- Major shift toward video games and increase in popularity of e-sports event drive the growth of the global E-sports market.
PORTLAND, Ore., Nov. 2, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Esports Market 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 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.
Prime determinants of growth
Major shift toward video games and increase in popularity of e-sports event drive the growth of the global Esports market. However, lack of standardization in online gaming event and online threats such as gambling hinder the market growth. On the other hand, increase in number of tournament & event with huge prize for winners and runner-up team along with long term investment opportunity in the e-sport event present new opportunities in the coming years.
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The platform segment to maintain its leadership status throughout the forecast period
Based on component, the platform segment held the highest market share in 2020, accounting for more than two-thirds of the global E-sports market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to increase in adoption of Esports among the developed country to gain strategic as well as competitive advantage over their competitors. However, services segment is projected to manifest the highest CAGR of 18.6% from 2021 to 2030, owing to surge in adoption of online gaming and virtual tournament of the Esport industry event.
The on-demand segment to maintain its lead position during the forecast period
Based on strimming type, the on-demand segment accounted for the largest share in 2020, contributing to three-fifths of the global E-sports market, and is projected to maintain its lead position during the forecast period. The growth of the segment is attributed to numerous benefits provided by streaming type segment such as high quality of gaming, ease to customize as per the requirement of players and high security of gaming ID, and others. Moreover, the live segment is expected to portray the largest CAGR of 19.5% from 2021 to 2030, owing to rise in adoption of real-time streaming of Esport game due to its cost-effective and easy to broadcast operation.
Asia-Pacific, followed by North America to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global Esports industry. Moreover, the same region is expected to witness the fastest CAGR of 19.5% from 2021 to 2030, owing to strong technological growth along with the ongoing development in the gaming sector. The report also includes North America, LAMEA, and Europe.
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