Fantasy Sports Market Size to Reach USD 84.9 Billion, With a CAGR of 14.50% by 2032 - Report by Market Research Future (MRFR)
Increasing Interest for Fantasy Soccer to Boost Fantasy Sports Market Growth
New York, US, May 30, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Fantasy Sports Market Information Deployment Mode, By Organization Size, And By Region – Market Forecast Till 2032”, the Fantasy Sports Market could thrive at a rate of 14.50% between 2023 and 2032. The market size will be reaching around USD 84.9 Billion by the end of the year 2032.
Drivers:
Increasing Interest for Fantasy Soccer to Boost Market Growth
With millions of leagues to choose from, fantasy football/soccer is the most popular variant, just like the real game. Fantasy football is a sport that has over nine million players worldwide and is played in a variety of ways. Entrepreneurs are offering these sports platforms from a variety of locations to meet the growing demand from fans for virtual versions of their preferred games.
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Market Competitive Landscape:
Eminent industry players profiled in the global fantasy sports market report include.
Dream Sports
DraftKings Inc.
Fan duel (Flutter Entertainment)
NBC Sports Edge
FantasyPros
roto wire
Fanta calcio
Fanta
Spartech Inc.
and NFL Fantasy.
Scope of the Report - Fantasy Sports Market:
Report Metrics | Details |
Market Size by 2032 | USD 84.9 Billion |
CAGR during 2023-2032 | 14.50% |
Base Year | 2022 |
Forecast | 2023-2032 |
Key Market Opportunities | Rise in female participation |
Key Market Dynamics | Changes across sporting formats, frequent tournaments, and booming sports players’ popularity |
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Opportunities:
Adoption of New Technologies to offer Robust Opportunities
Adopting new technologies is important for better and more efficient operations in the quickly growing online gaming industry. The creation of income, customer satisfaction, and operational efficiency have all significantly increased in the fantasy sports market as a result of the introduction of secure payment mechanisms, an intuitive user interface, blockchain-based apps, & fantasy chatbots. The use of such technology is predicted to continue offering additional opportunities for market participants in order to better manage users and key operations.
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Industry Updates:
May 2023- When Draft Champ, a fresh fantasy sports platform, debuts at the start of the 2023 NFL season, it will use the Quiver Drafting System, a patented and exclusive drafting technology.
Restraints and Challenges:
Legal and Regulatory Challenges to act as Market Restraint
The legal and regulatory challenges and data privacy & security issues may act as market restraints over the forecast period.
COVID-19 Analysis:
The pandemic has led a number of professional sports leagues to postpone or cancel their seasons, which has thrown off the schedule for fantasy sports. While some fantasy leagues were able to modify their schedules to account for the modifications, others were forced to completely cancel their seasons. The epidemic has made managing teams for fantasy gamers more difficult because players have missed games due to illness or quarantine. The availability of some players in fantasy leagues has also been impacted by some players' decision to withdraw from the season due to health issues. On the other hand, there has been a rise in online fantasy sports activity as a result of more individuals staying at home at the time of the pandemic. This entails a rise in online draught participation as well as online fantasy sports content.
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Market Segmentation:
The global fantasy sports market is bifurcated based on sports type, demographics, and platform.
By sports type, football will lead the market over the forecast period for its burgeoning popularity in the APAC region.
By demographics, 25-40 years will domineer the market over the forecast period. The growing popularity of fantasy sports especially amid millennials has gone up for the development of smart cell phones & the blending of the lines amid gambling and gaming.
By platform, mobile application will spearhead the market over the forecast period. Various games based on the mobile application have emerged for the growing smartphone adoption rate.
Regional Analysis:
North America to Head Fantasy Sports Market
Due to the widespread popularity of diverse sports in the region, North America is a crucial market location for fantasy sports. Ever since fantasy sports were initially presented in the region, numerous firms, including ESPN, FanDuel, Yahoo, and DraftKings, have increased their broad assortment of fantasy sports services. There are already over 60 million fantasy sports players in the region. In North America, the U.S. market had the biggest market share, and the fastest-growing market was in Canada. The region's substantial market growth has also been a result of sizeable capital investments from a variety of investment organizations, including sports clubs and broadcasters, & aggressive marketing efforts that emphasize big cash rewards. There is a sizable gaming sector in Canada. The gaming market in Canada is varied, encompassing anything from fantasy football to online gambling to cooperative first-person shooters. Several important variables, including technology advancements, consumer preferences for novel products, changes in public perception, and innovation, have contributed to the growth of the Canadian fantasy gaming sector. This has further prompted interest from foreign businesses looking to establish a significant presence in Canada.
APAC to Have Admirable Growth in Fantasy Sports Market
The APAC area is home to some of the most ardent sports enthusiasts on the planet. The biggest contributor to the millennial population within APAC is the population in significant countries like China and India. For instance, China & India each have more than 409 million millennials, which is almost five times as many as the United States. Millennials make up the maximum sports viewers & the target market for fantasy sports companies. The millennial generation has a high desire for games and sports, so the APAC area is particularly significant to vendors in the market. Additionally, the Indian fantasy sports industry had the Asia-Pacific region's fastest growing market and China's fantasy sports market had the greatest market share.
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