According to a recent report from Cognitive Market Research, the worldwide eSports market is currently worth USD 1.42 billion as of 2022 and is estimated to reach USD 4.47 billion by 2030, with a compound annual growth rate (CAGR) of 17.8% between 2023 and 2030.
To support and grow their operations in the eSports industry, companies are forming partnerships. For example, Microsoft and NVIDIA have recently announced a 10-year collaboration to bring Xbox PC games to NVIDIA’s cloud gaming service, GeForce NOWTM, which has over 25 million global subscribers.
This partnership enables gamers to stream Xbox PC games to a range of devices, including PCs, Mac computers, Chromebooks, and mobile phones, while using GeForce NOW.
The eSports market is expanding due to the rising usage of smart devices and increasing internet connectivity. Live streaming is the most significant type and is boosting market growth by engaging more fans.
Furthermore, 4G and 5G services have increased the demand for live streaming. The platform segment is currently dominating the market, holding a 69.4% revenue market share in 2022.
The smartphone segment is expected to generate the highest revenue in 2022 and is projected to lead the market in the forecast period due to the increasing number of smartphone users.
However, the laptop/tablet/desktop segment is expected to grow at a faster rate in the coming years due to rising laptop ownership worldwide.
In terms of revenue streaming, the sponsorship segment held a major share in the market in 2022. The APAC region has widely adopted electronic sports, especially during the pandemic, with countries like China, Vietnam, and Singapore experiencing massive demand.
Finally, the COVID-19 pandemic has accelerated the growth of the eSports industry.
