Esports and Gaming Market Size, Share, Growth and Industry Analysis by Type (Single Player Games, Competitive Games, And, Online Games) By Application (Clubs, Associations and Organizations, And, Others) Regional Forecast To 2031

Esports and Gaming Market Report Overview

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The global esports and gaming market is expected to be worth USD 1568.9 million in 2022 & the market is projected to touch USD 6056 million by 2031 with a CAGR of 16.2% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Esports and gaming have surged into a global phenomenon, captivating millions. Competitive video gaming, or esports, involves professional players and organized tournaments, attracting massive audiences both online and in-person. This industry has evolved into a lucrative market, with sponsorships, streaming platforms, and merchandise sales.

Gaming, once a leisure activity, now encompasses various genres and platforms, connecting players worldwide. It's a dynamic blend of entertainment, technology, and skill, shaping new forms of sportsmanship and camaraderie in the digital age. All of these can be considered as the factors driving the Esports and gaming market share.

COVID-19 Impact: Increased Gaming Due to Home Isolation During Pandemic Increased Market Growth

COVID-19 pandemic was one of the biggest pandemics that affected the man-kind. Majorities of the industries faced difficulties during the pandemic. As traditional sports halted, esports gained traction, offering a virtual alternative for both players and fans. Live tournaments transitioned to online formats, maintaining competitive momentum. The surge in home isolation led to increased gaming, fostering social connections and alleviating boredom.

However, disruptions to global supply chains affected game development and console releases. Esports events also faced cancellations or audience restrictions. Yet, the pandemic catalyzed digital innovation, highlighting the resilience of virtual entertainment. All of these factors, increased the demand for the market during the pandemic.

LATEST TRENDS

"Increasing Prominence of Cross-platform Gaming to Fuel Market Growth"

The latest trends in esports and gaming reflect a dynamic evolution of the industry. Cross-platform gaming has gained prominence, enabling players on different devices to compete seamlessly. Mobile gaming continues to surge, reaching diverse demographics. Esports organizations are diversifying their investments, expanding into non-traditional games like chess or adopting women's leagues. Virtual reality (VR) and augmented reality (AR) are enhancing immersive gameplay experiences. Sustainability efforts are emerging, focusing on eco-friendly practices within gaming. Additionally, blockchain technology is being explored for secure in-game transactions and ownership. All of these factors are creating lucrative growth opportunities for the market.

Esports and Gaming Market Segmentation

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• By Type:

The market can be divided on the basis of type into the following segments:

Single player games, competitive games, and, online games. The single player games segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Clubs, associations and organizations, and, others. The clubs segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Technological Advancements in Hardware, Graphics, and Connectivity to Accelerate Market Growth"

Several driving factors fuel the growth of esports and gaming. Technological advancements in hardware, graphics, and connectivity create immersive gaming experiences. Online streaming platforms like Twitch and YouTube Gaming provide accessible ways to watch and engage with esports tournaments, fostering a larger audience.

Competitive ecosystems with organized leagues, sponsorships, and substantial prize pools attract both players and investors. The rise of mobile gaming expands the user base, while cross-play compatibility bridges gaps between platforms. Additionally, social interaction and virtual communities within games drive prolonged engagement. Amidst the pandemic, gaming offered an escape, reinforcing its role as a form of entertainment and social interaction.

"Rise of Celebrity Gamers and Influencers to Propel Market Growth "

Beside technological advancements and accessibility, other driving factors propel the esports and gaming industry. The rise of celebrity gamers and influencers has brought mainstream attention, inspiring more participation. Esports' inclusion in major sporting events and the Olympics validates its legitimacy.

Collaborations with entertainment franchises like music, movies, and sports boost crossover appeal. In-game microtransactions and virtual goods contribute substantial revenue, encouraging game development and innovation. Esports' global nature fosters cultural exchange and camaraderie. Educational institutions recognizing esports as a viable career path further support its growth. All of these factors are having a positive impact on Esports and gaming market growth.

RESTRAINING FACTOR

"Concerns About Excessive Screen Time to Decrease Market Growth"

Despite its growth, the esports and gaming industry faces restraining factors. Concerns about excessive screen time and potential negative impacts on physical and mental health lead to regulatory discussions. The lack of standardized governance and varying levels of professionalism can hinder the industry's credibility. This could pose a huge problem to the market.

Additionally, issues of inclusivity and diversity arise, as certain groups remain underrepresented. The potential for addiction and the presence of predatory practices targeting younger players also cast shadows. Technological barriers and unstable internet connectivity impede participation in some regions. These factors can have a negative impact on the market growth.

Esports and Gaming Market Regional Insights

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"Asia Pacific to Dominate Market Share in Upcoming Years"

Asia Pacific is one of the fastest developing regions in the market. Asia stands as the leading region in the esports and gaming landscape. With a rich history of gaming culture, countries like South Korea and China have fostered professional gaming since the early 2000s. Asia's populous nations create a massive player base and audience, driving the industry's growth.

Well-established esports leagues, major tournaments, and dedicated esports stadiums showcase its prominence. High-speed internet infrastructure enables seamless online competition and streaming. The region's tech innovation supports the development of games and platforms. Government recognition and investment further elevate esports' status. Overall, Asia's influence in esports and gaming remains unparalleled, shaping global trends and achievements.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

LIST OF TOP ESPORTS AND GAMING COMPANIES

• Modern Times Group (Sweden)
• Activision Blizzard (U.S.)
• FACEIT (U.K.)
• Total Entertainment Network (U.S.)
• Gfinity (U.K.)
• Turner Broadcasting System (U.S.)
• CJ Corporation (South Korea)
• Valve Corporation (U.S.)
• Tencent (China)
• Electronic Arts (EA) (U.S.)
• Hi-Rez Studios (U.S.)
• KaBuM (Brazil)
• Wargaming Public (Cyprus)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations.