The global eSports market has witnessed substantial growth in recent years owing to increasing popularity of online and video gaming culture among millennials. eSports involves organized multiplayer video game competitions played competitively by amateur and professional video gamers. Some key games within the eSports space include League of Legends, Dota 2, Counter-Strike: Global Offensive, Overwatch, and Call of Duty. eSports broadcasts online game competitions and championships to engage eSports enthusiasts worldwide. The eSports broadcasting industry is projected to rapidly develop amateur and professional level competitive video gaming by providing spectator experiences to gaming audiences.
The Global eSports Market is estimated to be valued at US$ 2123.48 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the eSports are Saipem, Subsea 7 S.A., McDermott International, and TechnipFMC plc. These companies have been making strategic investments and partnerships to strengthen their presence in the growing eSports market.
The demand for Esports Market Growth significantly among the millennial population globally. Live eSports events and broadcasts attract large viewership from eSports enthusiasts and viewership numbers continue to multiply each year. Demand is further fueled by large prize money offerings that encourage participation of professional gamers.
North America and Asia Pacific have emerged as lucrative markets for eSports. However, Europe is also witnessing high growth in participation and fan engagement in eSports activities. Top eSports teams are focusing on global expansion plans and entering partnership deals to develop amateur level gaming in new regional markets.
Market Key Trends
One of the major trends gaining traction in the eSports market is the prevalence of mobile and cloud gaming. The advent of 5G technology and cloud infrastructure is enabling seamless multiplayer mobile gaming experience. Leading gaming studios are releasing touch-optimized games for smartphones and tablets to engage the growing mobile-first gamer population. This is expected to significantly boost the reach of eSports over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and availability of new gaming platforms pose threat. Bargaining power of buyers: Individual gamers have less bargaining power while tournament organizers and sponsors hold more power. Bargaining power of suppliers: Esports platforms and infrastructure providers hold significant bargaining power. Threat of new substitutes: Growth of user-generated content and casual gaming pose threat of substitution. Competitive rivalry: Intense competition between top teams and players for major tournaments and sponsorships.
Geographical Regions
North America currently holds the largest share in the global esports market in terms of value due to high participation rates and heavy investments from sponsors and businesses in the region.
The Asia Pacific region is projected to grow at the fastest pace during the forecast period driven by continuous influx of new amateur and professional gamers as well as rising esports prize pools and viewership in countries like China, Japan, South Korea and India.
