Newark, March 18, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2.9 billion esports market will reach USD 28.3 billion by 2033. The e-sport market is expanding due to several causes, including increased consumer knowledge of video games and the growing popularity of esports. However, the market's expansion is constrained by risks like gambling and betting and a lack of standards. Moreover, during the projected period, the market will have profitable prospects due to long-term investment initiatives adopted by major players and increased tournaments and events with large prizes. The proliferation of smartphones in emerging nations can be attributed to various factors, including rising per capita income, affordability, and numerous low-cost options offering considerable functionality. This raises the demand for video and online gaming on smartphones. For many years, youngsters have found enjoyment in video games. The video game industry is very big. It is bigger and expanding faster than the music and film industries combined. The most popular age category for online gaming is all audiences, including adults and children. Globally, there are more than two billion players. This represents 26% of the global population and will continue to rise. Growing worldwide demand for online video game events will generate profitable opportunities for the Esports industry.
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Key Insight of the Esports Market
North America to account for the largest market size during the forecast period.
Due to the region's significant trend towards digital transformation and technical advancements, there is a considerable demand for online gaming and betting in this area. In the current market environment, Asia-Pacific has seen a significant increase in the use of esports services. This is explained by the region's high population, which gives Esports companies access to a sizable pool of mobile customers. Additionally, the region contributes more internet users than anywhere globally, which is significant for online gaming. Features like online live gaming streaming, which creates the illusion of real-time gameplay, will also help e-sports in the future.
The sponsorship segment dominated the market with the most significant revenue of USD 0.81 billion.
The sponsorship segment dominated the market with the most significant revenue of USD 0.81 billion. Sponsorship teams spend on the electronic sports platform to enhance their brand image as the number of viewers rises. Similarly, in-app ads are a feature of many gaming platforms that help increase revenue.
Market Dynamics:
Drivers: Rising popularity of video games
Global technological progress has compelled people to depend on cell phones, high-tech devices, and the internet. Video gaming firms have embraced a recurring revenue model in recent years due to the growing popularity of these games. Furthermore, cutting-edge technologies have led to a massive global increase in consumer expenditure on video content, virtual reality items, and video game tournaments.
Restraint: Health and addiction concerns
Gamers may suffer from psychological issues linked to gambling addiction and social behaviour disorders, as well as metabolic ailments brought on by light-emitting diode computer monitors. According to a new Zwiebel study on the health impacts of electronic sports players, there is an increased risk of musculoskeletal injuries in the upper extremities, back, and neck. Furthermore, metabolic issues may arise from prolonged computer monitor use. The majority of these problems stem from the sedentary lifestyle and bad posture that these athletes frequently have.
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Some of the major players operating in the esports market are:
● Electronic Arts Inc.
● HTC Corporation
● Modern Times Group (MTG)
● NVIDIA Corporation
● Valve Corporation
● Activision Blizzard, Inc.
● Gameloft SE
● Intel Corporation
● Nintendo of America Inc.
● Tencent Holding Limited
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Key Segments cover in the market:
By Revenue Source:
● Advertising
● Publisher Fees
● Sponsorship
● Merchandise & Tickets
● Media Rights
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About the report:
The global esports market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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