Global Esports Market Size, Share, Growth Analysis, By Device Type, By Revenue Model, By Type(Multiplayer Online Battle Arena, First-person Shooter ), By Streaming Platform, By Audience - Industry Forecast 2023-2030

Esports Market size was valued at USD 1.22 billion in 2021 and is poised to grow from USD 1.44 billion in 2022 to USD 5.48 billion by 2030, growing at a CAGR of 21% in the forecast period (2023-2030).

A form of online competition known as "esport" involves two or more competitors using online video games in a multiplayer setting. Similar to modern sports, it has a purpose. The main major element promoting the growth of the Esports market is the increasing acceptance of online video games.

Global esports market growth is mostly being driven by online video streaming services like Facebook, YouTube, and TwitchTv. Esports is attracting a lot of interest from people worldwide, who are spending time, money, and effort on it. Over the past several years, there has been an increase in demand for Esports games, which may be attributed to the changing lifestyles of the younger generation and the expanding youth population. It has been expected that increased public knowledge of the Esports market and significant investments in the sector will have an impact on the market's expansion globally.

Additionally, the increased popularity of cutting-edge gaming technology, rising smartphone usage, and enhanced internet access have all helped to boost market growth. Online video game competitions known as "esports" place a premium on the talent and professionalism of the players. The professional gamers that competed at this level are incredibly knowledgeable about the game, just as a professional football player or athlete would be in their respective sports.

Despite the coronavirus-induced worldwide economic slump, the Esports industry is booming. Online gaming is a fun hobby for those looking for social connection who are at home because social distancing practises minimise moment and commercial activities. Due to lockdown, more people played internet games for relaxation and enjoyment while staying at home. The popularity of esports games has greatly expanded as a result. Consequently, this is increasing end-user demand for these services. But as a result of the COVID-19 pandemic, cloud computing is now more widely accepted and is being used by consumers in all sectors to combat the epidemic. For a limited time, many nations are also offering free and open-source E-sports platforms to aid the public in addressing the COVID-19 crisis.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Esports Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

The Global Esports Market is segmented based on Device Type, Revenue Model Streaming Platform, Type, Audience and Region. Based on Device Type it is categorized into: Smart Phone, Smart TV, Desktop-Laptop-Tablets, and Gaming Console. Based on Revenue Model it is categorised into: Sponsorship, Advertising, Merchandise & Tickets, Publisher Fees, Media Rights. Based on Type, it is categorised into Multiplayer Online Battle Arena (Moba), First-person Shooter (Fps), Real-time Strategy (Rts), Other. Based on Audience it is categorised Tournament Organizers, Alliances, Game Publishers, Sponsors, Esports Investors, Research Institutes and Organizations, Analysts and Strategic Business Planners, Market Research and Consulting Firms. Based on Streaming Platform, it is segmented into: Twitch, Youtube, Others. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Driver

The esports market is expanding globally due to a number of causes, including increased video game awareness and increased popularity of Esport. During the projection period, large corporations will undertake long-term investment efforts, and a growth in the quantity of competitions offering significant prizes will produce attractive opportunities.

Many variables, including an increase in per capita income, cost of affordability, a variety of low-priced alternatives with useful features, and many others, have contributed to the growing use of cellphones in poor nations around the world. Around the world, there are more than two billion players. Despite still growing, this represents only 26% of the total population. There will be profitable prospects for the global esports sector as demand for esports events rises.

Restraint

The expansion of this industry is constrained by the absence of a proper gaming policy and the lack of regulation of activities like betting and gambling.

Players and organisations both face a lot of difficulties because the esports industry is still in its infancy. It can be challenging for many players and tournament participants to judge whether a tournament is legitimate. Esports tournament organisers who are reputable and legitimate have hurdles as a result of the rise in scams and fraudsters that coincides with the expansion of tournaments. The absence of standards in the esports business is also a reflection of the continued difficulties that competitors, competitions, teams, and their contracts, sponsorships, or advertising, face.

Market Trends

Esports investment and revenue have grown incredibly quickly as a result of the market's increasing popularity. Esports have become extremely popular thanks to the social aspect of live streaming and games. For example, Twitch and YouTube Gaming give fans a direct line of communication with the players and teams, and more well-known social media platforms have fostered the growth of those links. Some esports teams, like FaZe Clan, are aggressively expanding into markets like apparel, giving their companies greater recognition than if they had stayed in esports only.

Esports market growth and event monetization are being fueled by the extreme popularity of esports competitions among gamers and spectators. The chance for gamers to pursue it as a professional career is growing thanks to the scholarships offered by numerous universities and colleges as well as esports courses that can be taken just like any other regular sport. In the coming years, it is anticipated that this will accelerate the esports industry's global expansion.

With an estimated investment of up to USD 2,220 million, the Chinese city of Hangzhou intends to construct 14 esports facilities before 2022. It is anticipated that this investment in the construction of esports facilities would turn it into the global esports hub. In addition, the Asian Games will be held in Hangzhou in 2022, and esports is probably going to be a big part of the official award show. China is predicted to take a sizable chunk of the market thanks to its large investments.