Esports Market Size, Share, Growth Analysis, By Device Type(Smart Phone, Smart TV), By Revenue Model(Sponsorship, Advertising), By Type(Multiplayer Online Battle Arena (Moba), First-person Shooter (Fps)), By Streaming Platform(Twitch, Youtube), By Audience(Tournament Organizers, Alliances) - Industry Forecast 2024-2031

Esports Market size was valued at USD 1.22 billion in 2019 and is poised to grow from USD 1.44 billion in 2023 to USD 5.48 billion by 2031, growing at a CAGR of 21% in the forecast period (2024-2031).

Esport is a type of online sport in which two or more contestants engage in a multiplayer environment using online video games. It serves the same purpose as modern sports. The rising popularity of online video games is the primary market factor driving the growth of the Esports market.

Online video streaming platforms such as YouTube, Facebook, and TwitchTv are key applications driving the Esports Market globally. People all over the world are showing huge interest in Esports and investing their time, effort, and money in it. The demand for Esports games has grown considerably over the last few years and the aspects responsible were the growing youth populace, and changing lifestyles. Increasing awareness about the Esports industry combined with large investments in the Esports domain has been predicted to influence the growth of the Esports market worldwide.

Moreover, the growing recognition of advanced gaming technologies, increasing smartphone usage coupled with improved internet connectivity has increased the number of gamers and positively driven market growth. Esports is competitive online video gaming where the skill and professionalism of players are the most important factor. The pro gamers who played at this level have knowledge bout the game very well, such as a professional footballer or an athlete would in their respective fields.

In spite of the widespread economic slowdown caused by the coronavirus. the global Esports Market is flourishing. The practice of social distancing reduces moment and commercial activity to a minimum, online gaming provides an appealing hobby for people at home seeking social interaction. People staying at home due to lockdown increased the use of online gaming for refreshment and pleasure. This has significantly increased the acceptance of Esports Games. Therefore, driving the demand for these services among the end-users. However, the COVID-19 pandemic has led to increased acceptance of cloud technology to help customers across every industry to combat the pandemic situation. Furthermore, many countries are providing free and open-source platforms for E-sports for a limited period of time to help the public tackle the COVID-19 situation.

US Esports Market is poised to grow at a sustainable CAGR for the next forecast year.