3D Gaming Console Market to Grow at over 12% CAGR from 2016 to 2024 | Hexa Research
According to a recent study by Hexa Research, the global 3D gaming console market is predicted to grow at a lucrative pace (over 12% CAGR) during 2016 to 2024 (forecast period).
Hexa Research Inc. projects the global 3D gaming console market to grow lucratively (over 12% CAGR) in the forecast period (2016 to 2024). Market volumes could surpass 60 million units by 2024. This may be attributed to the extraordinary gaming experience offered by 3D (three-dimensional) game consoles. Technical innovations have facilitated gamers to get a feel of the ‘real environment’ while playing.
Higher affordability of 3D display technologies, latest software, and advanced devices have triggered a transformation in the gaming & entertainment industry. 3D gaming consoles project the images of conventional 2D games in three-dimensional format.
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Moreover 3D technology creates ‘near-perfect’ spatial localization that renders an accurate perception of surface materials in gaming. The ‘immersive’ feel thus offered is unparalleled. Demand is also buoyed by rising purchasing power. Youngsters, especially, are attracted to these games due to their realistic visuals.
A major constraint on industry growth is the high developmental costs of gaming software. Prolonged gaming has an adverse effect on humans, especially the eyes. Also, with smart phones equipped with three-dimensional technology, the demand for 3D consoles may drop.
The 3D gaming console market is split as per components, technologies, consumers, and geographies. Components include hardware and software. Some of the technologies are Leap Motion, Active Shutter Technology, Auto Stereoscopy, and Project Holodeck. Oculus Rift, KINECT motion gaming, Xbox IllumiRoom, and Polarized Shutter Technology constitute the rest.
Consumers of 3D consoles encompass gaming, healthcare, and mobiles. Healthcare is anticipated to largely benefit from ‘virtual reality’ that uses 3D technology. Potential uses of these consoles across medicine include doctor training, pain management, surgical procedures, etc.
Sony Playstation, Microsoft Xbox, and Nintendo Wii are highly popular brands. Consoles are available in four types; namely hand-held, home, dedicated, and micro. Based on regions, the global market consists of Asia Pacific, Europe, North America, South America, and the MEA (the Middle East & Africa).
Europe reigned in 2015 and is expected to do the same till 2024. Asia Pacific held considerable shares in 2015. China is a major contributor to Asia Pacific. India, South Korea, and Japan are the other key consumers in this region.
Asia Pacific should be the fastest-growing geography during 2016 to 2024. This will be ascribed to its high population and innovative technologies (like 3D imaging, virtual reality, augmented reality, etc.). The U.S. is likely to witness rapid growth in the near future. Its attraction for three-dimensional consoles drives the nation.
Notable participants in the worldwide 3D gaming console market are Microsoft Corporation; Oculus VR; Apple Inc.; Sony Computer Entertainment Inc.; and Electronic Arts Inc. Sony is the industry leader. It focuses on innovations and strategic tie-ups. The company has entered alliances with software & hardware developers. Its latest product, ‘PlayStation 4’ generated sales volumes of 40 million units in May 2016. Its upcoming product - the ‘Morpheus VR headset’ is highly awaited.
‘Microsoft Corporation’ faces direct competition from ‘Sony’ products. It introduced ‘Xbox game stations’ and ‘HoloLens VR headsets’ to enter the 3D ‘games station’ industry. Most of the players are engaged in technological developments that will provide completely ‘immersive experience’ to gamers. They also enter partnerships and consolidations for the same.
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