In 2023, the esports market was valued at USD 1.97 billion, and it is projected to grow at a CAGR of 17.48%, reaching USD 5.18 billion by 2029.
Research and Markets’ 317-page comprehensive market analysis report, providing detailed insights into the global esports market trends, opportunities, challenges, and competitive landscape for 2024-2029. Here are some key highlights:
Market Leaders
Six major companies dominate the global market:
- Sony Group Corporation (acquired Repeat.gg and invested in EVO championships)
- Microsoft (strengthened position through Activision Blizzard acquisition)
- Electronic Arts (focuses on FIFA, Madden NFL, and The Sims franchises)
- ESL FACEIT Group
- Take-Two Interactive Software
- Tencent
Regional Analysis
North America:
- Leads with 44% market share in 2023
- Advanced technological infrastructure
- Strong presence of major gaming companies
Asia-Pacific:
- Led by China, South Korea, and Japan
- Strong mobile gaming culture
- Popular titles include Mobile Legends and PUBG Mobile
- Substantial private and public sector investments
Europe:
- Germany, Sweden, and the UK play significant roles in grassroots tournaments and regional championships.
Emerging Markets:
- Latin America, the Middle East, and Africa experiencing rapid growth, primarily driven by young, tech-savvy populations and increasing internet penetration
- However, these regions still face challenges related to infrastructure and funding
Market Growth Drivers
- Rising popularity among Gen Z and Millennials
- Increasing digitization and technological advancement
- Government investments in esports infrastructure (e.g., Morocco investing in infrastructure with Huwai and the Malaysian Govt allocated separate funds in the budgets for esports)
- Growing recognition of esports as a viable career option (e.g., India declaring Esports as mainstream sports)
- Integration of AR and VR technologies
- Expansion of mobile gaming platforms
Challenges & Restraints
- Security concerns and fraudulent activities (e.g., E-Nugget fraud case in India)
- Regulatory challenges from countries (e.g., China restricted foreign game releases in 2022)
- Privacy and data protection issues
- Health concerns related to gaming (e.g., the Korean Govt considering amendment in its Health Act to add gaming as an Addiction)
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