Acumen Research and Consulting, a renowned market research and consulting firm, has published an extensive report on the Esports Market, forecasting substantial growth over the next decade. The Global Esports market accounted for US$ 1,215.6 Mn in 2020 and is expected to reach US$ 7,131.8 Mn by 2028 with a considerable CAGR of 25.1% during the forecast period of 2021 to 2028. This growth is attributed to increasing viewership, rising sponsorship deals, and the expanding popularity of competitive gaming across various demographics.
Introduction
Esports, once a niche segment of the gaming industry, has rapidly evolved into a global phenomenon. As competitive gaming garners millions of fans worldwide, the Esports market has seen unprecedented growth, attracting investments, sponsorships, and a dedicated audience. Acumen Research and Consulting’s latest report delves into the current landscape, key trends, challenges, and future prospects within this dynamic market.
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Our Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Market Overview
The global esports market was valued at approximately US$ 1,215.6 Mn in 2020, according to Acumen Research and Consulting. This remarkable growth can be attributed to several factors, including an increase in esports events, improved broadcasting technologies, and the rising acceptance of esports as a legitimate form of entertainment. Furthermore, as traditional sports organizations begin to invest in esports, the market is becoming increasingly mainstream.
Key Market Drivers
- Increasing Viewership: The esports audience has grown exponentially over the last few years. With millions of viewers tuning in for tournaments and live-streaming events, the demand for engaging content is driving market growth. Platforms like Twitch, YouTube, and Facebook Gaming are playing a crucial role in popularizing esports.
- Sponsorship and Advertising Revenues: Major brands are recognizing the value of esports as a marketing channel. Sponsorship deals and advertising revenues are becoming significant revenue streams, with companies investing heavily in esports teams, tournaments, and events to reach a younger audience.
- Diverse Revenue Streams: The esports ecosystem is multifaceted, generating revenue from various sources, including ticket sales, merchandise, media rights, and game publisher fees. This diversity ensures stability and growth potential within the market.
- Technological Advancements: Improvements in internet infrastructure and broadcasting technologies have made it easier for fans to access live events and engage with content. Virtual reality (VR) and augmented reality (AR) technologies are also enhancing the viewing experience, making esports more immersive.
- Mainstream Acceptance: As traditional sports organizations and universities begin to invest in esports, the legitimacy of competitive gaming is being recognized. Scholarships, collegiate leagues, and professional teams are increasing awareness and participation in esports.
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Market Segmentation
The global esports market is segmented based on revenue, and region. Based on the revenue segment, the market classifies as sponsorship, advertising, publisher fees, merchandise & tickets, and media rights.
Market By Revenue
- Sponsorship
- Advertising
- Merchandise & Tickets
- Publisher Fees
- Media Rights
Regional Analysis
The esports market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
- North America: North America is expected to dominate the esports market due to a large and dedicated viewer base, significant investments from brands, and the presence of major esports events. The region is also home to several top esports organizations and leagues.
- Europe: Europe is witnessing robust growth in the esports market, driven by an increase in esports events and tournaments. Countries like Germany, France, and the UK are leading the charge, with numerous gaming studios and a strong player base.
- Asia-Pacific: The Asia-Pacific region is projected to experience the highest growth rate in the esports market. Countries such as China, South Korea, and Japan have well-established esports infrastructures and passionate fanbases. The increasing popularity of mobile gaming is also contributing to market expansion in this region.
- Latin America: The esports market in Latin America is gaining momentum, with increasing investments and interest from both players and sponsors. Countries like Brazil and Mexico are becoming hotbeds for esports events, attracting global attention.
- Middle East & Africa: The esports market in the Middle East and Africa is still in its nascent stage but shows promising potential. With growing internet penetration and investments in technology, this region is poised for significant growth in the coming years.
Esports Market Competitive Landscape
This section of the report pinpoints various key vendors of the market. Major players offered in the report include Activision Blizzard, Inc., Valve Corporation, Tencent Holding Limited, Modern Times Group, Faceit, Electronic Arts Inc., Gameloft SE, Nintendo of America Inc., NVIDIA Corporation, Wargaming Public, and others.
These companies are investing in the development of new games, organizing tournaments, and partnering with brands to enhance their market presence.
Trends Shaping the Future of Esports
- Increased Focus on Diversity and Inclusion: The esports community is becoming increasingly aware of the importance of diversity and inclusion. Initiatives aimed at promoting gender equality and representation are gaining traction, fostering a more inclusive environment for all players and fans.
- Integration of NFTs and Blockchain: Non-fungible tokens (NFTs) and blockchain technology are beginning to make their way into esports. These technologies offer unique opportunities for players and fans to engage with the ecosystem, from ownership of in-game items to ticket sales for events.
- Growth of Mobile Esports: With the rise of mobile gaming, mobile esports is emerging as a significant segment within the market. Games like PUBG Mobile and Call of Duty Mobile are attracting large audiences, expanding the reach of esports to new demographics.
- Expansion of Esports Education: Educational institutions are increasingly offering courses and programs related to esports management, game design, and streaming. This trend is fostering a new generation of professionals equipped to navigate the esports landscape.
- Collaboration with Traditional Sports: Partnerships between esports organizations and traditional sports teams are becoming more common. These collaborations are helping to bridge the gap between the two industries, enhancing visibility and attracting new fans.
Challenges Facing the Esports Market
While the esports market presents numerous opportunities, it also faces several challenges:
- Regulatory Issues: The esports industry is still developing its regulatory framework. Issues related to player contracts, sponsorships, and broadcasting rights can create uncertainties for stakeholders.
- Market Saturation: As the market grows, competition among esports organizations, tournaments, and sponsors is intensifying. This saturation could lead to challenges in securing viewership and sponsorships.
- Player Well-being: The high-pressure environment of competitive gaming can lead to mental health issues among players. Organizations must prioritize player well-being and support systems to sustain long-term growth.
- Cheating and Integrity Issues: As in any competitive sport, cheating remains a concern in esports. Ensuring fair play and maintaining the integrity of competitions is critical for the industry’s credibility.
Future Outlook
The esports market is on the cusp of significant transformation, with projections indicating continued growth through 2032. Factors such as the increasing popularity of competitive gaming, advancements in technology, and the diversification of revenue streams will contribute to a vibrant and evolving market landscape.
As traditional sports entities continue to invest in esports and new platforms emerge, the overall ecosystem is likely to expand. The integration of new technologies, along with a growing focus on inclusivity and player well-being, will further enhance the appeal of esports to a broader audience.
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Conclusion
Acumen Research and Consulting’s report underscores the immense potential of the esports market. With applications spanning entertainment, marketing, education, and technology, the market is well-positioned for growth. Industry stakeholders are encouraged to leverage the insights provided in this report to navigate the evolving landscape and capitalize on emerging opportunities.
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