The esports market has grown significantly in recent years, and it shows no signs of slowing down. The global esports market size was valued at $1.1 billion in 2020 and is expected to reach $1.79 billion by the end of 2023, growing at a CAGR of 11.3% during the forecast period.
One of the main drivers of this growth is the increasing popularity of esports among both fans and investors. The number of esports fans and viewers is expected to reach 646 million in 2023, up from 443 million in 2019. This increase is largely driven by the rise of online streaming platforms, such as Twitch and YouTube, which have made it easier for fans to watch and follow their favorite teams and players.
Another factor contributing to the growth of the esports market is the increasing level of investment from major companies and organizations. Many traditional sports teams and organizations have invested in esports, and major brands such as Coca-Cola, Intel, and Red Bull have also entered the space.
The Asia-Pacific region is the largest esports market, accounting for over half of the global esports market revenue in 2020. China is the largest contributor to the esports market in the region, driven by the popularity of mobile games such as Honor of Kings and PUBG Mobile. North America and Europe are also significant esports markets, with the US and Western Europe being major contributors to the overall market revenue.
Esports tournaments are another major revenue generator for the industry, with major events such as The International Dota 2 Championship and the League of Legends World Championship drawing in large audiences and offering substantial prize pools. The industry is also benefiting from the continuous investment and partnering with major traditional sports clubs, organization and facilities.
In conclusion, the esports market is a rapidly growing industry with a huge potential for future growth. With increasing popularity among fans and investors, and a growing number of major companies and organizations investing in the space, the future looks bright for esports.
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