• The Booming Esports Industry Projected to Reach $13.7B by 2032

  • Nov 15 2024
  • Length: 4 mins
  • Podcast

The Booming Esports Industry Projected to Reach $13.7B by 2032

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  • Summary

  • The gaming and esports industry is experiencing rapid growth, driven by increasing viewership, diversified revenue streams, and advancements in streaming technologies. According to recent market research, the global esports market is projected to reach USD 13.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 23.7% from 2024 to 2032[1].

    In 2024, the estimated global esports audience is expected to be 611 million, consisting of 302 million core viewers and 308 million occasional viewers. This figure is anticipated to achieve an annual growth rate of about 5%, reaching 641.1 million by 2025[3].

    Key drivers of this growth include the expanding audience, increased sponsorships, media rights, and diverse streaming options. The North American esports market remains a significant contributor, characterized by a robust infrastructure, high internet penetration, and a large audience base. The U.S. esports market is projected to reach approximately USD 1.07 billion in 2024, with a CAGR of 15.4% from 2024 to 2029[3].

    Recent developments in the industry include major tournaments and new platform features. For example, Riot Games unveiled the Valorant Champions Tour (VCT) 2024, featuring an expanded global tournament series with increased prize pools and new regional qualifiers. Twitch introduced Twitch Rivals 2024, featuring high-stakes esports tournaments across multiple games to boost viewer engagement and brand partnerships[1].

    The market is also witnessing significant investments in esports infrastructure, particularly in Asia-Pacific. Countries like China and South Korea are at the forefront, with companies like Tencent and PUBG Corporation leading the charge. The Chinese esports market is projected to reach USD 497.6 million by 2024, with a CAGR of 4.61% from 2024 to 2029[3].

    In terms of gaming genres, first-person shooter (FPS) games dominate the market, holding over 39.2% of the market share in 2023. The multiplayer online battle arena (MOBA) games segment is expected to experience significant growth, driven by new trends such as cross-platform play and the rise of mobile MOBA games[1].

    The industry is also seeing a shift towards mobile esports, driven by the increasing number of people playing games on their smartphones and tablets. The emergence of 5G technology offers gamers more reliable and faster mobile internet speeds, leading to a surge in mobile esports tournaments and events[4].

    However, the industry faces challenges such as a lack of regulation and the need for increased awareness about esports. Despite these challenges, the esports market is expected to continue its rapid growth, driven by increasing demand for video games and increasing awareness of esports[5].

    In conclusion, the gaming and esports industry is experiencing significant growth, driven by increasing viewership, diversified revenue streams, and advancements in streaming technologies. Industry leaders are responding to current challenges by investing in esports infrastructure, developing new platform features, and capitalizing on emerging trends such as mobile esports. As the industry continues to evolve, it is expected to reach new heights, with the global esports market projected to reach USD 13.7 billion by 2032.
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