The rapidly-growing eSports industry has been named as one of the world’s fastest growing sectors and is expected to treble in value over the next 5 years to $31.1 billion, according to new research.

The report, published by India-based revenue impact research Markets and Markets, says that the industry, currently worth $8.9 billion globally, is expected to grow more than 20% year-on-year over the next 5 years.

The report said: ‘Sponsorships and advertisements added millions to the eSports market in 2018, and the segment is expected to add more by 2024. Sponsorship and advertisement offer a significant long-term engaging opportunity for eSports organisers with their fans.

‘The growth in the revenue addition through sponsorship and advertisement can be attributed to the increasing awareness about eSports across the globe. Further, the increasing number of high prize pool events is also boosting the number of viewers and attracting top-level players, especially for offline eSports tournaments.

‘The increasing number of offline eSports tournaments are [also] creating opportunities for sponsors and advertisers to build brand awareness and customer loyalty.’