What was once a niche market is now being recognized as a very lucrative growing market. Yes, we are talking about esports. Esports gaming has increased in popularity over the previous decade to the point that it is a key player in both sports and entertainment. According to Statista, the worldwide esports business is predicted to earn around $4.3 billion in revenue by 2024. This is likewise expected to grow at a 7.10 percent annual rate (CAGR 2024-2028), with a market volume of $5.7 billion by 2028. Just a few years ago in 2021, this industry was just worth $1.08 billion.
Growing number of speculators is another interesting factor that is driving this industry forward. As more senior players enter the esports field, the fan base grows, with more passionate fans than ever before. By 2024, esports will be universally recognized as a mainstream sport. In 2022, there were roughly 261.2 million esports aficionados and 270.9 million casual viewers. With audience numbers steadily expanding, it is anticipated that by 2025, there will be around 322.5 million casual viewers and 318.1 million esports fans watching esports.
From "Intergalactic Spacewar Olympics,” which was the first esports tournament played at Stanford University in 1972, where just five students participated to win a year's membership to Rolling Stone, to League of Legends which attracted over 6.4 million live viewers in 2023 the esports industry has come a long way. Data has played a key role in this growing esports ecosystem let’s see how.
Esports and Data Tracking
Esports have benefited from the data-driven development of apps and systems, just like any other sector. Whether it's streaming analytics, player statistics, or other tools and platforms, esports cannot exist without data. Online platforms, both free and commercial, provide gamers with easy access to statistics about their favorite games, which will cease to exist with data. Data tracking can assist players make better decisions, allowing them to comprehend their mistakes, track their performance over time, and compare themselves to other players or even pros.
Data analytical tools function similarly to standard digital dashboards seen in the day-to-day operations of every successful organization conducting fundamental business intelligence. Data is collected from one or more sources like- video game servers. It is processed and later visualizations are created to derive insights for improved decision-making in future games. As a result, players will improve their performance gradually and boost the competitive environment worldwide.
Data can even benefit broadcasters. With esports data plays a key role in engaging viewers. Broadcasters can display important parameters throughout competitive matches in real-time to engage with the audience. They may even dig deep and focus on key plays from a certain match to assist all viewers in better comprehending the game. Further tournament schedules and information including team and player participation, prize pools, match dates, and registration details before events will help attract new viewers.
The Future of the esports market
The esports industry's worldwide market revenue is expected to reach $1.62 billion by 2024. Some major esports trends that will drive its growth are:
Mobile esports
As technology advances further, the user base of phones will grow further. Mobile games now have the lowest entry barriers in gaming, they have helped captivate millions of esports enthusiasts worldwide. Most people own smartphones, and mobile games often have modest hardware requirements, which helps mobile esports thrive. The worldwide mobile gaming content market was worth $121.1 billion in 2020 and is expected to grow to $169.7 billion by 2025, with Asia accounting for the majority of revenue in the sector.
Innovative Technologies in Esports Arena
Technological improvements and innovations are major trends in the esports industry, and they are projected to fuel demand in the years ahead. Artificial Intelligence (AI) and blockchain technologies are expected to analyze gaming data, improve spectator experiences, and player experience, and create higher-resolution video broadcasts. Artificial intelligence may also enhance the viewing experience by delivering real-time data, predictive analytics, and tailored content to users.
Esports Sports data providers
The complexity of the esports industry has seen an increasing use of Esports APIs, allowing for a seamless and customizable integration with any app or website. Sports data providers worldwide have expanded their offerings to include popular esports like LoL, CSGO, Dota 2, and more. Data Sports Group even offers live updates, and detailed player and team statistics. Our rich historical database provides decades of reliable information ready to use for modeling and analytics.
Conclusion
The esports market is expanding rapidly, with growing viewership, considerable money from sponsorships and media rights, and a growing presence in many countries throughout the world. The market is expected to grow even more widespread by 2024, cementing its position as a major sport in the digital era.
