Global game consoles market is expected to growing at a compound annual growth rate (CAGR) of 1.5% to reach $16.9bn by 2018, according to a report from the Research and Markets.
According to the report, the innovations such as controller free gaming along with product upgrades are expected to drive the game console industry growth.
The report revealed that the emergence of tablets and smartphones as substitutes for game consoles has resulted in a downturn in the last five years.
Maintaining a balance between quality and price, along with incorporating the latest features, are the biggest challenges for the industry, claims the report.
The decline due in the industry is caused by the decreasing disposable income and the shift of customers to substitutes such as computer- and smartphone-based games, the report added.
