According to a research report by SkyQuest Technology, the global esports market will be worth $2.8 billion by 2028. Since the same report said that the market was worth $1.08 billion in 2021, that means the sector will register a compound annual growth rate (CAGR) of 14.5% during the forecast period that runs from 2022 to 2028.
“The outbreak of COVID-19 pandemic has definitely impacted the growth of the global Esports market,” the report reads. “The burden of lockdown and social distancing rules has compelled people to engage with one another through digital as well as virtual platforms. Digital transformation in the online gaming/sports sector has contributed to the demand of Esports market. Though, the deployment of Esports was slightly affected by the restricted supply of supplementary tools like gaming setup and console sensors and screens. But, with the relaxations in the lockdown norms and regulations, the growth of the global Esports market is expected to surge exponentially in the coming years.”
The report also said that mobile phones will play a big role in the future of the industry. In 2021, mobile gaming made up more than 40% of the global esports market, and “that popularity is now spilling over into some competitive areas.”
(All information was provided by GlobeNewswire)