Press release
Esports Market Size (US$ 8.2 Billion), Trends, Industry Growth, Business Strategies & Forecast 2024-2032
The global esports market size reached US$ 1.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 8.2 Billion by 2032, exhibiting a growth rate (CAGR) of 18% during 2024-2032.
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Factors Affecting the Growth of the Esports Industry:
• Rapid Growth of Online Gaming Community:
The esports market is significantly driven by the burgeoning global online gaming community. With the advent of high-speed internet and advanced gaming platforms, more individuals are engaging in online gaming, creating a vast audience for esports.
This community spans across different age groups, geographies, and demographics, forming a diverse and active base. The social aspect of gaming, where players connect, compete, and interact in virtual environments, has also contributed to the growth of this market, turning gaming into a spectator sport.
• Technological Advancements and High-Quality Streaming Services:
The role of technological innovation in transforming the esports market cannot be overstated. This sector has greatly benefited from remarkable advancements in gaming hardware and streaming services. The modern gaming landscape is characterized by state-of-the-art graphics, which provide a visually stunning and realistic gaming experience.
High-performance gaming consoles and PCs, equipped with powerful processors and advanced graphics cards, facilitate smoother and more sophisticated gameplay, enhancing the overall experience for players. Additionally, these technological improvements have a significant impact on the viewing experience of spectators, making esports not only a gaming activity but a spectator sport as well.
• Increasing Investment and Sponsorship:
The growth trajectory of the esports market has been significantly accelerated by an influx of investment and sponsorship from a diverse range of companies, extending beyond the traditional confines of the gaming industry. This influx is a multifaceted phenomenon, encompassing financial backing, infrastructural development, and the establishment of professional teams and leagues.
Major corporations, seeing the potential in the esports sector, are investing heavily, recognizing the value of associating their brands with this rapidly growing industry. Sponsorships and partnerships with global brands have played a critical role in legitimizing esports as a competitive and financially viable sector. These sponsorships provide essential funding and support, enabling the hosting of large-scale tournaments and events with substantial prize pools that attract top-tier professional players from around the world.
Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/esports-market
Global Esports Market Trends:
The increasing legitimacy of esports as a competitive sport, with its inclusion in multi-sport events like the Asian Games, is another growth driver. Educational institutions incorporating esports into their curricula and the establishment of esports scholarships and varsity teams have further boosted its credibility. The rise of mobile gaming has expanded the esports audience, as mobile games are more accessible and require less investment in gaming hardware.
Game developers are increasingly designing games with a focus on competitive play and esports viability, contributing to the creation of new markets and audiences. Globalization of the industry, with the emergence of regional leagues and international tournaments, has fostered cross-cultural exchange and broadened the reach of esports. Community building and fan engagement through social media platforms have been crucial in maintaining and expanding the audience base. Additionally, the rise of female participation and viewership in esports is slowly changing the gender dynamics within what has traditionally been a male-dominated field.
Competitive Landscape with Key Players:
• Activision Blizzard Inc.
• Capcom Co. Ltd.
• Electronic Arts Inc.
• Epic Games Inc.
• FACEIT
• Gameloft SE (Vivendi SE)
• Gfinity PLC
• Intel Corporation
• Modern Times Group
• Nintendo Co. Ltd.
• NVIDIA Corporation
• Riot Games Inc
• Valve Corporation
• Zynga Inc.
Esports Market Report Segmentation:
By Revenue Model:
• Media Rights
• Advertising and Sponsorships
• Merchandise and Tickets
• Others
Advertising and sponsorships is the most prevalent revenue model due to the high viewer engagement and brand exposure opportunities in esports events.
By Platform:
• Multiplayer Online Battle Arena (MOBA)
• Player vs Player (PvP)
• First Person Shooters (FPS)
• Real Time Strategy (RTS)
On the basis of platform, the market has been divided into PC-based esports, consoles-based esports, and mobile and tablets.
By Games:
• PC-based Esports
• Consoles-based Esports
• Mobile and Tablets
First-person shooters (FPS) represented the largest segment as they are popular for their competitive and engaging gameplay, drawing large audiences and participants.
Regional Insights:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Asia Pacific's dominance in the esports market is attributed to its large, tech-savvy youth population, widespread internet access, and the strong presence of gaming cultures.
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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Contact us:
IMARC Group
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Email: sales@imarcgroup.com
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Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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