The latest report by IMARC Group, titled “Esports Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global esports market size reached US$ 1.18 Billion in 2021. Esports, or electronic sports, are online games organized in a highly competitive environment played for monetary gain. They are facilitated by electronic systems and are coordinated by different leagues, ladders, and tournaments. Esports can either be played one-on-one or against teams. Esports aid hand-eye coordination, attention, visual acuity, basic visual processing, and executive functions in players. They also enhance problem-solving abilities, improve strategy skills, boosts self-confidence and player socialization. As a result, esports are gaining popularity among individuals, especially Gen Z and the millennial population.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Esports Market Trends:
The market is primarily driven by the growing pop-culturization of the sports industry. In addition, the increasing time viewers spend watching live game streams on platforms such as Twitch, Beam, Azubi, Bingo Live, and YouTube is also fueling the market growth. Apart from this, there has been a significant shift toward gaming as a professional career opportunity from a casual hobby, which is escalating its demand across varying age groups. Besides this, leading players are focusing on offering games on different mediums like consoles, personal computers, and mobile phones. Moreover, various universities and colleges are starting a dedicated esports curriculum to develop skilled professionals. Furthermore, the extensive investments by several media organizations for winning exclusive media rights to broadcast the live streaming of events and numerous advertising campaigns are increasing audience reach and engagement activities, thereby creating a positive outlook for the market. Looking forward, the market value is expected to reach US$ 3.86 Billion by 2027, exhibiting a CAGR of 22.4% during the forecast period (2022-2027).
- Based on the revenue model, the market has been segmented into media rights, advertising and sponsorships, merchandise and tickets, and others.
- On the basis of the platform, the market has been classified into PC-based esports, consoles-based esports, and mobile and tablets.
- The market has been categorized based on the games into multiplayer online battle arena (MOBA), player vs player (PvP), first person shooters (FPS), and real time strategy (RTS).
- On the basis of the application, the market has been segregated into
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Activision Blizzard Inc., Capcom Corporation Limited, Electronic Arts Inc., Epic Games Inc., FACEIT Limited, Gameloft SE (Vivendi SE), Gfinity PLC, Intel Corporation, Modern Times Group, Nintendo Corporation Limited, NVIDIA Corporation, Riot Games Inc., Valve Corporation, and Zynga Inc
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