In the beginning, there was Atari, Sega (OTC: SGAMY), and Nintendo (OTC: NTDOY). Later, PlayStation, Xbox, and eventually, Oculus Rift. The video game industry has seen a lot of growth over the years, from the early days of gaming until now, and according to analysts, this rising popularity is not going to stop anytime soon.
From the short-term to the long-term, the gaming console market is rolling over in abundance of demand. According to a recent study by SkyQuest, the gaming console market is on the rise in part due to gaining demand for accessories, among other areas, including 3D headsets and gaming mouses (or mice, depending on which camp you align with). Cloud gaming has also given the gaming world even more room to flourish.
To be clear, the estimated market value of the gaming console industry, as of 2021, was $53.98 billion. Within the next six years (so, by 2028) that number is expected to climb to an impressive $97.85 billion.
Demand for augmented reality and virtual reality gaming, as well as e-sport tournaments and events, can be held responsible for this estimated increase in global gaming console value worldwide. Virtual assistants have also become increasingly popular, such as Alexa (NASDAQ: AMZN).
In addition to gaming consoles, gaming gadgets are also popular and expected to be on the rise in their own right over the next nine years. With a current market value of $52.6 billion, gaming gadgets (which can be defined as electronic devices used with gaming consoles and PCs, again such as computer mouses) are estimated to reach a staggering $166.9 billion by 2031.
Even in the very short-term, gaming is making its presence known, and is here to stay. "We see an abundance of quality content as the single most important factor behind our expectations for a strong market recovery heading into the upcoming holiday season." That's according to Seyon Park, a Morgan Stanley Research analyst.
Fingers crossed for the video gaming industry, although it sounds like this market doesn't need it. Examples of popular gaming consoles today include Microsoft's Xbox (NASDAQ: MSFT), Sony's PlayStation (NYSE: SONY), and Nintendo Switch.