Esports Market to Surpass Valuation of US$ 11.16 Bn by 2031 } TMR

Transparency Market Research delivers key insights on the global Esports market. In terms of revenue, the global Esports market is estimated to expand at a CAGR of 23.2% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global Esports market.

Esports is a form of competition using video games. Esports often takes the form of organized, multiplayer video game competitions, particularly between teams, professional players, and individuals. The four most common types of Esports games include PvP (Player Versus Player), RTS (Real Time Strategy), FPS (First Person Shooter), and MOBA (Multiplayer Online Battle Arena). The growing popularity of Esports rather than personal entertainment can be attributed to technological innovations such as graphical advancement and realistic presentation of games. Increasing penetration of tablets, PCs, smartphones, and gaming consoles, especially in developing economies is also responsible for market growth.

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The continuous growth in number of sponsors for Esports across the globe is surging its popularity. For instance, leading companies and brands such as Intel, Turtle Beach, Valve, Coco-Cola, and American Express, are some of the usual sponsors of Esports. This certainly is a sign of the increased credibility of Esports across the world.

The Esports market is estimated to expand, due to the COVID-19 pandemic situation. The lockdown resulted in boosting viewership across all major platforms for live streaming. Thus, people spend more time on platforms such as gaming, YouTube, and Huya. The worldwide games live-streaming audience is anticipated to reach 728.8 million by the end of 2021 according to Newzoo, Inc., a 10% increase as compared to the 2020 audience number, and this is likely to increase more in the coming years. By 2024, the audience expansion rate is anticipated to gradually return to the more natural levels of 920.3 million; evolving regions and markets will stay on their path of double-digit growth. This factor is likely to propel the growth of the Esports market.

The Esports market has seen spectacular evolution over the years, both in terms of revenue and viewership. The growing viewership is what mostly adds to revenue growth. The growing penetration of smartphones and increasing availability of affordable data plans globally is anticipated to drive the audience growth. According to Newzoo, Inc., worldwide Esports viewers will grow to 474.0 million this year (2021). The worldwide Esports audience will continue to expand at a CAGR of +7.7% to 577.2 million in 2024. While we have reserved the 2022 and 2023 numbers for report subscribers, it is clear that the market will pass the half-a-billion mark in 2022.

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The Asia Pacific Esports landscape comprises a diverse range and highly innovative businesses. This business includes tournament operators, Esports teams, and content and venue creators. Moreover, several strategic partnerships are also a prime factor escalating market share. These partnerships and collaborations offer different organizations global reach, funding opportunities, and prospects to create education programs & trainings.

Similar to several other industrial sectors, the Esports market has been disturbed due to the ongoing COVID-19 pandemic coupled with the termination and cancellation of live events. However, numerous events have continued remotely. At the same time, the effect of the pandemic has showcased the flexibility and potential of Esports in the Asia Pacific region. Moreover, it is observed that growth in engagement alongside growing cultural acceptance and rise in consumer appetite is driving the Esports market.

North America is among the earliest adopters of Esports in gaming attributed to competitive multiplayer video-game play that is influencing spectating and participation among young people. For instance, according to Forbes, there are over 120 colleges and universities with their Esports teams that grant awards and scholarships to top players.

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The Esports market in North America has been experiencing immense growth due to the rising popularity of Esports in North America. For instance, organizations hosting Esports tournaments are purchasing slots in leagues for city-based teams. North America Esports gaming has been gaining importance over the years that stadiums are being made for popular events such as the Overwatch League, Overwatch Contenders, and Overwatch Open Division. The Fortnite World Cup was played in Arthur Ashe stadium of New York with a prize pool money of over US$ 30 Mn.

Key players operating in the global Esports market are Activision Blizzard, Inc., Electronic Arts, Inc., Envy Gaming, Inc., Fnatic, Inc., G2 Esports, Inc., G5 Entertainment AB, Gameloft SE, Gfinity Plc, GungHo Online Entertainment, Inc., Hi-Rez Studios, Jam City, Inc., Kabam, Inc., Modern Times Group, Nintendo Co., Ltd., Riot Games, Inc., Rovio Entertainment Corporation, Wargaming Public Co., Ltd., Warner Media, LLC, and Zynga, Inc.

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