by Market Overview:
Esports refers to electronic sports that involves video game competitions organized and played competitively by professional gamers. Esports require exceptional skills such as precision, problem-solving ability, and composure under pressure from opponents.
Market key trends:
One of the key trends contributing to the growth of the eSports market is the development of intuitive mobile gaming. Mobile games platforms have gained huge popularity in recent years due to convenience and accessibility. Major eSports platforms are focusing on developing mobile-based tournaments and leagues to capitalize on the massive mobile gaming audience. For example, Tencent has launched numerous mobile esports tournaments with prize pools of millions of dollars. Rising internet speeds and innovative control systems are also supporting the growth of mobile eSports.
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: The esports market has witnessed exponential growth over the past few years due to growing popularity of video games and viewer engagement in esports tournaments and events. Esports has emerged as a billion-dollar industry with engagement from millennials and generation Z audiences.
Weakness: Infrastructure issues such as lack of dedicated arenas for esports can hamper the overall experience of live events. Development of esports as a recognized sport also faces challenges from international sports federations.
Opportunity: Growing internet and smartphone penetration provides an opportunity to expand esports audiences globally. Partnerships with traditional sports leagues and franchise owners can help promote esports among mainstream sports fans. Monetization opportunities through sponsorships, merchandising, and skin betting can boost esports revenues.
Threats: Stringent regulations around underage gambling and skin betting can impact a key monetization channel. Dominance of few game titles as esports can reduce diversity.
Key Takeaways
The global esports market is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing popularity of video games and engagement of millennials with esports. The market size for 2023 is estimated to be US$ 1843.29 Mn.
Regional analysis
The Asia Pacific region dominates the global esports market, led by China, South Korea, and Japan. These countries have strong gaming cultures and developed esports infrastructure in the form of dedicated arenas and leagues. Europe is another major region for esports due to high interest in games and tournaments in countries like Germany, France, and UK. North America is also a significant market driven by engagement in the US.
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. Leading game publishers and streaming platforms are investing in esports to capitalize on the growing popularity of competitive video gaming.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
