The Global Esports Market size is expected to reach $3.57 billion by 2027, rising at a market growth of 21.3% CAGR during the forecast period, says “The Global Esports Market By Revenue Source (Sponsorship, Media Rights, Advertising, Publisher Fees, and Merchandise & Tickets)” market research report.
There is a huge base of participants prevailing in the video game industry, which is more than the combined viewers & participants of the music & entertainment sectors, and this base is constantly growing across the globe. The high popularity of video games like PUBG, Counter-Strike, Call of Duty, and others is estimated to augment the revenue share of the esports market.
The esports industry is getting monetized due to the high popularity of these games and their respective esports events among gamers and spectators. Several universities and colleges are also offering scholarships and even esports courses just like any other traditional sports, which are creating opportunities for the gamers to choose it as a professional career. This is expected to accelerate the growth of the esports market across the globe in the coming years.
As the esports industry is still an emerging market, there are several challenges faced by companies as well as gamers. There are many participants and gamers who face difficulties in checking out the authenticity of tournaments. Along with the increasing number of tournaments, the number of scams and fraudulent is also rising, which is creating problems for the authentic and real esports tournament organizers. The absence of standardization of the esports industry also indicates the consistent issues that are faced by the players, tournaments, teams, and their advertising, sponsorships, or contracts.
(All information was provided by GlobeNewswire)