According to “E-Sports Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026” published by The Business Research Company, the esports market size is expected to grow from $1.20 billion in 2021 to $1.41 billion in 2022 at a compound annual growth rate (CAGR) of 17.2%.
The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities resulting in operational challenges.
The esports market is expected to reach $2.56 billion in 2026 at a CAGR of 16.1%. The rising demand for video games and increased awareness of esports will contribute to the growth of the market.
As technology is expanding, video content, products, virtual reality, and video game competitions are growing. Video gaming has been transforming pop culture while redefining the ways that young people consume entertainment. In 2019, according to PwC’s latest Global Entertainment & Media Outlook, the video games market in the United States was expected to reach $30 billion by 2023. The revenue of esports reached $1.57 billion in 2019. Therefore, the rising demand for video games and increasing awareness of esports drives the esports market growth in the forecast period.