Increasing inclination toward video games and rise in popularity of e-sports event drive the growth of the global Esports market.
Allied Market Research published a report, titled, “Esports industry by Application (Platform, and Service), Streaming Type (Live, and On-demand), Device Type (Smart Phone, Smart TV, Desktop-Laptop-Tablets, Gaming Console), and Revenue Stream (Media Rights, Game Publisher Fee, Sponsorship, Digital Advertisement, Tickets, and Merchandise): Global Opportunity Analysis and Industry Forecast, 2020-2030“. According to the report, the global Esports industry garnered $0.94 billion in 2020, and is expected to generate $4.75 billion by 2030, witnessing a CAGR of 17.5% from 2021 to 2030.
Drivers, restraints, and opportunities
Increasing inclination toward video games and rise in popularity of e-sports event drive the growth of the global Esports market. On the other hand, lack of standardization in online gaming event and online threats such as gambling impede the growth to some extent. However, rise in number of tournaments & events and with long term investment opportunities have been beneficial for the market growth.
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Covid-19 Scenario
- The outbreak of the pandemic affected the implementation of Esports, especially during the initial phase.
- Nevertheless, rise in demand for interactive virtual and online gaming is expected to help the market recoup soon.
The platform segment to maintain its lion’s share
On the basis of component, the platform segment accounted for the highest market share in 2020, generating more than two-thirds of the global Esports industry. This is owing to surge in adoption of Esports among the developing as well as developed countries to gain strategic as well as competitive advantage over their competitors. On the other hand, the services segment is anticipated to cite the fastest CAGR of 18.6% from 2021 to 2030, owing to growing preference for online gaming.
The on-demand segment to lead the trail
On the basis of streaming type, the on-demand segment generated the highest share in 2020, holding three-fifths of the global Esports market. This is attributed to numerous benefits provided by streaming type segment such as top-end quality of gaming, easy customization, high security of gaming ID, and others. However, the live segment is expected to cite the fastest CAGR of 19.5% from 2021 to 2030. Rise in adoption of real-time streaming of Esports fuels the growth of the segment.
Asia-Pacific, followed by North America to dominate by 2030
On the basis of region, Asia-Pacific, followed by North America contributed to the major market share in terms of revenue 2020, holding nearly two-fifths of the global Esports industry. The same region is also projected to cite the fastest CAGR of 19.5% from 2021 to 2030. This is due to high-end technological growth along with the ongoing development in the gaming industry. The report also discusses other regions such as North America, Europe, and LAMEA
