The Future of Esports: Emerging Gaming Trends and Innovations to Look Out For
The esports industry is no longer what it used to be. Clearly, what started as some casual contests among gamers a while back has transformed into a massive industry.
With corporate sponsorships, many live audiences, and expert players, it’s clear that esports has moved from just a segment of niche entertainment. Competitions in electronic sports now contend with traditional sports like football and basketball when it comes to prize money and viewership. In fact, there’s a high chance that the gaming industry will continue to raise the bar as technology continues to evolve.
In this post, expert analyst Kate Richardson has put together all you need to know about how the world of esports might change in the future. Keep reading.
The Rise of Competitive Gaming
Esports (otherwise written as electronic sports, in full) is competitive video gaming that involves teams or individuals competing in scheduled tournaments. Unlike in the past, it has become a major economic and cultural force that attracts a lot of players, fans, and even investors across the globe. In the words of Mark Cuban, owner of NBA’s Dallas Mavericks, “Esports is not a niche, it’s not a fad, it’s the future..”
With the growth of mobile gaming comes an expansion in the audience. Millions of game lovers can now participate in the fun without owning a PC or regular gaming consoles. Esports is becoming an important part of mainstream culture, and we can see how the industry teams up with traditional sports teams and even universities to impact society on a wider scale.
Market Growth and Revenue in the Esports Industry
The esports market has experienced a significant shift globally. In 2021, the industry was estimated to be worth $1.08 billion, and by 2024, it is projected to hit $1.62 billion. This shift is thanks to the COVID-19 pandemic and many revenue streams, such as sponsorships, media rights, ticket sales, merchandise, and advertising.
Sponsorships contributed about 59% of the overall electronic sports revenue in 2021, with brands like Intel, Red Bull, and Coca-Cola investing heavily in the industry to reach a wider audience.
On the other hand, media rights take about 23% of the entire eSports revenue. Platforms such as Twitch, Facebook Gaming and YouTube Gaming have gained exclusive rights to stream major competitions, and with this, they increase engagement and viewership.
Technological Advancements
There’s a lot of relationship between the future of esports and recent technological innovations. As technology advances, we see different trends in the world of gaming that are relatively new, from immersive options to a more engaging and accessible gaming experience.
Virtual Reality (VR) and Augmented Reality (AR)
VR and AR are new technologies that change the way we interact with the gaming industry. With options like HTC Vive and Oculus Rift, players can enjoy a 360° view of the gaming environment. Other AR games, such as Pokémon Go, also infuse virtual realities into real-life events.
By projection, the VR market is expected to witness a growth of $64.72 billion from 2024 to 2028, representing a 28.3% CAGR. This is a significant shift from what it was in 2021 ($7.7 billion), and it’s all thanks to increasing affordability, innovations in VR technology, and a couple other factors.
Cloud Gaming
Cloud gaming allows streaming games straight to your devices without using high-end hardware. When you take advantage of services like NVIDIA GeForce Now, Google Stadia, and Xbox Cloud, it’s certain that you’ll enjoy easy accessibility and get free entry into your favorite games.
Globally, the cloud gaming market was worth $1.48 billion as of 2020 and is expected to hit $7.24 billion by 2027. This is at a growth rate of 20.1%.
Among the many benefits that comes with this innovation is the elimination of expensive gaming rigs. No longer would you have to spend a lot of money just to have a good time. Rather, you can access your favorite game more easily, even if you’re a first timer.
Social and Cultural Impact Among Gamers
Esports is a lot more than just entertainment. While we’re familiar with the aspect of gaming that keeps us on the edges of our seats, we may not be aware of its socially and culturally implications.
That said, let’s take a look at some of the other impacts of this growing industry.
Community Building
According to Mark Zuckerberg, co-founder and CEO of Meta, “Building a global community that works for everyone starts with the relationships closest to us.” With platforms such as Discord, Twitch, and Reddit gaining popularity, gaming enthusiasts are finding a new way to bond and build thriving communities. These communities give gamers a sense of belonging, and they also help to foster social connections.
Education and Career Opportunities in Esports
Besides the social benefits that come with the rise of esports, there are also several business, educational and career opportunities that anyone can enjoy. Thankfully, certain higher institutions offer esports degrees and scholarships in fields like development, management, and game design. If you’re interested in professional gaming, content creation, or even streaming, you can make a living from emerging careers in the industry.
Speaking of career prospects, options range from event organizers to professional players, down to coaches. You may also end up a game developer or even a commentator. And the best part? Each of these roles come with really competitive salaries.
However, the growth of esports is not limited to career opportunities. It has also led to the rise of sportsbooks like Vave, allowing fans to make money from their interest in esports. At Vave, players can enjoy premium betting on all their favorite esports events like League of Legends and CS:GO among others. Vave is highly rated by players and third-party tipsters like MightyTips.
You may want to look up MightyTips’ take on Vave’s offerings for an expert analysis of what to expect when you use the esports betting platform. There’s much to explore from crypto deposits to VIP systems in Vave. And with the increasing popularity of esports betting, it’s exciting to think about the future prospects of this industry, which is rapidly evolving.
The Future of Esports as a Billion-Dollar Industry
When we look at the rate at which esports as an industry has grown over the years and the several impacts this growth has had on society, we can only conclude that the future of gaming looks promising.
Esports is taking a new shape. And more than before, it’s obvious that the expansion of the industry is now extending to new markets, such as non-traditional gaming regions and emerging economies.
As we look forward to the future, the growth and changes the gaming industry is currently experiencing is traceable to technological advancements. Besides that, there are also factors such as increased investment and changes in consumer behavior.
Developments like cloud gaming, Virtual Reality (VR), and Augmented Reality (AR) are switching things up. And as you may already know, how we interact with games and even online betting has changed a great deal.
