LONDON--(BUSINESS WIRE)--The global esports market is expected to post a CAGR close to 18% during the period 2019-2023, according to the latest market research report by Technavio. However, the market is expected to decelerate on a year-on-year basis.
Currently, several regional and international players are contributing to the growth of the market by launching new esports platforms. These new platforms are thus expected to accelerate the growth of the vendors operating in the global market by increasing their revenue flow and expanding their consumer base. Furthermore, new platforms help to increase the market share of the players and offer them a competitive edge over their rivals. For instance, in June 2019, Viacom announced the launch of NickX eSports platform, a tournament platform for kids using Nickelodeon gaming content.
Similarly, in May 2019, IKON, a new gaming challenge platform, was launched. This new platform supports the League of Legends and PUBG and allows players to challenge friends and fans. Therefore, the increasing launch of such platforms is expected to drive the market for eSports during the forecast period.
As per Technavio, the evolution of high-tech gaming consoles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global esports market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Esports Market: Evolution of High-Tech Gaming Consoles
The introduction and popularity of gaming consoles, such as Xbox and PlayStation, have led to the development of the modern esports industry. Hence, several companies that offer PCs have improved their device configuration to support gaming. Also, end-users such as individual gamers, are using gaming consoles to improve their gaming experience. Hence, companies that offer gaming consoles are launching updated versions of their existing consoles with upgraded and advanced features. The introduction of VR headsets for gaming has also immensely contributed to the technology involved in esports. Therefore, evolving technology in the esports industry has made the gaming experience better and is driving the global esports market.
“Apart from the evolution of high-tech gaming consoles, the increase in esports betting, and the rising number of esports events are other factors that are expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Esports Market: Segmentation Analysis
This market research report segments the global esports market by revenue stream (sponsorship, media rights, advertising, publisher fees, and merchandise and ticket sales), by game genre (MOBA, FPS, RTS, and others) and geographical regions (North America, APAC, Europe, South America, and MEA).
The North American region led the market in 2018, followed by APAC, Europe, South America, and MEA, respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing number of esports competitions in the region.
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Five Forces Analysis
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- Vendors covered
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- Competitive scenario
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