The Esports Market Is Estimated To Witness High Growth Owing To Rising Number Of Gamers Worldwide
Market Overview:
The esports market comprises companies involved in organized video gaming competitions, usually between professional players. These competitions take place in front of live audiences, both in-person and online. Major games played include first-person shooter games like Apex Legends and Call of Duty, multiplayer online battle arena games like League of Legends, card games like Hearthstone and fighting games. Players compete both individually and as part of teams to win prize money and glory.
Market Dynamics:
The growth of the esports market is driven by the rising number of gamers worldwide as well as increasing popularity of esports tournaments. According to statistics, around 3.24 billion people globally play video games, both on mobile and consoles/PCs. This broad audience base provides a large pool of potential esports viewers and players. Furthermore, major esports tournaments like League of Legends World Championship and Dota 2 International attract millions of concurrent online viewers. Large prize pools and increasing sponsorships are elevating the profile of esports events. This is attracting newer audiences as well as professional athletes to esports. Growing popularity of esports streaming is also boosting the market.
The global Esports Market Demand is estimated to be valued at US$ 1,843.29 Mn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Esports has a growing fanbase globally with millions of viewers. Esports teams and leagues provide entertainment similar to traditional sports. Esports tournaments offer large prize pools which attract professional gamers.
Weakness: Esports requires high-end computers and internet connectivity which limits its reach. Traditional sports fans may not consider esports as a real sport. Esports faces uncertainty regarding regulations around betting and gambling on matches.
Opportunity: Growth of live streaming and rise of 5G networks will help expand viewership of esports globally. Traditional sports organisations are entering the esports industry through investments and partnerships. Esports offers new sponsorship and advertising opportunities for consumer brands.
Threats: Slow internet connections in some regions can hamper viewership growth. Traditional sports leagues may emerge as strong competitors by launching their own esports divisions. Piracy and illegal streaming of matches impacts revenue generation in the industry.
Key Takeaways
The global esports market is expected to witness high growth, exhibiting a CAGR of 20% over the forecast period, due to increasing popularity of video games and rise of competitive gaming culture. The market size is projected to reach US$ 1843.29 Mn by 2023.
Regional analysis
Asia Pacific dominates the global esports market currently, accounting for more than 50% share. China, South Korea, and Japan are at the forefront of esports popularity and infrastructure. North America is the second largest regional market led by the US. Europe is another fast growing regional market for esports driven by growing fanbases in Germany, UK and France.
Key players
Key players operating in the esports market are Activision Blizzard, Inc., NVIDIA Corporation, Valve Corporation, Nintendo of America Inc., Riot Games, Inc., Epic Games, Inc., Tencent Holding Limited, Gameloft SE, Turner Broadcasting System, CJ Corporation and Electronic Arts Inc. and Others. These companies have made heavy investments and partnerships to expand esports leagues and tournaments globally.
Read More: https://blogger-veritas.blogspot.com/2023/12/the-rise-of-esports-events-and.html
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