eSports Market is expected grow at a CAGR of 20.3% by 2027

IndustryPRwire  – The Global eSports Market is expected to be valued at US$ 3.73 Billion by 2027, exhibiting a CAGR of 20.3% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.

Esports Market is a form of competition using video games. Generally, esports takes in the form of multiplayer video game competitions, especially among professional players, or teams. The most common video games associated esports are Counter-Strike, League Legends, Dota, Super Smash Bros, etc. Esports has become significantly popular over the years with the advent of novel gaming consoles, advanced features in PC, and supportive equipment such as headsets.

eSports Market - Impact of Coronavirus (Covid-19) Pandemic

The Covid-19 has a positive impact on global esport market. With large number of people staying indoors, sports fanatics across the globe have taken to video gaming in the age of the pandemic.As many countries imposed the lockdown during the pandemic, many esport competition organisers seized the opportunities and organized the sporting events. Moreover, the traditional over the board/offpremise sports such Chess was held online. For instance, in August 2020, Chess Olympiad which is one of the major over the board chess tournament was conducted online due to the pandemic. Also, the online game streaming COVID-19 is expected to propel the market growth during the year 2020.

Segmentation

Market Taxonomy:

  • By Application
    • Advertising
    • Merchandise & Tickets
    • Publisher Fees
    • Media Rights
    • Others
  • By Region
    • North America
    • Europe
    • Latin America
    • Asia Pacific
    • Middle East and Africa

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Market Opportunities

Rising investment in the gaming industry can present lucrative growth opportunities in the global esports market

Esports has witnessed significant investment in the recent past, providing a diverse range of opportunities for subsectors. Many esports companies have raised investments via traditional venture capital activities. For instance, in May 2020, BLAS, a Denmark-based tournament organizer secured funding of US$ 17.4 million, led by Rocket Software and V├Žkstfonden, a Danish investment fund firm. Such robust investment has led to increased opportunities for aspiring market players.

Increasing number of events with large prize pools can provide major business opportunities in the global esports market

Esports tournaments have started gaining more and more popularity among people, especially in emerging economies such as India and China. For instance, prize money for DOTA 2 tournament in 2020 was US$ 6 million, making it the highest-paid game in esports market. Furthermore, in 2020, CS:GO had prize money of US$ 4.9 million, making it the most active game in 2020. Such high prize money pools have increased the popularity of esports across the globe.

Competitive Section

Key companies operating in the global esports market are Activision Blizzard, Inc., NVIDIA Corporation, Valve Corporation, Nintendo of America Inc., Riot Games, Inc., Epic Games, Inc., Tencent Holding Limited, Gameloft SE, Turner Broadcasting System, CJ Corporation and Electronic Arts Inc.

About Coherent Market Insights 

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. 

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