New York, United States , Dec. 18, 2023 (GLOBE NEWSWIRE) -- The Global ESports Market Size is to Grow from USD 1.6 Billion in 2022 to 11.8 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 22.1% during the projected period.
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Esports are organized multiplayer video game contests, particularly between professional players, either individually or as teams. The increasing popularity of league tournament infrastructure, gaming expenditures, increasing viewers, ticket sales, participation activity, and the growing trend of live game streaming are all factors influencing the growth of esports. Rise in revenue opportunities from gamers, organizers, influencers, and game developers benefit the market. With attractive international prize money and opportunities to earn a high income, esports have become a popular professional career among young people. The growing popularity of video games among youngsters will drive the global esports market growth during the forecast period. Constant technological advancements have caused people worldwide to rely on smartphones, high-tech gadgets, and the internet. Because many people enjoy playing video games, gaming companies have recently shifted to a recurring revenue model. Tournaments of various types, VR products, and user spending on video content all contribute to the market's growth.
COVID-19 Impact
The COVID-19 pandemic fueled the demand for online gaming and user interaction with multiplayer games. Such trends supported the growth of this market during the pandemic. Gaming company’s revenues witnessed a significant rise during the COVID-19 outbreak as several individuals shifted towards esports for entertainment. Additionally, as social distancing norms decreased business and consumer activity considerably, gaming offered an attractive distraction for people looking for social interaction at home.
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The live segment dominates the market with the largest revenue share over the forecast period.
Based on streaming type, the global esports market is segmented into live and on-demand. Among these, the live segment is dominating the market with the largest revenue share over the forecast period. The most revenue was generated through the live category. The demand for live esports events is expected to rise as the emphasis on fan participation grows and as smartphone usage increases. Nowadays Smartphone can easily available everywhere which can easily accessible by anyone this is the driving the esports market.
The sponsorship segment is expected to hold the rapid revenue growth of the global ESports market during the forecast period.
Based on revenue streaming, the global esports market is classified into media rights, advertisement, sponsorship, ticket & merchandise, game publisher fees, and others. Among these, the sponsorship segment is expected to grow at a rapid pace during the forecast period. Sponsorships enable brands to directly reach out to potential customers via online and offline media channels. Booths, interactive advertising, posters, freebies, video displays, and a variety of other innovative methods allow the brand to reach out to potential customers. Because of rising sponsorship competition, brands are seeking differentiation and authenticity through sponsorships in the esports and gaming industries.
The multiplayer online battle arena games segment is projected to grow at the highest CAGR in the market during the forecast period.
On the basis of gaming genre, the global esports market is segmented into real-time strategy games, first person shooter games, fighting games, multiplayer online battle arena games, mass multiplayer online role-playing games, and others. Among these, the multiplayer online battle arena games segment grows at highest CAGR growth over the forecast period. These games provide a diverse range of competitive and profitable genres. The growing popularity of multiplayer games is also expected to fuel this segment's growth.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the largest market share over the forecast period. The Overwatch League and the franchised North America League of Legends Championship Series (NA LCS) are expected to drive further growth and investment. With the help of leagues, players, game developers, streaming platforms, and TV networks, esports have grown into a multi-million-dollar industry in the United States. The North America Scholastic Esports Federation (NASEF) is working to develop the ecosystem by organizing student tournaments, assisting high schools in establishing esports clubs and providing mentorship and coaching.
Asia Pacific market is expected to grow the fastest during the forecast period. Countries such as China, Japan, and India are expected to see enormous demand due to the rapid transition to digital platforms for entertainment via sports events. Similarly, with an increasing number of gaming viewers, South Korea is a potential market for market players to expand their business.
The European countries is expected to open up lucrative market expansion opportunities for providers of electronic sports platforms due to the presence of a reliable sports market. Many gamers are on the lookout for new gaming platforms.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global ESports Market include Twitch Interactive, Inc., Activision Blizzard, Inc., Tencent Holdings Limited, Riot Games, Inc., Gfinity plc, X1 Esports and Entertainment Ltd., Loco (Stoughton Street Tech Labs Private Limited), Caffeine, DLive Entertainment Pte. Ltd., Sony Corporation, and among others.
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Recent Market Developments
In April 2023, NODWIN Gaming acquired a 51% stake in Branded, a Singaporean live media company. The company hopes to expand its gaming and esports network among global sponsors through this acquisition.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global esports market based on the below-mentioned segments:
ESports Market, Streaming Type Analysis
- Live
- On-demand
ESports Market, Revenue Streaming Analysis
- Media Rights
- Advertisement
- Sponsorship
- Ticket & Merchandise
- Game Publisher Fees
- Others
ESports Market, Gaming Genre Analysis
- Real-Time Strategy Games
- First Person Shooter Games
- Fighting Games
- Multiplayer Online Battle Arena Games
- Mass Multiplayer Online Role-Playing Games
- Others
ESports Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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