The global esports industry is one of the most impressive success stories of the last several years. Who knew that watching people battle it out on video games could attract such a wide market across Europe, North America, and the Asia-Pacific? With the global gaming market expected to be worth $314 billion by 2026, it is safe to assume that the associated esports market will see some growth too. Going into 2023, what are some factors and trends that might contribute to that growth? Let’s take a look.
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eSports Betting
Although esports betting still trails behind sports betting Zambia in market value, the genre is becoming more mainstream and is expected to grow in the coming years. The betting industry has already shown a keen interest, with major sportsbooks like Betway offering betting options for major esports like Counter-Strike, Dota 2, LOL, and FIFA. In 2023, even more sportsbook may join the movement.
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The Metaverse
The Metaverse is a fairly new technological trend that is geared toward creating a network of virtual reality worlds. The Metaverse will allow users, in the form of avatars, to interact with other users and digital objects. Recently, the Fortnite music event where major artists performed several in-game music concerts proved that the concept is viable and already with us. In 2023 and beyond, esports competitions could move from the physical space into the Metaverse, allowing spectators to interact with players and other fans from the comfort of their homes.
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Devolved Demographics
Gaming has quickly evolved to include way more women than it did several years ago. A Forbes report showed that 4 in every 10 gamers in the United States in 2020 were women, with the numbers rising steadily, especially in Asia. This demographic trend has naturally made its way to the esports industry. Recently, Berlin International Gaming (BIG) launched BIG Chroma, a women’s League of Legends team that finds and trains female and non-binary LoL players to professional status. Game developers are also keen on this move, with more women-centric games expected to grace the catalogue in 2023.
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Competitive eSports and the Olympics
Allegations about fixed matches have plagued the esports industry in recent years, significantly harming its reputation. The entry of top sponsors and sportsbooks like Betway will likely spark a conversation about competitive integrity. These discussions will be right on time given that esports is due to debut at the 2022 Asian Games as an official event. According to reports, participants will compete for medals in eight games – Street Fighter V, Hearthstone, Dream Three Kingdoms 2, League of Legends, Dota 2, Arena of Valor, PUGB Mobile, and FIFA. The success of this event could raise the industry’s profile enough to get the Olympic conversation going in 2023.
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Growing Market
Technological advancements have been a key driving factor for the esports market, which is projected to keep growing in the coming years. A 2019 Statista report indicated that there will be more than 2.3 million Twitch esports viewers by 2023. As more and more major names place their stake in the market, think Red Bull, Coca-Cola, BMW, and Intel, this projected growth is bound to become a reality next year.
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Mobile eSports
Improvements in Wi-Fi connectivity, 5G internet, and smartphone capabilities will continue to impact the esports market. With fans and bettors able to access competitions and tournaments on their phones, esports is bound to reach an even wider audience.
Conclusion
A Statista report shows that the esports global market will be worth $1.87 billion by 2025. Much of this growth will be driven by the industry adopting technological advancements like the Metaverse and mobile esports and responding to gaming trends like more women playing video games. It will be exciting to see just how far these factors will push the esports industry in 2023.
