The intelligence firm has released its latest Global eSports Market Report which studies the current state of eSports around the world and predicts its growth for the future.
It states that global revenues for eSports are expected to grow to over $1.4 billion by 2020. $1.2 billion of this is expected to be generated by sponsorships, media rights, and advertising.
In terms of audience, Newzoo estimates that the number of eSports Enthusiasts will grow from 162 million in 2016 to 191 million in 2017. The number of Occasional Viewers is also expected to grow to 194 million.
Breaking this down further into demographics, the majority of both enthusiasts and viewers were found to be male, aged between 21 and 35.
Newzoo also claims that 62% of eSports enthusiasts in 2016 were in full-time jobs, while 50% came from high-income households, making them a desirable target market for advertisers.
As the eSports scene grows, more and more companies are getting involved. India-based mobile publisher Nazara Games recently announced that it was investing $20 million to grow an eSports league in India.