Lack of standardization in online gaming events and online threats such as gambling hinder market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, February 20, 2024 /
EINPresswire.com/ -- According to the report, the global Esports industry generated $0.94 billion in 2020, and is anticipated to generate $4.75 billion by 2030, witnessing a CAGR of 17.5% from 2021 to 2030.
Esports is a unique form of online competition where two or more participants engage in multiplayer video games. It operates similarly to traditional sports, emphasizing competitiveness and skill. Professional gamers at this level possess deep expertise in their chosen games, akin to professional athletes in traditional sports. Esports competitors can compete in one-on-one matchups or as part of teams.
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In 2020, the on-demand segment dominated the global E-sports market, contributing three-fifths of the market share and is expected to continue leading during the forecast period. This segment's growth is driven by several advantages, including high-quality gaming, customizable options for players, and robust gaming ID security. Additionally, the live segment is forecasted to exhibit the highest compound annual growth rate (CAGR) of 19.5% from 2021 to 2030, fueled by increased adoption of real-time streaming of Esport games due to its cost-effectiveness and easy broadcasting operation.
Regarding components, the platform segment secured the highest market share in 2020, representing over two-thirds of the global E-sports market, and is anticipated to maintain its dominance throughout the forecast period. This dominance is attributed to the growing adoption of Esports in developed countries seeking strategic and competitive advantages over rivals. Conversely, the services segment is projected to witness the highest CAGR of 18.6% from 2021 to 2030, driven by the increasing adoption of online gaming and virtual tournaments within the Esport industry.
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Major shift toward video games and an increase in the popularity of e-sports events drive the growth of the global
Esports market. However, lack of standardization in online gaming events and online threats such as gambling hinder the market growth. On the other hand, an increase in a number of tournaments & events with huge prizes for winners and runner-up teams along with long-term investment opportunities in the e-sport event present new opportunities in the coming years.
Due to COVID-19, most of the population is in lockdown in the home and virtual gaming can be best option to recreate their mind as well it provides nearly same experience as actual sport which we play on the ground. Moreover, digital transformation in online gaming, has become key component in the emergence of Esports. However, during the lockdown, the implementation of Esports is slightly affected due to a limited supply of auxiliary equipment such as joy pad, gaming setup and console sensors and screens. Furthermore, in the post-lockdown scenario, the growth of Esports is expected to increase as the demand grows for interactive virtual and online gaming. This is expected to drive the Esports market globally.
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Asia-Pacific is expected to be the domianting region during the forecast period, owing to strong technological growth along with the ongoing development in the gaming sector, which drives organizations to invest heavily in Esports to sustain growth and improve the productivity of online gaming service provider. In addition, factors such as moderately high internet penetration, ongoing improvements in broadband infrastructure, major shift toward digital transformation, rise in cloud deployment and technological advancement in online gaming service providers and ongoing modernization of online gaming such as virtual gaming event drive heavy investment in Esports in emerging economies. Furthermore, key players in Asia-Pacific are focusing on enhancing their operations and increasing their overall efficiency to stay competitive in the market, which is expected to provide lucrative opportunities for the growth of the market during the Esports market forecast period.
Leading Market Players:-
• Activision Blizzard, Inc.
• CJ Corporation
• Electronic Arts
• FACEIT
• Gameloft SE
• Gfinity
• Kabam
• Modern Times Group
• Nintendo
• NVIDIA Corporation
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