Northrook, IL -- (SBWIRE) -- 07/02/2020 -- The esports market was valued at USD 694.2 million in 2017 and is expected to reach USD 2,174.8 million by 2023, at a CAGR of 18.61% between 2018 and 2023. The esports market is expected to grow because of various driving factors, such as increasing popularity of video games and growing awareness about esports.

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Electronics sports (esports) are competitive tournaments organized for video game players. It imitates the experience of viewing a professional sports event, where audiences watch video gamers compete against each other. Esports events comprise competitive leagues and tournaments. The esports revenue is generated through sponsorships and advertisements, tickets and merchandise, and media rights. Sponsorships play a vital role in the esports business, as the increasing number of companies are investing in the esports industry. Further, with increasing player wages and expanding esports market, the introduction of new sponsors is critical for the future commercial success of esports. As the esports market matures in the coming years, the revenue generation opportunities would also increase.

Of all the major revenue streams for the esports market, the contribution from media rights is expected to grow at the highest CAGR during the forecast period. Media rights are significantly contributing to the global esports industry. The easy access to a communication technology has enabled fans worldwide to track live esports activities. Media organizations pay a huge amount for winning the exclusive rights to broadcast the live streaming of top esports events.

APAC dominated the global esports market, with the largest market size and highest estimated CAGR for the forecast period; the region accounted for almost one-third of the overall market in 2017. The growth of this industry can be attributed to the increasing number of esports competitions in the region. Asia has always been an attractive market for the gaming industry, especially owing to the ease of entry, compared to other markets. Moreover, a number of esports spectators, sponsors, and brands from the western countries are increasingly investing in the market in this region.

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Some of the major companies in the esports market include Modern Times Group (Sweden), Activision Blizzard (US), FACEIT (UK), Nintendo (Japan), Gfinity (UK), Turner Broadcasting System (US), CJ Corporation (South Korea), Valve Corporation (US), Tencent (China), and Electronic Arts (EA) (US) among others.

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