Esports’ market popularity is anticipated to grow during the anticipated timeframe at a CAGR of 21.5%. By 2022 and 2032, it is projected that the esports market will be valued US$ 3,416.8 million and US$ 18,655.5 million, respectively.
The ability to communicate with non-traditional media and the freedom to select teams, players, and organisations without regard to location are just two of the competitive advantages that eSports offers.
Developers, publishers, and organisers are some of the major stakeholders in the eSports industry. While creators are in control of the game’s design and development, publishers are in charge of the entire marketing and distribution tactics. eSports receive income from a variety of sources, including media rights, game publisher fees, merchandise, tickets, and advertising.
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Impact of COVID-19 Pandemic Outbreak on ESports Market
As the COVID-19 pandemic has forced billions of people around the world to spend more time at home, the entertainment business has sprung into action to capture their attention, with live streams of concerts, opera performances, museum tours, and more.
The impact on the video game industry may be even greater, as many take up the pastime or increase the amount of time they play. According to Verizon, overall video-game internet traffic has increased 75% since restrictions were imposed in America, during Q1-2020. Historically, the market for eSports has grown by almost 18% globally in the past 5 years.
However, with the growing popularity of online gaming amid the lockdowns, the market is expected to grow significantly in the next 3-5 years.
eSports Market: – Market Dynamics
Increasing Popularity of Video Games
Video games are more than just a booming entertainment business and they’re reshaping the way we interact with the virtual world. The gaming industry inspires innovation by constantly pushing the boundaries of what’s possible, driving companies like Google and Microsoft to create new technology to serve the billions of gamers around the world.
The video game sector is immensely large. In fact, it is larger than the movie and music industries combined, and it is only growing year by year.
With the growing popularity of games like Counter-Strike, Fortnite, League of Legends, PUBG, and others, the eSports market is expected to grow significantly across the globe.
Long-Term Investment Opportunity
Video game creation has become increasingly complex, and the cost of creating a game to run on one of the major consoles has risen with this greater complexity. It was once unthinkable to sink millions into development costs, but games today can cost tens and even hundreds of millions.
This has pushed game development into Hollywood movie territory in terms of production and marketing costs. Additionally, subscription streaming services are the future and will be beneficial to video game companies, like Ubisoft and Electronic Arts, as data storage, and gaming console costs will all minimize, which significantly drives the growth of the global eSports market.
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Lack of Standardization
eSports is still a relatively new industry which means that it’s going to have its own growing pains. For instance, a lot of participants and players complain that some of the tournaments lack authenticity, and thus it can be challenging to find which tournaments are real and which ones are full of scams.
This places issues for the marketers as well, especially ones with a role in active sports marketing but who have no experience in the eSports market.
The lack of standardization in this industry also means that there are constant issues that arise with players, teams, tournaments, and their advertising, sponsorships, or contracts. Hence, this factor in the eSports market imposes a great challenge in the market growth.
eSports Market: – Key Players
Key players in the eSports market are focusing on events and game launches, expansions and sponsorships, and partnerships as their key developmental strategies for offering enhanced products for sustained business growth. The major players offering eSports include
- Electronic Arts
- Riot Games
- Tencent
- Activision Blizzard Inc.
- Microsoft
- Valve Corporation
- Modern Times Group (MTG)
eSports Market: – Segmentation
By Game Genre
- First-person Shooter (FPS) Games
- Multiplayer Online Battle Arena (MOBA) Games
- Fighting Games
- Sports Games
- Others
By Platform
- PC-based Gaming
- Gaming Consoles
- Smartphone-based Gaming
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