New York, USA, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Esports Market Overview:
Market Research Future (MRFR) 's report highlights ESports Market Information By Application, Streaming Type, Device Type, Revenue Stream, and Region - Forecast till 2032"; the market will achieve USD 5.0 Billion in 2032 at a 17.30% CAGR.
Market Synopsis:
Esport is an online activity where two or more contestants participate in multiplayer online video games. It functions similarly to conventional sports. Esport is a video game competition where the participants' talent and professionalism are key. Like professional football players or athletes in their respective sports, the pro gamers who competed at this level are very knowledgeable about the games and are experts in them. Players in esports can compete against one another or as teams. Due to the constant technological improvements worldwide, people are now compelled to rely on cell phones, cutting-edge devices, and the internet. Due to the widespread interest in exploring video games, companies that produce them have adopted a recurring revenue model in recent years.
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The advent of cutting-edge technologies has also led to a huge increase in consumer expenditure on video content, virtual reality items, and video game tournaments worldwide. Numerous advantages this gadget type offers, including high-quality gaming, which leads to a much better gaming experience, high security, and others, are credited with the segment's rise. The smartphone market, however, is anticipated to increase at the fastest rate in the following years. Due to its wireless portability and affordable operation, end consumers are also increasingly using smartphones to play Esports, which significantly aids in the expansion of the global industry.
Market Competitive Landscape:
- CJ Corporation
- FACEIT
- NVIDIA Corporation
- Nintendo
- Kabam
- Modern Times Group
- Activision Blizzard, Inc.
- Electronic Arts
- Gameloft SE
- Gfinity
Scope of the Report – ESports Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 5.0 Billion |
| CAGR during 2023-2032 | 17.30% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Growing Popularity and Audience |
| Key Market Dynamics | Investment and Sponsorship |
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Esports Market Segmentation:
Platform and service are included in the market by application. The market covers live and on-demand streaming types. The industry's smartphone, smart TV, desktop/laptop/tablet, and game console segments are divided into device types. Media rights, game publisher fees, sponsorships, digital advertisements, tickets, and merchandise are all examples of revenue streams in the industry.
Market U.S.P. Covered:
Market Drivers:
The factors impacting the growth of the esports market include the expanding trend of live game streaming, gaming investments, increasing viewership, sales of tickets, engagement activity, and preference for league tournament infrastructure. The market is gaining from expanding revenue prospects due to gamers, organizers, celebrities, and game designers participating more frequently. Young people are pursuing professional careers in eSports due to the lucrative international award money and high-income earning potential. Due to reasons like the rising adoption of cutting-edge gaming technology, a wide range of consumer entertainment tastes, and rising demand for mobile gaming, the online gaming business is expanding quickly. The quantity of players has rapidly increased due to the widespread use of smartphones and improved internet connectivity. Additionally, institutions and colleges have started providing dedicated programs to develop gaming skills among students.
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Restraints:
In addition to psychological issues associated with addiction to gambling and social behavior disorders, gamers can develop metabolic abnormalities brought on by the light-emitting diode (LED) computer monitors they use. Injuries to the back, neck, and upper body are more common in electronic sports players, according to the most recent research by Zwiebel on the health impacts of these athletes. In addition, metabolic issues might result from too much time near a computer screen.
COVID Analysis:
Despite the coronavirus-related worldwide economic slump, the E-sports market is booming. Gaming offers a fun diversion for those looking for social engagement at home, while this method of social distancing drastically reduces consumer and company activity. Gaming firms' revenues significantly increased as more people began to enjoy electronic sports. Additionally, gaming provided an alluring diversion for consumers looking for social engagement at home, while social distance norms significantly reduced company and consumer activity. A global lockdown brought on by a surge of COVID-19-positive cases compelled people to stay indoors for an extended period, which promoted internet gaming as a form of entertainment.
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Regional Insights:
North America accounted for the biggest chunk of the market. The region features a sizable population of online gamers, which is anticipated to fuel industry expansion. Many gamers are interested in new gaming platforms. Due to the growing gaming audience and higher return on investment, many stakeholders are making significant expenditures in the European gaming industry. The predicted period is likely to have the greatest CAGR in Asia-Pacific. Similarly, South Korea represents a prospective market for industry participants to grow their operations, given the rising number of gaming spectators.
The Asia-Pacific region's extensive gaming and entertainment prospects have increased interest in electronic sports. The rise of internet users and mobile gamers has fueled the growth of esports in the region. Since China made esports an official sport, the market has provided the country's esports operators with lucrative employment opportunities. Additionally, the Indian eSports market had the quickest growth rate in the Asia-Pacific region, while China's eSports market had the largest market share. It is anticipated that a robust sports industry across European nations will open profitable opportunities for market expansion for providers of electronic sports platforms.
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