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By Gitika Talukdar
Seoul, October 21 (newsin.asia): Dr.Moon Ki Ju, President of the International esports Forum and Chairman of the Asian esports Association, wants India to grow to be a global leader in esports.
Esports, short for electronic sports, is a form of competition using video games. esports often takes the form of organized, multiplayer video game competitions, particularly between professional players, individually or as teams.
Moon said that in 2023, the revenue in the esports market is forecasted to reach US$ 107.8 million. This market is expected to experience a steady annual growth rate (CAGR 2023-2027) of 10.05%, resulting in a projected market volume of US$158.1 million by 2027.
Among the various segments in esports, betting has emerged as the largest market with a volume of US$ 79.0 million in 2023.
Notably, the United States generates the highest revenue in the esports market, projecting a market volume of US$ 871.0 million in 2023.
Within the esports market, the number of users is expected to reach 143.2 million by 2027. In 2023, the user penetration rate is anticipated to be 8.2%, which is projected to increase to 9.7% by 2027.
Furthermore, the average revenue per user (ARPU) is expected to be US$ 0.92. These figures depict the substantial growth and potential in the esports market, including its significance in India.
The Indian esports market is experiencing exponential growth, with a surge in popularity among the younger generation.
The League of Legends at the Asian Games 2023 was held from September 25 to 29 at the China Hangzhou Esports Centre.
The Indian team participated at the Asian Games showcasing the future of esports in India.
“My suggestion is that the Government of India and the esports Association of India should collaborate to grow esports industries.”
He also said that he wants to help India in the esports market in two segments, one academic and other commercial e.g. survival games. League of Legends is most popular these days in Korea. Valorant is more popular among the young generation.
There are many professionals in Korea who teach esports in the esports academy. Moon mentioned Lee Sang Hyuk, who has 10 billion cotton swabs.
“If you look in global trends esports will grow approximately from 20 trillion to 100 trillion in coming years,” Moon said.
Korea is one of the highest revenue-generating country and a leader in the Asian region, though Singapore led the esports industry having its headquarters in Hong Kong, China.
Moon also mentioned that the sport’s first goal is to incorporate metaverse as a competitive sport segment in Olympic games, not just keep it as survival games or battle clouds. It should be introduced as a leisure game in daily activities to play with your family members and with your grandparents.
In the year 2000 StarCraft created a nationwide franchise and created the world’s first-ever esports station which surprised the world.
“As we know there are two aspects of esports one is positive and the other is negative. But as we are in the technology-world we need to utilize it for betterment. With a motive to promote E-sports I established Korea esports Promotion Association in the year 2011 to keep the game just as a game for entertainment and bridge the generation gap.”
“India has the highest percentage of youth in the world having a total population of 1.3 billion. This can lead Indians to go on the global esports map as an emerging leader. Also, the IT sector of India is one of the best in the world therefore India has all sort of potential. It just needs a torch bearer.”
“As an esports global leader, my responsibility is to help in the promotion and development of esports industry globally,” Moon said.
He led the Korean esports team to the Hangzhou Asian Games 2023 in China. He praised the performance of the Indian team led by Akshaj Shenoy (Captain). Moon said that not only in terms of esports but the overall performance of Team India was incredible winning 107 medals.
He further said that Indian athletes and players have the potential to perform well in the future. As a leading hub of sports in Asia, Korea is ready to help India in every segment of sports, Moon added.
He has several esports academies in South Korea and has written and published several books on esports.
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