In an exclusive report published by Arizton, it was predicted that the global esports market will be worth more than $5 billion within the next five years. This growth is represented by a huge CAGR of 17.48%, making esports one of the fastest-growing and most lucrative industries in the world.
To put that into perspective, the American Football industry boasts a CAGR of around 6.9%, and the global music market has an estimated CAGR of 7.8%, running to 2029.
Time to Invest
The world of esports is a tumultuous one, and from day to day, things remain fairly volatile. However, it’s one of the fastest-developing markets in the world, and historically, some huge investments have been made into the wider industry.
In the recent report published by Arizton, it was revealed that the esports market, which was worth $1.96 billion in 2023, could be worth as much as $5.17 billion by 2029.
This report spoke about the success of various tournaments, like the League of Legends World Championship, and the ‘adoption of digitisation’, which is a global cultural shift that’s seeing the people of our world become one that’s always connected to an online device in some way.
Arizton revealed that MOBA is king in the esports space and that North America is the place to be for esports businesses. It was documented that 44% of the global esports market share is confined to NA, with APAC coming in a close second.
Do you follow the esports industry in any way? Are you of the opinion that it’s dying, or do you agree that it’s growing at a powerful pace? Let us know on the Insider Gaming forum.
For more Insider Gaming esports, check out the news that Team Falcons won the first OWCS in Stockholm
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