Krungthai Research Center advises the business sector to prepare to catch the trend of the Thai Esports market, growing beyond 2570 billion in XNUMX.
Krungthai COMPASS Research Center points out that electronic sports competitions ("gaming"), or esports, are a rising business sector that is gaining global popularity and is increasingly accepted in Thai society. This has resulted in rapid growth in the esports market over the past several years and is expected to continue expanding in the future, creating opportunities for entrepreneurs to expand their businesses through various business models.
Dr. Pacharapoj Nantaramas, Executive Vice President and Chief Economist, Krung Thai Bank Esports has become increasingly popular in Thai society, as reflected in the Royal Gazette's announcement of Esports as a professional sport in September 2564, and its inclusion as one of the sports included in the SEA Games and Asian Games, where the Thai national team won a gold medal in the ROV competition at the SEA Games in May 2565.
“The esports market has significant supporting factors and potential for further growth. This is driven by the growth in the number of players and viewers, which is expected to reach 18.7 million and 10.7 million over the next five years, respectively. Furthermore, the government is supporting this through tax incentives and access to funding. Furthermore, the education sector is supporting the development of skilled labor by introducing new esports-related courses. Consequently, it is estimated that the esports market value will grow from 37.6 billion baht in 2022 to 108 billion baht in 2027, representing approximately three times the current value.”
Mr. Kritchanon Jindawong, Analyst, Krungthai COMPASS Research Center He said that businesses that will benefit from the first wave of growth in the Thai esports market will be those directly related to games, such as esports team businesses, tournament organizing businesses, and game development businesses. The next wave of businesses that will benefit will be other unrelated businesses that can penetrate the esports market through the development of competition venues or sponsorships to promote brand products.
“Investing in the construction of a competition venue is a business that requires significant capital investment, so careful feasibility studies are required. The key to success in a competition venue business is ensuring that the venue is used frequently, through collaboration with competition organizers. Sponsoring esports competitions is also an interesting prospect, as Thailand's esports audience is relatively large and possesses purchasing power. Furthermore, studies have shown that over 60% of esports viewers have positive feelings about the brands sponsoring the competitions, which may lead to purchasing decisions.”
Mr. Kanit Amsakul, Analyst, Krungthai COMPASS Research Center He said that the growth of the esports market will not only benefit businesses within the same industry, but also traditional businesses can use esports as a tool to promote business growth. This is especially true in the tourism sector, where case studies are beginning to emerge both internationally and in Thailand.
“The R6 Raleigh Major in Raleigh, USA, is an example of how esports can boost tourism. The event attracted 2,600 daily spectators, 70% of whom were from out of state or abroad. This resulted in over 1,000 additional employees for businesses in the city, including hotels, restaurants, and security, generating US$1.45 million in revenue. Similarly, the 2022 Thailand Esports Championship in Hat Yai, Songkhla Province, attracted 20,000 athletes and tourists, generating 60-70 million baht in revenue for hotels and restaurants, more than doubling the economic impact compared to the 30 million baht invested in the event.”
