According to research conducted by Market Study Report, the size of the worldwide esports market ($1.1 billion in 2019) is expected to reach $6.31 billion over the next six years. This represents a compound annual growth rate (CAGR) of 24.4% during that period.
“The regional analysis of global esports market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World,” the report reads. “North America is the leading/significant region across the world in terms of market share owing to involvement of TV networks, franchises, players, developers and streaming platforms mainly in the United States. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as growing penetration of mobile gaming and frequently growing internet usage would create lucrative growth prospects for the Esports market across Asia-Pacific region.”
The report said that international investments, as well as increased streaming, are two of the biggest factors contributing to the industry’s growth. Furthermore, widening audience reach and creating more esports-related career opportunities have also helped the industry expand.
Statista recently released a report on the global online gaming and entertainment market. In the report, the company said that the worldwide entertainment market is expected to grow to $2.2 trillion this year.