The Indian eSports sector has grown exponentially owing to the largest youth population and easy availability of internet. Today gaming industry is witnessing rapid growth in India and the rising base of gamers is contributing on a major basis. With gaming tournament organizers hosting big events across India, the sector is experiencing great traction. Viewership records are also being broken as thousands of dedicated fans cheer for their favourite teams and players.
Considering the previous years’ growth, year 2023 looks quite promising. Commenting on the growth of India gaming market, Sanjoy Bhattacharya, Director Sales & Marketing, IT Business, ViewSonic India said, “The online gaming market is estimated to generate a revenue of Rs 11900 crore by the year 2023 according to a media report owing to the rise in demand for this industry in the Indian markets. Additionally, the India esports market is expected to exhibit a CAGR of 21.1% during 2023-2028. The evolution in the sector is attributed to the technological advancements, willingness to invest in the sector and the increase in number of professional gamers.”
“Furthermore, the certification like Blur Buster 2.0, higher refresh rates, faster IPS panel and others, have only added to the growth in the market. Companies are readily investing in R&D and newer models to meet the current high demands and consumer expectations,” he added further.
Growth Drivers for eSports Market in 2023
The Esports market growth is driven by a lot of factors. The growth and popularity of gaming is all time high. Young population is creating big growth opportunities for gaming brands. The demand for gaming products is increasing rapidly as gamers are building their own PCs for powerful gaming experience. In the year 2023, the market players expect much more growth. Adding on the growth prospects, Sanjoy stated, “As pointed out above, the increase in number of professional gamers and online gaming tournaments and communities; the industry is looking forward to a positive environment where companies are ready to invest and meet customer satisfaction.”
He further added, “The technological advancements will play a crucial role as the certifications and features added to various gaming setups like monitors, keyboards, hard drives and others are made to give a seamless gaming experience. Blur Buster 2.0, higher refresh rate, faster IPC panels and a lot more is ins tore for the gaming community.”
Factors Disrupting The Market
Commenting on the factors that are disrupting the market growth, Sanjoy said, “There are multiple factors currently affecting the growth and sales of the tech industry. However, narrowing it down to the critical two:
1. Owing to the global economic recession in western countries, the volatility of the global exchange rate and a sharp increase in petroleum prices due to the Russia-Ukraine war, the demand for display monitors has significantly declined. Adding to the factor, the experts predict the panel makers to cut down production to save investment.
Furthermore, the recent rise in the Covid-19 cases in China will also hugely affect the supply of panels (TN and VA both). This in term will lead to a higher demand and less supply scenario resulting in higher prices for the monitors. Though IPS panels are expected to have a stable demand chain with a little higher production cost.
Opportunities for Gaming Hardware Market
“Brands have already started investing heavily in the R&D and innovation of new technologies for the gaming sector owing to the rise in demand in the recent years. We can now see more hardware and software efficiency and certification provided by the brands to meet the demand and beat the competition in the market,” commented Sanjoy.
He added further, “ViewSonic as a brand is all set to take the lead in the gaming sector. We as a brand believe in providing the best of features and technology to all our consumers and with our wide portfolios of products, certifications like Blur Buster 2.0, higher refresh rates, faster IPS panels, AMD FreeSync™ and ithers, we are leading the market with significant numbers. We will also be introducing new product line-up in the market soon that will surely help us to maintain the lead as well as meet customer demands. With the aim of taking gaming to another level, we globally launched a portable gaming monitor VX1755.”