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UltimateUnknown said:

Do pray tell what about the current gaming industry would change without Nintendo. This is an honest question.

Would non-Nintendo games stop being made, which happen to be approximately over 90% of all games made? Would 3rd parties go out of business? Would PS4 miraculously stop selling like hotcakes because Nintendo is no longer in the market? Would PS4/XOne gamers stop playing/buying games, who again are the majority of gamers and becoming increasingly so over time?

While their absence probably wouldn't have a dramatic effect on the present home console industry (due to their relatively small market share and seclusion from most other publishers), it would likely bring the handheld console market to its knees.

Really though, I don't see why we would write any of them off as irrelevant. Sure, the importance of each's presence varies depending on what we're looking at, but all three play a role in keeping the industry as a whole interesting and varied. The importance of competition alone keeps all three relevant (even if their individual success fluctuates).