The global esports market size is valued at USD 1.42 Billion in 2022 and is projected to be USD 4.47 Billion by 2030, growing at a CAGR of 17.8% from 2023 to 2030, as per a recent report published by Cognitive Market Research.
Major findings during the study of the esports market:
- Smart devices/internet connectivity: The growing adoption of smart devices coupled with rising internet connectivity drives the growth of the esports market,
- Live esports streaming: Live esports streaming accounts for a significant share in the market attributed to the increase in the number of internet users across the globe. It influences live video streaming. Moreover, it involves more engagement of fans which accelerates market growth. High penetration of technologies, such as 4G and 5G services energies demand for the live streaming type of esports,
- Platform segment: The platform segment is dominating the market by accounting for 69.4% of the revenue market share in 2022,
- Smartphone segment: In terms of device type, the smartphone segment is set to generate the highest revenue in 2022, and it is expected to dominate the market during the forecast period. This is because of the increasing number of people using smartphones. It has been projected that the number will be somewhere at 6.8 billion in 2023,
- Laptop/tablet/desktop segment: However, the laptop/tablet/desktop segment is projected to grow at a faster rate in coming years owing to rising laptop ownership worldwide. Further, laptops offer high-end hardware in comparison to other devices, like smartphones, which allows a more impactful experience for the users,
- Sponsorship segment: On the basis of revenue streaming, the sponsorship segment held a major share in the market in 2022. Sponsorships allow various brands to reach directly to a large target audience. For instance, Coca-Cola has used Fortnite Island to launch the limited-edition gaming-inspired flavor Zero Sugar Byte in April 2022,
- APAC region: The APAC (Asia-Pacific Countries) region has highly adopted electronic sports, and thrived during the pandemic. This is attributed to the massive demand for esports in countries like China, Vietnam, and Singapore, among others. In some parts of Asia, platforms such as YouTube Gaming, Facebook Gaming, Twitch, and Garena Live have emerged as popular choices among the population,
- Covid-19: The Covid-19 pandemic has accelerated the esports industry.