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eSports, also known as electronic sports, refer to organized video game competitions played competitively by professional gamers. Growing popularity of multiplayer online battle arena (MOBA) and first-person shooter (FPS) games among youth has driven the growth of eSports market. Competitive players stream their live gaming sessions on various platforms for online viewers, gaining celebrity status and lucrative prize money.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising viewership of live streamed eSports games and tournaments on digital platforms has been a key driving factor for the eSports market growth. Streaming platforms allow professional gamers to monetize their skills and gain a fan following while also engaging online audiences. Growing internet penetration and availability of high-speed connectivity have made online streaming of competitive gaming sessions highly popular among younger demographics globally. This rapid growth of eSports viewership is thus expected to expand the market size over the forecast period.
SWOT Analysis
Strength: eSports has a large fan following globally, especially among the younger generation. Gamers have established strong bonding within communities.
Weakness: Limited acceptance as a profession compared to traditional sports. Infrastructure and regulations need further development in some regions.
Opportunity: Growing brand partnerships and sponsorships indicate strong revenue potential. Advances in streaming technologies will enhance viewer experience.
Threats: Intense competition from other forms of digital entertainment. Over-commercialization may reduce appeal for core fans.
Key Takeaways
Global Esports Market Size is expected to witness high growth over the forecast period from 2024 to 2031. The market size is projected to increase from US$ 2123.48 Mn in 2024 to US$ 5432.91 Mn by 2031, registering a CAGR of 4.7%.
Regional analysis:
Asia Pacific currently dominates the eSports market, accounting for over 45% share in 2024. Countries like China, South Korea and Japan have thriving gaming cultures and large tournament events. North America is another major region due to high spending power of gamers and strong spectator interest in popular games.
Key players: Key players operating in the eSports market are Saipem, Subsea 7 S.A., McDermott International, and TechnipFMC plc. Saipem leads through its experience in developing subsea infrastructure for offshore fields. Subsea 7 has a global network of fabrication and construction sites. McDermott provides integrated EPC solutions from concept to commissioning. TechnipFMC focuses on complex offshore projects through proprietary technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
