016.
In 2015, Microsoft Corporation announced their latest of Xbox game station and the HoloLens virtual reality headset in its race to enter the 3D game stations industry. Other vendors such as Snail and Nintendo released their next-generation brands of video game consoles, keeping up with the industry.
Major 3D gaming console marketparticipants include Apple Inc., Activision Publishing Inc., Avatar Reality Inc., Electronic Arts Inc, Kaneva LLC, Linden Lab Inc., Microsoft Corporation, Nintendo Co., Oculus VR, and Sony Computer Entertainment Inc.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.