The rising influence of digitalisation, coupled with advancements across the gaming industry is expected to fuel an explosion in the esports sector, seeing its value surmount $11.1 billion (€9.6 billion) by 2031, according to a new study by Transparency Market Research (TMR).
Awareness about esports through organising various dedicated events has proved to be beneficial for growth acceleration, the firm emphasises pointing to the annual World Esports Day, celebrated on 23rd October.
According to the global market intelligence company, the worldwide market for esports is expected to expand at a compound annual growth rate of 23.2 per cent in the next decade.
Providing further insights, TMR reflected that while the pandemic has resulted in many sectors suffering from economic loss, it has actually proved to be a growth propeller for the esports market.
“As many people were at home, they longed for consistent entertainment,” the firm explained, adding: “Esports became an important aspect of home entertainment and gathered considerable momentum.”
Despite its overall positive outlook, the company also pointed out some hinderances to the industry, including concerns related to health.
Other findings of the report include that virtual tournaments are observing “considerable” popularity, and that this growing interest is resulting in many gaming companies organising large-scale digital events and thus further increasing growth opportunities.
Additionally, esports courses are offering “substantial” growth prospects, according to TMR, as academic institutions partner with companies in the esports market to provide professional esports courses to budding learners and those who want to kick start a career in the sector.
The esports sector is also attracting technology giants such as Apple, Microsoft, and Google for investments, the firm said.
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