News Americas, NEW YORK, NY, Weds. Mar. 8, 2023: The online gaming market has proliferated over the last decade, creating a multi-billion-dollar market that’s continually growing by the day. In Latin America, the esports market is expected to report over $3.5 billion in growth over 2023, offering incredible opportunities for cloud providers and telecommunications companies in the region.
The rise of the online gaming market is attributable to several factors including the boom of the mobile gaming market and the popularity of live-streaming gaming platforms like Twitch and YouTube games. In Latin America, there are also several other reasons why esports has continued proliferating over the last few years. That includes the rise of esports betting markets like Betway, tech advancements, and more.
Here’s a look at Latin America’s changing entertainment landscape in relation to the esports markets and the driving force behind the significant change over the last few years.
Latin America’s Growing Online Gaming Market
When it comes to the esports market, Latin America has always done its best to remain at par with the rest of the world. For instance, the first Arcade game hit the global market in the early 1970s, with Latin America being among the first to accept the gaming culture like the US. This impressive growth inspired Brazilian company, Tectoy to release their first video game series licensed by Sega Genesis. However, the way players consume video game content has changed over the last five years has changed and for good reasons, including:
The rise of mobile gaming
The growth of the smartphone market has given rise to tablets and mobile phones with powerful processors and their graphic capabilities make gaming more accessible. As the access to Wi-Fi and cellular data becomes more widespread, so is the ability to download casino games or betting apps like the Betway casino on smartphones and tablets.
Popularity of live-streaming sites
Live streaming platforms like YouTube Gaming and Twitch allow esports players to broadcast their gameplay to their audiences. That has created a new entertainment avenue, with some players becoming celebrities online. In Latin America, Brazil, Mexico, and Argentina are the biggest markets for Twitch, with the trend growing by the day.
The growth of competitive esports
Competitive esports tournaments are often broadcasted to live audiences. These esports events have increasingly become popular in recent years, with some events offering millions of dollars in the prize pool.
The growth of online gaming in Latin America is thanks to a combination of several factors including the growth of the smartphone market, the rise of live-streaming platforms, and esports growth. That has created the perfect opportunity for cloud service providers and telecommunications companies to invest in the esports market.
Technological realities affecting the rise of esports in Latin America
Latin America is a huge market for digital gaming, but several technological realities are holding back the industry. That includes:
– Access to reliable, high-speed bandwidth is still limited as only about 72% of households in Latin America have access to stable internet.
– Data latency is still a major problem
– Cloud computing infrastructure in Latin America is still underdeveloped.
