Is Esports a Fast Growing Industry?

Is Esports a fast growing industry? Yes, the esports industry is experiencing rapid growth, with a projected annual growth rate (CAGR) of 9.54% from 2023 to 2027, resulting in a projected market volume of US$5.4bn by 2027, making it one of the fastest-growing industries globally. The global esports market is expected to reach a revenue of US$3.8bn in 2023, driven by increasing global awareness, advances in technology, and growing popularity of competitive gaming.

Frequently Asked Questions

General Information

1. What is the current size of the global esports market? The global esports market was valued at US$1.38 billion in 2022 and is expected to grow to US$1.87 billion by 2025.
2. How many people are aware of esports globally? In 2019, global awareness of esports was 1.8 billion, and this number is continuously rising.
3. What is the growth rate of the esports industry? The esports industry is growing at a CAGR of 9.54% from 2023 to 2027.

Industry Projections

4. What will the esports market look like in 5 years? The global esports market is anticipated to reach USD million in 2028, with a CAGR during the forecast years.
5. Where will esports be in 10 years? The global esports market size is expected to attain around USD 33.38 billion by 2032, growing at a CAGR of 22.47%.
6. Will esports surpass traditional sports? While esports is growing rapidly, it is not expected to surpass traditional sports in terms of market value and active fans.

Popularity and Viewership

7. Is esports becoming more popular? Yes, esports is becoming increasingly popular, with global ticket sales revenue returning to pre-pandemic levels in 2022 and a projected five-year CAGR of 13.8%.
8. How many people watch esports? In 2022, esports reached an audience of more than 530 million, with 84 million viewers in the United States alone.
9. Will esports ever be mainstream? Analysts predict that by 2023, 15.5% of US internet users will watch esports at least once a month, indicating its potential to become mainstream.

Career and Industry

10. Is esports a viable career? Yes, esports offers several viable career options, with many skills developed in the industry transferable to other tech and digital careers.
11. How long do esports careers last? Esports players usually go professional between ages 16 and 18 and retire between ages 22 and 24.
12. What are the odds of becoming an esports player? The prospects of becoming a successful professional gamer are low, with 1 out of 10,000 gamers making it to the level of earning their primary income as a professional gamer.

Market and Revenue

13. How big is the US esports market? The US is the largest market for esports, with a projected market volume of US$871.00m in 2023.
14. What is the peak age for esports players? The peak age for player performance in competitive esports is just 24 years old.
15. Will esports ever be profitable? Yes, the growth in esports has generated interest from investors and could have the potential for significant profits, with the industry expected to continue growing in the coming years.