The growth of the esports industry is largely due to technological advancements. High-speed internet, streaming platforms and improved gaming hardware make it easier for gamers to compete, as well as for viewers to watch esports. The creation of dedicated gaming and esports arenas will further improve the infrastructure needed to host tournaments and promote professional esports events.

New York, Jan. 8, 2024 (GLOBE NEWSWIRE) — According a comprehensive Market.us report, the Global Esports Market Size is projected to reach USD 1,983.4 million in 2023. The industry will likely reach a value of USD 2,396.9M by the end of 2024. The global esports market is predicted to grow at a rate of 20,9% CAGR between 2023-2032 and will reach a size USD 10905.1 Million in 2032.

Electronic sports is a term used to describe competitive video gaming, where teams and professional players compete in different video games. The esports industry has grown to be a very lucrative business. The esports industry is made up of many elements including professional players and teams, tournaments and leagues, sponsors and fans. Esports, like traditional sports has a dedicated fan base that follows and supports their favorite players and teams. They often watch live streams or attend live events to cheer on their favorite esports players and teams.

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The proliferation of online platforms that allow for streaming and gameplay is one of the main factors driving the growth of esports. This accessibility has enabled esports reach a global market, transcending geographic boundaries and attracting viewers from all over the world.

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Key Statistic

• The Esports Market is projected to reach USD 10905.1 million in 2032. It will also show a Compound Annual Growth (CAGR) rate of 20,9% between 2023-2032.

• 64.8% of revenue is generated by live streaming.

• 32.6% is the significant revenue share for Multiplayer Online Battle Arcade (MOBA) Games.

• The market is dominated by smartphones with 32.4%

• 37.2% revenue is generated in North America. This dominance can be attributed to the well-established esports ecosphere and high levels of disposable income.

• Twitch Interactive, Inc., Activision Blizzard, Inc., Tencent Holdings Ltd., among others, are major players on the esports scene, contributing to its growth and development.

Factors affecting the growth of the Esports market

• Technological Developments: The advancements in gaming technology including graphics, game designs, and online connectivity have a significant impact on the esports industry. The improvement of streaming platforms and services also makes it easier for audiences and viewers to engage with and access esports, which contributes to the market growth.

• Expanded audience reach The internet’s global accessibility has increased the audience of esports. Platforms such as Twitch.tv, YouTube and Facebook Gaming enable millions of people to watch live competitions and tournaments. This expands the market and its potential customer base.

• Growing Popularity and Legitimization As esports continue to gain recognition as an official form of competition, a growing number of people take an interest. Esports’ inclusion in mainstream media, and its possible inclusion at international events such as the Asian Games or the Olympics, increases its popularity and acceptance.

• Sponsorship and Investment: Major brands and venture capitalists are investing in esports and bringing celebrities into the industry. This financial support improves the quality and size of events, and adds to the ecosystem.

For example,

• As of April 2018 Fortnite amassed revenue of USD296 million across all platforms, surpassing many console and PC games. The trend is expected to continue as new players join the ecosystem. This will lead to an increase in eSports audiences, and, ultimately, revenue.

• Hangzhou, a city in China, is exploring the possibility of building 14 esports venues by 2022. The estimated investment will be CNY 15,45 billion (USD 2,22 billion). The aim of this substantial investment is to position Hangzhou as a leading esports hub on a worldwide scale.

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Report Segmentation

Based upon Type

In 2023, Live segment dominated the esports market, with a share of more than 64.8%. The excitement and immediacy of live streaming events is what drives this preference. It’s similar to the experience that traditional sports provide. Live streams enable fans to interact directly with each other and the event, creating an experience of communal viewing that is highly valued by the esports industry. This demand has led platforms like Twitch and YouTube Gaming to offer extensive coverage of matches, tournaments and leagues. This segment is dominated by the thrill of live interaction and the ability for viewers to cheer on their favorite teams or players as they happen.

Based Revenue Streaming

In 2023 the Sponsorship Segment held the dominant position in the esports sector, with a share of more than 38.4%. This significant portion can be attributed in large part to the mutually advantageous relationships between esports organizations and sponsors. Recognizing the importance of the young, highly engaged audience that esports attracts brands invest in events, leagues and teams to increase their visibility and perception among consumers. These sponsorships, in turn, provide vital funding to the industry by supporting event organization and prize pools. This segment is growing as more and more people recognize esports to be a lucrative and legitimate advertising platform.

Based on Gaming Genre

In 2023, Multiplayer Online Battle Arena Games (MOBA) segment held the dominant position on the esports industry, with a share greater than 32.6%. The strategic depth and competitiveness of this genre, which includes titles such as ‘League of Legends,’ and Dota 2, continues to draw a large global audience. Real-Time Strategy games (RTS), though less dominant, still maintain a strong market presence, with classics like ‘StarCraft.’ These games require quick decisions and tactical play in depth, which is why they contribute to a large portion of the market. First-person shooter (FPS), characterized by titles such as ‘Counter-Strike,’ and Overwatch, are also a significant force. They offer fast-paced, immersive gameplay, which appeals to players of all ages.

