WASHINGTON, Nov. 17, 2023 (GLOBE NEWSWIRE) — According to Vantage Market Research, the Global Esports Market is estimated to be valued at USD 11.94 Billion by 2030 at an exponential growth of 27.6% in the next seven years.
The growth of the Esports market is influenced by factors such as the increase in live streaming of games, significant investments, the expanding audience reach, engagement activities, and improved infrastructure for league tournaments.
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- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation.
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The increasing professionalization in the industry has created profitable prospects for influencers, gamers, event organizers, and game developers, benefiting the market. The rising popularity of gaming tournaments, sponsorships, streaming revenues, and impressive international prize pools has led to millennials viewing Esports as a viable professional career option.
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Factors Affecting the Growth of the Global Esports Industry
- The development of technology heavily influences the growth of the Esports industry. Improved graphics, faster internet speeds, and advanced streaming platforms have made it easy for players to participate and for audiences to watch Esports events.
- With a more extensive audience base, Esports tournaments can attract more sponsors and generate higher revenues.
- The rising popularity and acceptance of competitive gaming have led to the growth of the Esports industry. Esports events are now recognized as legitimate sports competitions, attracting investment from traditional sports organizations and sponsors.
- As Esports continues to gain popularity, there is a growing interest from investors and sponsors. Companies are increasingly recognizing the demographic appeal of Esports and are investing in teams, tournaments, and sponsorships to reach the millennial and post-millennial audience.
- The strong community and fan engagement surrounding Esports help drive its growth. Active participation on social media, fan events, and online forums creates a sense of belonging and excitement. This engagement translates into increased viewership and support, further fueling the industry’s growth.
- Based on the Application segment, the Platform category is expected to witness maximum market growth over the projected period.
- Furthermore, based on the Device Type segment, the Smartphone category will maintain its dominant position during the forecast period.
- In 2022, the market was ruled by North America with a revenue share of 32.6%.
- The Asia Pacific region is likely to set for notable market growth during the forecast period.
- One of the top market trends in the Esports market is the increasing viewership. Esports has seen a surge in viewership, with millions of fans watching professional gaming tournaments and leagues.
- Sponsorship and advertising opportunities is another noteworthy trend. Esports provides unique opportunities for sponsorship and advertising, allowing brands to reach a highly engaged and targeted audience. Brands invest heavily in partnerships with Esports teams, events, and leagues.
Prominent Players in 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 increase brand visibility and reach their target audience, which includes logo placement, product collaborations, or product placements within the Esports ecosystem.
- Companies develop products specifically designed for gamers and Esports enthusiasts that range from gaming accessories, equipment, and apparel to game-related content, such as live streaming platforms or gaming communities.
- Organizations host their Esports tournaments, attracting both professional teams and amateur players. Through this, companies showcase their brand, build brand loyalty, and generate revenue through ticket sales, merchandise, and sponsorship opportunities.
- Recognizing the growing interest in Esports, companies venture into the education sector by offering Esports programs and training courses. This includes coaching sessions, workshops, or online tutorials to help aspiring gamers improve their skills and attract future talent.
Recent Development of the Global Esports Market
- In September 2023, Electronic Arts launched its initial Esports football game, “FC 24”, without the well-known FIFA branding. The company believes that this new title will continue the success of its popular franchise and serve as a protective measure.
- In March 2023, Syracuse University in the United States declared it would introduce a new degree program devoted to electronic sports soon. The institution hopes to provide fresh expertise for forthcoming instruments and trends through this curriculum.
- In February 2023, NVIDIA and Microsoft announced a decade-long collaboration to enable Xbox PC games to be accessible on the NVIDIA GeForce NOW cloud gaming platform, with over 25 million members in 100+ nations. Under the agreement, gamers will have the ability to stream Xbox PC titles from GeForce NOW to various devices, including smartphones, PCs, macOS, Chromebooks, and more.
- In October 2022, International sportswear brand Nike debuted 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
Highlights From Segments
- The platform segment accounted for the most significant market revenue in 2022.
- The gaming platforms are rapidly improving in terms of strength and capability, allowing them to support complex and visually impressive Esports games as advancements are made in hardware and software technologies. As a result, this attracts both players and spectators, resulting in the expansion of the market.
Streaming Type Analysis
- During the projected timeframe, the live segment is anticipated to have a major market share.
- The increasing emphasis on engaging fans is expected to drive the need for live electronic sports events. Additionally, the growing number of smartphone users will likely enhance the demand for live Esports tournaments.
Device Type Analysis
- The smartphone category earned the highest revenue in 2022.
- The usage of smartphones is quickly increasing in developing nations due to factors such as a rise in individual income, affordability in terms of cost, diverse low-cost options with useful features, and other factors. Consequently, this leads to a high demand for internet videos and mobile games.
Revenue Stream Analysis
- The sponsorship segment is projected to experience maximum growth during the forecast period.
- With the rising number of viewers, Esports platforms are targeted by sponsorship teams aiming to enhance their brand image.
Browse market data Tables and Figures spread through 187 Pages and in-depth TOC on Esports Market Forecast Report (2023-2030).
- North America accounted for the highest portion of revenue in 2022. Within North America, the United States played a prominent role, owing to its extensive number of online gamers.
- The Esports industry in this country is positively affected by the significant amount of money spent by customers, the widespread popularity of gaming, and the presence of relatively youthful and open-minded populations.
- Also, the region’s early embracing of cutting-edge technologies is expected to open up substantial prospects for market expansion.
Scope of the Report:
|Market Size in 2022||USD 1.7 Billion|
|Revenue Forecast by 2030||USD 11.94 Billion|
|CAGR||27.6% from 2023 to 2030|
|Forecast Year||2023 to 2030|
|Key Players||Gameloft SE, Kabam, Nintendo, Gfinity, CJ Corporation, FACEIT, Activision Blizzard Inc., Modern Times Group, NVIDIA Corporation, Electronic Arts|
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