Driven by a rising tribe of Internet users across the world, the esports market is forecast to reach $2.40 billion by 2024.
This is one outcome of the “Global Esports Market: Insights & Forecast with Potential Impact of COVID-19 (2020-2024)” study that provides a comprehensive analysis of the global esports market with the potential impact of COVID-19 pandemic on its future.
The study discovers that growth in the esports market was helped by rising internet users & penetration, growing GDP per capita, increasing digitalization, and rising smartphone users across the key markets of the world.
The global esports market is expected to reach $2.40 billion in 2024, growing at a CAGR of 18.19% for the period spanning 2020-2024, according to authors of the report.
The esports market is expected to face certain challenges like growing addiction of esports and physical and psychological effects.
The market is witnessing certain trends such as increasing adoption of virtual reality (VR) and augmented reality (AR) in the gaming industry.
The global esports market by revenue source can be segmented into the following: sponsorship, media rights, advertising, publisher fees and merchandise & tickets.
The study discovers that in 2019, the dominant share of the market was held by sponsorship, followed by media rights, advertising, publisher fees and merchandise & tickets.
The global esports audience is predicted to reach 888 million in 2024, experiencing growth at a CAGR of 18.19% during the period spanning 2020-2024.
The global esports audience by type can be segmented as follows: occasional viewer and enthusiast. The higher share of the market was held by the occasional viewer in 2019.
The global esports market by region can be segmented into the following: North America, Asia Pacific and Europe. In 2019, the dominant share of the market was held by North America, followed by the Asia Pacific and Europe.
The various factors responsible for the dominant market share held by North America are rising audience of esports, increasing disposable income and surging adoption of smartphones. North America would continue to hold a dominant market share during the forecasted years, according to authors of the study.