When the first video game was introduced in the market, it caused a serious commotion among game lovers. Ralph H. Baer was the man who made it possible to play video games connected to the TV. The gaming console market had seen its ups and downs in the market. From 1950’s till now. There has been a commendable improvement in this sector. With the advancement of technology and the ever increasing fan base is credited to be the reason the success. Video games are addictive in nature, And it’s not restricted to teens. People from different demographic have enjoyed playing it. It’s more of a stress buster. The present generation is exposed to video games from an early age which adds tot heir fan following.
When the PSP or play station portable was introduced by Sony it generated a lot of buzz. Not only it gave better quality but the technology used was cutting edge. Microsoft soon followed Sony and introduced their XBOX series. Both the companies have created a niche in this market. The gaming market have increased their fan base by constantly improving their technology and being ahead of time.
A market research report has estimated that the Global Gaming Console market is to grow at a compound annual growth rate of CAGR of 3.9% by the year 2016. The key players who dominate this sector are Sony Computers Entertainment Inc, Nintendo Co. Ltd., and Microsoft Corp. Some of the other vendors include Nvidia Corp, Valve Corp BlueStacks, with many others.