The launch of the next-gen Sony PlayStation and Microsoft Xbox is forecast to lift global gaming console revenues by 17% this year, according to latest numbers from Strategy Analytics.

The research firm expects “strong holiday demand” for the new PlayStation and Xbox, and is congruent with an existing boom in gaming from home-bound consumers during the coronavirus crisis.

According to Strategy Analytics, Microsoft is much better positioned than previous years to challenge Sony for next-gen console leadership, citing an appealing price point for its base-level Series S model.

Analysts have also critiqued Sony for a lack of compelling alternatives versus Microsoft’s Xbox Game Pass and Xbox All Access service.

Despite this, Sony’s PlayStation brand is deemed to hold considerable appeal in international markets, with the company banking on exclusive first party titles to help lift demand.

According to Business Korea, pre-orders for Sony’s PlayStation 5 sold out within one minute in some countries, including Korea.