Is the console market in crisis?

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The console market appears to be shrinking significantly and that is having an impact on games studios and game development. The big games studios do not exclusively develop for a single platform, so the health of the entire market is key to keeping games studios in business.

It has been noted elsewhere that total industry sales (hardware and software) in January 2014 were down 1 percent year-over-year. On the other hand, the cost of developing flagship console games titles continues to rise.  

Another problem console makers are facing is rival devices’ faster refresh cycles. Mobile devices typically get upgraded with new hardware every year. From the other side, top-of-the-range PC hardware is now outperforming console hardware.  Hardcore gamers looking for the best in class gaming experience should select a high  end gaming PC than the current console flagships.

The big question hanging over the gaming machine is : can the the current-generation market contraction something that can be overcome — or does it signify a more fundamental console category crisis?