Esports Market Growth Factors (2021-2027) | UnivDatos

EASTCHESTER, N.Y. - July 15, 2022 - PRLog -- Video games have been around for decades, providing entertainment for children. The video game sector is immensely large. In fact, it is larger than movie & music industry and it is also growing rapidly. As -the demand for online video game event is increases it will create lucrative opportunity for the E-sport market globally. The increasing smartphone penetration and better internet connectivity have led to rise in the number of gamers at a rapid pace. It imitates the experience of viewing a professional sports event, where audiences watch video gamers compete against each other. Esports events comprise competitive leagues and tournaments. Further, with increasing player wages and expanding Esports market, the introduction of new sponsors is critical for the future commercial success of Esports.

According to UnivDatos Market Insights (UMI)' research report "Esports Market", the market is expected to witness a CAGR growth of around ~25% during the forecast period 2021-2027F. Global Esports Market is experiencing significant growth due increasing audience reach and engagement activities, formidable investments, rising live streaming of games, and increasing infrastructure for the league tournaments.

Based on Application: Esports Market is classified into Platform and Services. Platform holds the highest share in the Esports market. The pop-culturization of the Esports industry has helped power the explosions in Esports investment and revenue. Esports has hit this stratosphere in large part because of the social component of live streaming and gaming. Video gaming-specific streaming platforms like Twitch and YouTube Gaming give fans a direct connection to the players and teams, while more mainstream socials have allowed those connections to flourish.

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Based on Streaming Type: The Esports market is segmented into On Demand and Live. The large share of the streaming type segment can be attributed to the growing youth population and changing lifestyles have both contributed to an increase in demand for video games and online video games over the years. Growing audience reach and engagement activities, significant investments, rising live streaming of games, and expanding infrastructure for league tournaments are key factors driving the market growth.