eSports Market Poised for 18.1% CAGR Growth, Targeting US$ 9.5 Billion by 2033: Fact.MR Report
Media companies' growing investments in eSports are set to solidify the dominance of the media rights segment in the current and future marketplace.
Rockville, Dec. 19, 2023 (GLOBE NEWSWIRE) -- According to a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global *eSports Market* is poised to achieve a remarkable revenue milestone of *US$ 9.5 billion*, expanding at an impressive *CAGR of 18.1%* by the end of 2033, showcasing a significant leap from its current valuation of *US$ 1.8 billion *in 2023.
The widespread adoption of technology and digital devices has catalyzed the digitization of various aspects of human life, and now, this transformative trend is anticipated to redefine the sports industry. Video games have evolved into sophisticated immersive experiences, simulating real sports, with advancements in technologies like machine learning, virtual reality, and augmented reality elevating these games to unprecedented levels.
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*Key Segments of **eSports **Industry Research Report *
*By Age Group* *By Revenue Stream* *By Streaming Type* *By Device Type* *By Gaming Genre*
· 0 to 15
· 16 to 25
· 26 to 35
· More than 35
· Sponsorships
· Advertising
· Media Rights
· Game Publisher Fees
· Merchandise & Tickets
· Live
· On-demand
· Smartphones
· Smart TVs
· Desktops
· Laptops
· Tablets
· Gaming Consoles
· Real-time Strategy Games
· First Person Shooter Games
· Fighting Games
· Multiplayer Online Battle Arena Games
· Mass Multiplayer Online Role-playing GamesF1 eSports has experienced an exponential surge in popularity, positioning itself to become a highly lucrative and sought-after segment within the eSports domain over the next decade. As technology continues to advance, and the world becomes increasingly digitized, eSports is emerging as the future of the sports industry.
*Driving Forces and Potential Challenges in eSports Evolution*
The growing utilization of smart devices, increasing disposable income, the burgeoning popularity of new eSports platforms, supportive initiatives, enticing incentives linked to eSports participation and viewership, and the growing recognition of eSports personalities are identified as factors likely to fuel the overall market evolution in the forecast period.
On the flip side, concerns related to addiction and health pose potential obstacles to the global eSports market's evolution over the next ten years. The psychological risks linked to prolonged exposure to computer monitors and physical disorders resulting from sedentary lifestyles are anticipated to impact the global appeal of eSports in the long run.
*Driving eSports Growth in Europe: Incentives and Opportunities*
European countries are poised to become thriving markets for eSports companies in the foreseeable future, primarily driven by the expanding audience base for esports. The immense popularity of sports like football and Formula 1 in European nations adds to the growth potential for eSports organizations in this region.
Factors such as increasing per capita disposable income, incentive programs targeting viewers and players, and the rising fascination with fantasy sports are additional elements likely to contribute favorably to market potential in countries like Germany, France, and the United Kingdom through 2033. The widespread popularity of F1 eSports in Europe is expected to be a key focus for leading companies in the coming years.
*Evolving eSports Landscape in Asia Pacific: Initiatives and Opportunities*
The Asia Pacific region is forecasted to present a myriad of opportunities for eSports businesses in the future, driven by rapid urbanization and digitization trends. Japan, Korea, China, and India are expected to emerge as highly lucrative markets for eSports companies over the next decade.
Initiatives aimed at promoting eSports participation among the Asian population are anticipated to significantly impact the popularity of eSports in countries such as Japan, Korea, and India. Korean organizations are taking global steps to elevate eSports by organizing innovative tournaments and events.
In a significant development, the International Esports Federation (IESF), headquartered in South Korea, announced a strategic partnership with Big Bang Media Ventures (BBMVPL) in December 2022 to launch the Asia Open eSports Championship (Asia Open), scheduled to take place from January 30, 2023, to March 15, 2023.
Meanwhile, Japan is actively working to leverage the eSports industry by undertaking initiatives to enhance its popularity and creating dedicated spaces to transform the competitive gaming landscape in the country. In April 2022, Japan witnessed the inauguration of its largest eSports park at the base of Tokyo Tower, spanning three floors. This innovative space provides a competitive arena for eSports enthusiasts, equipped with the latest games and simulators to test their skills.
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*Report Attribute* *Details*
Value Projection (2033) USD 9.5 Billion
Growth Rate (2023-2033) 18.1% CAGR
No. of pages 170 Pages
No. of Tables 45 Tables
No. of Figures 170 Figures
*
Expansive Growth Prospects for eSports Companies in the United States*
The surge in popularity of eSports in the United States is gaining momentum, attributed to the widespread technological integration in the country and the presence of prominent eSports entities. The nation's robust consumer spending potential, coupled with the initiation of new eSports tournaments and increased investments in the research and development of cutting-edge video games, underscores the flourishing eSports landscape.
A notable uptick in investments within the eSports industry by game developers, broadcast networks, and enthusiasts is anticipated to drive sustained market growth throughout the forecast period. Ice hockey and fantasy basketball are poised to experience a surge in popularity in the United States in the years to come.
Strategic efforts to cultivate a robust eSports ecosystem for gamers are giving rise to the establishment of eSports clubs in high schools and colleges, contributing further to market expansion in the country. Additionally, the legalization of eSports betting in select states is expected to present fresh opportunities for both established and emerging eSports brands.
In a significant development, the state of Ohio in the U.S. has announced the legalization of betting on widespread sports and eSports, effective January 2023. Companies holding licenses to operate in the state have commenced their activities, promising to provide a significant boost to online betting and the eSports market in the country.
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*Sports Apparel Market:* In FY 2023, the sports apparel market reached a valuation of US$ 207 Billion. Furthermore, across the 2023-2033 period of assessment, growth is expected to accelerate at a whopping 6.9% CAGR, reaching US$ 400 Billion.
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