WASHINGTON, Nov. 17, 2023 (GLOBE NEWSWIRE) — Vantage Market Research projects that the Global Esports Market will have an impressive value of USD 11.94 Billion by 2030, exhibiting a stellar growth rate of 27.6% over the upcoming seven years.
The Esports market’s growth can be attributed to the increase in live game streaming, sizeable investments, broadening audience reach, engagement activities, and the enhancement of infrastructure for league tournaments.
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Industry professionalization has unlocked economic opportunities for influencers, gamers, event organizers, and game developers, thereby benefiting the market. The rising prevalence of gaming tournaments, sponsorships, streaming revenues, and large international prize pools have persuaded millennials to consider Esports as a promising professional career.
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Growth Influencers in the Global Esports Industry
- Technological advancement massively impacts the growth of the Esports industry. Enhanced graphics, quick internet speeds, and superior streaming platforms have facilitated participation and viewing of Esports events.
- An amplified audience base makes Esports tournaments more appealing to sponsors and allows higher revenue generation.
- The growing acceptance and popularity of competitive gaming has spurred the growth of the Esports industry, with Esports events now being recognized as legitimate sports competitions. They attract investment from traditional sports organizations and sponsors.
- The escalating interest and popularity of Esports among investors and sponsors reflect demographically in the heavy investments in teams, tournaments, and sponsorships to reach the millennial and post-millennial audience.
- The robust community and fan engagement around Esports contribute to its growth. Active participation on social media, fan events, and online platforms creates an air of companionship and enthusiasm. This involvement increases viewership and support, thereby propelling industry growth.
- In the Application segment, the Platform category is anticipated to witness the maximum market growth over the projection period.
- Moreover, in the Device Type segment, the Smartphone category is expected to retain its dominant position during the forecast period.
- In 2022, North America had a revenue share of 32.6%, leading the market.
- The Asia Pacific region will likely see remarkable market growth during the forecast period.
- One significant trend in the Esports market is the surge in viewership, with millions of fans watching professional gaming tournaments and leagues.
- Another notable trend is the opportunities for sponsorship and advertising. Esports offers unique opportunities for these, enabling brands to reach an engaged and targeted audience. Brands heavily invest in partnerships with Esports teams, events, and leagues.
Players within the Report Scope:
- Gameloft SE (France)
- Kabam (Canada)
- Nintendo (Japan)
- Gfinity (UK)
- CJ Corporation (South Korea)
- FACEIT (UK)
- Activision Blizzard Inc. (U.S.)
- Modern Times Group (Sweden)
- NVIDIA Corporation (U.S.)
- Electronic Arts (U.S.)
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Key Strategies in the Global Esports Market
- Companies strategically align with Esports teams, leagues, or events to enhance brand visibility and reach their target audience. This may include logo placements, product collaborations, or product placements within the Esports ecosystem.
- Companies create products specifically for gamers and Esports enthusiasts. These could include gaming accessories, equipment, apparel, or game-related content like live streaming platforms or gaming communities.
- Organizations host their own Esports tournaments, attracting professional teams and amateur players alike. They thereby showcase their brand, build brand loyalty, and generate revenue via ticket sales, merchandising, and sponsorship opportunities.
- Understanding the growing interest in Esports, companies venture into the education sector by offering Esports programs and training courses to help aspiring gamers improve their skills and draw in future talent.
Recent Developments in the Global Esports Market
- In September 2023, Electronic Arts launched its maiden Esports football game, “FC 24”, without the iconic FIFA branding. The company is hopeful that this new title will prolong the success of its popular franchise and serve as a protective measure.
- In March 2023, Syracuse University in the United States announced an introduction of a new degree program dedicated to electronic sports soon. With this curriculum, the institution aims to provide fresh expertise for upcoming instruments and trends.
- In February 2023, NVIDIA and Microsoft announced a collaboration spanning a decade to allow Xbox PC games to be available on the NVIDIA GeForce NOW cloud gaming platform which boasts over 25 million members in more than 100 countries. Through this agreement, gamers will have the capability to stream Xbox PC titles from GeForce NOW to a variety of devices including smartphones, PCs, macOS, Chromebooks, and more.
- In October 2022, International sportswear brand Nike showcased its first ad on an Esports platform.
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Global Esports Market Segmentation
By Streaming Type
By Device Type
- Smart Phone
- Smart TV
- Desktop/ Laptop/ Tablets
- Gaming Console
By Revenue Stream
- Media Rights
- Game Publisher Fee
- Digital Advertisement
- Tickets & Merchandise
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- The platform segment accounted for the most substantial market revenue in 2022.
- Gaming platforms are swiftly improving in terms of power and capacity, which permits them to support sophisticated, graphically stunning Esports games as hardware and software technologies progress. This consequently attracts both players and spectators, resulting in the market expanding.
Streaming Type Analysis
- During the projected timeline, the live segment is forecast to have a significant market share.
- The increasing focus on engaging fans is predicted to drive the demand for live electronic sports events. Additionally, the rising number of smartphone users will likely enhance the demand for live Esports tournaments.
Device Type Analysis
- The smartphone category achieved the highest revenue in 2022.
- The use of smartphones is rapidly increasing in developing countries due to factors such as a rise in personal income, affordability in terms of price, varied low-cost options with helpful features, and others. This results in high demand for internet videos and mobile games, subsequently.
Revenue Stream Analysis
- The sponsorship segment is forecast to witness maximum growth during the forecast period.
- As the number of viewers increases, sponsorship teams target Esports platforms to enhance their brand image.
Explore Tables and Figures spread across 187 Pages and in-depth TOC on Esports Market Forecast Report (2023-2030).
- In 2022, North America accounted for the largest share of revenue, with the United States playing a significant role due to its large number of online gamers.
- In this region, factors such as significant customer spending, wide-ranging popularity of gaming, and the existence of relatively young and receptive populations positively impact the Esports industry.
- In addition, the early adoption of cutting-edge technologies in this region is projected to unfold considerable opportunities for market expansion.
Scope of the Report:
|Market Size in 2022||Source link|