According to Counterpoint Research, an uptick in growth was seen following the launch of the new generation of consoles.

Due to the popularity of PS5, Sony overtakes Nintendo to become the top player in 2023.

Analysts said, "The latest generation consoles launched by Sony and Microsoft in 2020 drove the market in 2021. Additionally, the COVID-19 pandemic, with people being forced to spend time at home, further boosted market growth." Made a supplement."

“2022 saw supply chain disruptions weaken into 2023, resulting in a bullish market,” he said.

According to the report, Sony is expected to lead the market again in 2024 due to its popularity and weak competition.

As for estimates, the report mentions that software and other services revenues comprise the bulk of the gaming console market revenue and are expected to grow further in the coming years.

In 2023, software and other services revenue will account for more than 70 percent of Sony and Microsoft's entire gaming revenue. Analysts said the gaming console market is expected to decline by a single digit in 2024.

artificial intelligence
Consolidation is going to be an integral step for the future growth of the gaming industry.

The report adds, "Microsoft has already started working on an AI chatbox for Xbox, which will initially help with support queries. Sony is also expected to enhance its upcoming PS5 Pro and PS6 devices with AI. Is."

AI upscaling is expected to improve content quality in the PS5 Pro.