eSports, also known as electronic sports, refers to competitive video gaming. It involves multiplayer video game competitions played regularly against other teams and individually organized by different gaming companies and associations. eSports games being streamed online have gained immense popularity worldwide especially among the youth. Titles like League of Legends, Dota 2, CS: GO, Overwatch are being played by professional players competitively. With the rise in gaming and viewership, sponsors are investing heavily promoting teams and tournaments which is expected to drive the global eSports market during the forecast period.

The global eSports Market is estimated to be valued at US$ 2123.48 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing sponsorships from endemic and non-endemic brands for teams and tournaments is a key driver fueling the eSports market growth. With millions of viewers watching live streams, sponsors are able to leverage eSports platforms for branding, advertisements and promotions. Major sponsors including Coca Cola, Red Bull, Nissan, and State Farm are sponsoring prominent teams and leagues. Their growing investment in eSports validates it as an effective marketing channel especially to target young audiences. Additionally, the rising popularity of online streaming platforms with thousands of daily active players is also contributing to the market expansion. Streamers with millions of followers attract sponsorship deals and subscriptions further augmenting the revenues. However, performance issues related to latency, hardware compatibility and game updates can negatively impact the experience of both players and viewers posing as a challenge to market growth.

SWOT Analysis

Strength: The eSports Market is growing rapidly due to rising popularity of online and video gaming. Young population has great interest in eSports as a career option or hobby. Online streaming platforms help gain large viewership base and sponsorship opportunities.

Weakness: eSports require huge investments in infrastructure and team building. Lack of standard regulations and guidelines pose challenges. Health issues like obesity and eyesight problems can arise from excessive gaming.

Opportunity: Growing 5G and cloud gaming technologies will enhance viewer experience and reach of tournaments. Emergence of virtual reality and augmented reality can offer immersive experience. Sponsorships from tech and beverage companies present monetization opportunities.

Threats: Traditional sports continue to pose competition for viewership and sponsorships. Stringent regulations on gambling and underage gaming can dampen revenues. Piracy and lack of identity protection pose security threats in the industry.

Key Takeaways

Global Esports Market Size is expected to witness high growth over the forecast period supported by rising Millennial interest and advancing technologies. Growing internet and mobile broadband penetration expand the potential outreach of online tournaments. Live streaming platforms have emerged as mainstream channels for spectating professional matches attracting hundreds of millions of unique viewers. The global eSports Market is estimated to be valued at US$ 2123.48 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024-2031.

North America currently dominates the market due to high affordability and availability of infrastructure. However, Asia Pacific is emerging as the fastest growing region with countries like China, South Korea and Japan aggressively promoting eSports.

Key players operating in the eSports market are Saipem, Subsea 7 S.A., McDermott International, and TechnipFMC plc. Saipem leads the market with its expertise in engineering, procurement, construction and installation of offshore oil and gas facilities. Subsea 7 S.A. focuses on fixed and floating offshore oil platforms. McDermott International specializes in engineering and construction solutions for new offshore oil and gas developments. TechnipFMC plc provides fully integrated technologies and offshore development solutions.

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