Global Esports Market Size – Global Industry Analysis, Market Size, Opportunities and Forecast 2021 – 2028
From 2021 to 2028, the global Esports market is predicted to grow at a CAGR of 25.1%, from US$ 1,215 million in 2020 to US$ 7,131 million in 2028.
Esports refers to a competitive, organized form of video gaming. Competitors from various leagues or teams compete in the following games, which are popular among at-home gamers: To name a few, there's Fortnite, League of Legends, Counter-Strike, Call of Duty, Overwatch, and Madden NFL. Esports covers competitions across a number of video games, similar to how traditional sports feature competitions in baseball, basketball, and football. Unlike popular belief, esports is not just a trend but it is a legitimate industry that is developing globally and is investable.
Over the years, the esports industry has seen tremendous growth in terms of audience and revenue. The increase in revenue is largely due to an increase in viewing – and not just because those viewers generate revenue. Brands are engaging in esports marketing, both directly and indirectly, because they recognize the opportunity to reach a large and engaged audience. This has aided the industry's quick financial growth, which has been restricted only by COVID's limitations on major public esports events.Another reason esports is popular is online streaming, which allows viewers to watch other people (even professional gamers) play on platforms like Twitch. Twitch (owned by Amazon) had 15 million daily visitors in 2017, with 355 billion minutes of viewing time. Today's gaming culture revolves around both playing and watching other people play games. According to many studies, the average gaming addict spends 25 hours per week playing games and another 25 hours per week viewing streams on the internet.Esports can help to level the playing field by removing barriers like gender, culture, and geography. This democratization of participation adds to the attractiveness of esports and its ability to attract a worldwide audience.The e-sport market is growing due to a number of causes, including an increase in the popularity of online video games, and increased knowledge of esports. However, market growth is constrained by a lack of standardization and threats such as betting and gaming. Additionally, important players' long-term investment initiatives, as well as an increase in the number of tournaments and events with large prize pools, would generate profitable prospects in the industry throughout the projection period.
The global esports market is bifurcated into two segments – revenue, and regions. Based on revenue, the market is categorized into sponsorship, merchandise & tickets, advertising, publisher fees, and media rights. Among them, the sponsorship segment held the majority of the share in 2020. Leading industry giants are supporting esports events and teams as the sport continue to grow in popularity and draw more fans. Sponsorship revenue from esports is a crucial business generator for game developers and franchises. Some of the key sponsorships of 2021 are as follows.Envy Gaming, a North American Esportsorganization, has signed on as an investor of GNF's World Chase Tag (WCT) team. The team's name will be changed to ENVY GNF as a result of the agreement.EVOS Esports, a Southeast Asian Esportsorganization, has declared an alliance with Bank Mandiri, an Indonesian financial services corporation. The group has launched a special edition EVOS debit card as a result of the deal, which was made in partnership with VISA.
Esports Market Regional Overview
Asia-Pacific gathered the maximum amount of share in 2020. The market's growth can be due to ongoing expenditures that help develop more events and games, resulting in more income. China is the key contributor to the APAC esports market. One of the primary development drivers in China is the enormous pool of gaming audiences. In addition, numerous multinational market players are joining the market by acquiring shares in domestic gaming vendors or sponsoring events. China is vying to become the next great esports powerhouse. Market expansion in China is fueled by such reasons. North America accounted for the second-largest share in 2020. The increasing number of mobile and internet users, as well as the growing acceptance of gaming as a sport, is driving industry expansion. The United States is one of the most prominent gaming and esports markets in the world. It is considered the birthplace of the esports phenomenon, as it is home to the majority of esports game developers.
Global Esports Segment Analysis
Market by Revenue
· Merchandise & Tickets
· Publisher Fees
· Media Rights
Esports Market Competitive Landscape
This section of the report identifies the market's major players. Activision Blizzard, Inc., Electronic Arts Inc., Faceit, Gameloft SE, Modern Times Group, Nintendo of America Inc., NVIDIA Corporation, Tencent Holding Limited, Valve Corporation, and Wargaming Publicare among the key companies mentioned in the research.
Esports Market Regional Overview
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa