India eSports Market is flourishing owing to the increasing availability of low-cost gaming phones, high-speed internet, increased eSports awareness, and an increase in the number of events with sizable prize pools.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that India eSports Market was worth USD 33.50 million in the year 2021. The esports market is projected to grow at a CAGR of 32.5%, earning revenues of around USD 245.21 million by the end of 2028. The landscape of the sports industry is anticipated to change as esports gain popularity.
Major esports revenue sources include media rights, tickets and merchandise, sponsorships, direct advertising, and publisher fees. Over the past five years, demand for sponsorships and advertisements, two major revenue-generating streams, has grown significantly. Additionally, the market expansion is being impacted by rising penetration among young gamers and influencer-driven marketing.
The eSports market has been stimulated by young people’s use of social media and live video streaming. The market for eSports is thriving because so many companies are using athletes and sportspeople to promote their goods. However, the lack of favorable policies coupled with low awareness regarding the india eSports market hinders the market growth.
Smartphone Penetration is Increasing in Emerging Economies
Smartphone adoption is increasing in developing countries due to several factors such as rising per capita income, cost affordability, and the availability of a variety of low-cost options with significant features, among others. This increases the appeal of online smartphones and video gaming. For decades, children have been entertained by video games. As a result, the India eSports Market is predicted to develop at a significant rate during the forecast period (2022-2028).
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More and More Events with Big Prize Pools
The esports industry is starting to be monetized as a result of how well-liked these esports events are by gamers and spectators. Like any other traditional sport, several universities and colleges are providing scholarships and even esports courses, giving gamers the chance to pursue gaming as a profession. The global esports market is anticipated to grow more quickly as a result in the upcoming years. During the anticipated period, all of these factors will contribute to the India Brake Pad Market’s growth (2022-2028).
Challenge: Absence of Standards in the eSports Sector
The esports industry is still in its infancy, so both businesses and athletes face many difficulties. Many gamers and tournament participants find it challenging to judge whether a tournament is legitimate. The number of scams and fraudsters is rising along with the number of tournaments, which presents difficulties for reputable and lawful esports tournament organizers. The lack of standardization in the esports sector is a reflection of the ongoing problems that players, competitions, teams, and their contracts for sponsorships or contracts with advertisers face.
India eSportsMarket – By Audience
Based on audience, India eSports Market is segmented into Tournament Organizers, Alliances, Game Publishers, Sponsors, Esports Investors, Research Institutes and Organizations, Analysts and Strategic Business Planners, and Market Research and Consulting Firms.
During the forecast period, the sponsors segment is anticipated to contribute the most to revenue. By using both online and offline media platforms, sponsorship offers significant opportunities for businesses to communicate with their target audiences directly. Many endemic companies have already established sponsorship relationships with esports teams and competitions. Offering gaming-related products has proven to be a wise investment because it enables these companies to increase revenues and establish their brands.
Impact of COVID-19 on India esports market
The COVID-19 pandemic outbreak has been beneficial to the growth of the esports sector. The imposition of lockdown and social distancing norms has forced people to interact with one another through digital and virtual platforms and mediums. Esports has also emerged as a result of the online gaming industry’s digital transformation. The implementation of esports was hampered by the lack of auxiliary equipment, such as gaming setup, joypads, and console sensors & screens. However, because lockdown norms and regulations are being relaxed, it is anticipated that the esports market will expand quickly over the coming years.
The leading market players in the India eSports Market are Nazara Technology, Jetsynthesys, Nodwin Group, Gaming Monk, Neon Gaming Studio, Team Brutality, League of Extraordinary Gamers (LXG), Viacom 18, Esports Federation of India, and other prominent players.
The India eSports Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India eSports Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India eSports Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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