eSports market size to grow at CAGR 25.1 %, market value to reach USD 7 billion by 2028
Acumen Research and Consulting
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As per research conducted by Acumen Research and Consulting, the global Esports market size to grow at a stunning 25.1%, market was?valued at 1.22 billion USD in 2020 and is estimated to reach USD 7.13 billion by 2028.?
The Esports business is surprisingly big and growing at an astonishing pace. The Esports market is all set to rise impressively in the years to come, thanks to growing number of professional gamers and a robust youth population of Asian countries. Esports or electronic sports is described as video game competitions being played online or offline. It saw a huge rise in popularity due to lockdowns being implemented across countries during Covid-19 pandemic. Top esporting events have gathered more crowd than NFL events.?Market revenue is segmented by advertising, sponsorship, media rights, merchandise and tickets etc.?
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Dynamics of eSports market?
The growth of the global esports market is driven by factors such as increasing popularity of online video gaming, growth of the live broadcasting and higher penetration of smartphones, as well as growing trend of young people to play online games. For example, in 2020, there were 80 billion mobile games and 2.7 billion online gamers worldwide. Facebook, Twitch and YouTube allow streamers to become popular and also help them earn money.
In addition, the sudden growth in the consumer spending habits in the gambling industry has revealed an increase in professional gambling industry intensification. The professionalization of the esports market has created numerous growth opportunities for new streamers, game developers as well as event organizers.
The looming threat of illegal gambling and betting in esports has negatively impacted the esports market. Budget constraints and limited event infrastructure are some aspects that might limit the growth of the market. On the contrary, the growing international league numbers and rising demand for advanced gaming technologies are likely to bring multiple growth opportunities to the market in the upcoming years. Furthermore, increasing investments in the industry are expected to impel the growth of the market during the forecast period 2021 to 2028.
For example, Tencent which is?a top player in online gambling, had invested up to USD 90 million in Pocket Gems and USD 126 million in Glu Mobile. Market growth of esports is being propelled by young people spending lot of time online, along with smartphones and data becoming quite affordable. High growth in consumer spending is?also a?factor driving the market.
Regional Esports Market Analysis
The North American region accounts for the largest share of esports market, due to the large number of gamers based in the US, but also PC gaming enthusiasts in the region, which is impressively large compared to other regions. The early adoption of technologies, early release of games and their later parts have also fueled the growth of the regional market. The region is also home to the North American League of Legends Championship Series (NA LCS) and the Overwatch League, which contribute to a multi-billion-dollar industry.
Asia Pacific region is estimated to achieve fastest growth over forecast period between 2021 and?2028, due to growing number of eSports tournaments?in countries like China, India and various countries of Southeast Asia. The Asia Pacific region has is an attractive market for the gambling industry due to growing young population, easy access and growing number of spectators, sponsors, and esports competition of Western countries. Africa may also see tremendous growth thanks to steadily growing youth population.
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