Based on Device type

In 2023 the Smartphone Segment dominated the esports industry, with a share of more than 32.4%. This significant portion is due to the increasing availability of smartphones and their capabilities, which makes them the preferred device to access real-time strategy and other esports. Smartphones are convenient and portable, which has led to a large user base. Millions of people around the world participate in esports using their mobile devices.

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What you need to Know

Regional Analysis

North America dominated the esports industry in 2023 with a market share of more than 37.2%. This significant market presence is attributed to esports’ widespread acceptance as a legitimate platform for competitive gaming, along with the substantial investments made in gaming infrastructure. This region has also seen an increase in esports fans and professional players, which further boosts its market size.

Factors driving

1. Growing viewer base The growing popularity of esports has led to a large audience, which is driving the demand for more gaming and tournaments.

2. Sponsorships and Advertising on the Rise As esports gain mainstream recognition, companies are investing more in sponsorships, advertising and boosting financial ecosystem.

3. Technological Developments: New innovations in gaming technology, streaming platforms, and interactive platforms improve the viewing experience and attract more spectators and participants to esports.

4. Inclusion of International Competitions The inclusion of esports at major sporting events, and the possibility of including it in the Olympics, will boost its legitimacy and popularity and drive further growth.

Factors of Restraint:

1. Lack Of Standardization : The absence a global standard to organize tournaments and define professional criteria can hamper market growth and player’s development.

2. Concerns over Health and Wellbeing : Prolonged gaming sessions can raise questions about players’ physical and mental wellbeing, which could limit the acceptance of esports careers.

3. Regulatory challenges: Different regulations in different regions can make it difficult to organize international events or expand the market.

4. Dependency of Internet Infrastructure Esports is heavily dependent on high-speed and stable internet infrastructure, which makes it difficult to access in areas with poor digital infrastructure.

Growth Opportunities:

1. Educational and Career Development : The growing recognition of esports as a viable profession path and in educational institutions opens up new opportunities for talent development and market expansion.

2. Diversification Into New Genres : Exploring and incorporating an expanded range of games genres will attract a broader audience and help create new niches in the esports industry.

3. Emerging Markets : Expanding to untapped regions where internet penetration is growing and the demographics are young can increase the market for esports.

4. Integration of Technology: Integrating new technologies such as VR and AR in esports will enhance the viewing experience and create new opportunities for growth.

Challenges:

1. Monetization issues: Finding revenue models that are sustainable beyond advertising and sponsorships remains a challenge for many organizations, particularly smaller ones and tournaments.

2. Cultural Acceptance Despite its increasing popularity, esports is still met with skepticism in some areas and cultural barriers, which affect its recognition as an official form of competition.

3. Cybersecurity threats: Due to the online nature of esports, it is susceptible to hacking and cheating.

4. Burnout of Players and Team Turnover The high stress levels and burnout experienced by professional gamers can have a negative impact on the stability and longevity of their careers.

Key Market Trends:

1. Increased Attendance at Live Events As esports grows, there is a trend towards bigger live events, with large audiences, creating stadium-like environments for major tournaments.

2. Mainstream media involvement: Traditional outlets are increasingly broadcasting events in esports, signaling an increase towards mainstream acceptance.

3. Collaborations There is a growing trend for collaborations between traditional sports brands and esports, and the franchising or teams and leagues in order to ensure growth and stability.

4. Evolving audience engagement: Innovations are becoming more common in interactive viewing, second-screen experiences, and fan engagement. These innovations enhance the way audiences consume esports and interact with it.

Competitive Landscape

This report also examines the competitive landscape of this Market. The report includes the following major players:

• Twitch Interactive, Inc.

• Activision Blizzard, Inc.

• Tencent Holdings Ltd.

• Riot Games, Inc.

• Gfinity PLC.

• X1 Esports and Entertainment Ltd.

• Loco

• Gameloft SE

• Sony Group Corporation

• Valve Corporation

• Electronic Arts

• Other Key Players

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Key Market Segments

Based upon Type

• Live

• On-Demand

Based Revenue Streaming

• Media Rights

• Advertisement

• Sponsorship

• Ticket & Merchandise

• Payments to game publishers

• Other

Based on Gaming Genre

• Real-Time Strategy Games

• First-person Shooter Games

• Fighting Games

• Multiplayer online battle arena games

• Mass Multiplayer Online Role-Playing Games

• Other

Based on Device type

• You can also use the Smartphone

• Smart TV

• Desktop-laptops-tablets

• Gaming console

The Report’s Key Regions and Country Covered:

• 
  North America
  

  • The US

  • Canada

• 
  Europe
  

  • Germany

  • France

  • The UK

  • Spain

  • Italy

  • Russia

  • Netherland

  • Rest of Europe

• 
  APAC
  

  • China

  • Japan

  • South Korea

  • India

  • Australia

  • New Zealand

  • Singapore

  • Thailand

  • Vietnam

  • Rest of APAC

• 
  Latin America
  

  • Brazil

  • Mexico

  • Rest of Latin America

• 
  Middle East & Africa
  

  • South Africa

  • Saudi Arabia

  • UAE

  • Rest of MEA

Recent Developments

• Nintendo held its first Direct event in February 2022. The 40-minute presentation featured a variety of new games, including remakes. Nintendo Direct 2022 was notable for the announcements of Switch Sports, Mario Strikers and other upcoming titles. With the release of multiple games, it is expected that the market will grow.

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