PMI Unveils Fantasy Sports Market Success: Remarkable US$ 1.6 Billion and Impressive CAGR of 11.20%
Companies leading in the Fantasy Sports Market are CBS Corp., DraftKings Inc., Fox Corp., Paddy Power Betfair Plc, Roto Sports Inc., Sporta Technologies Private Ltd., Sportech Inc.
Covina, Oct. 12, 2023 (GLOBE NEWSWIRE) — Fantasy sport is also called as rotisserie or roto a game played by using internet, where a participants assemble virtual teams which is composed of proxies of real players of professional sport.
A major factor driving the growth of the fantasy sports business is the rise in the number of sporting events organized worldwide. Technological advancements, coupled with the availability of streaming partners, are further driving the fantasy sports market. Growing trend of an increasing number of players, and strong presence of Internet infrastructure will significantly influence Fantasy Sports Market growth.
Recent Key Highlights of Fantasy Sports Market:
- In March 2023, Ashneer’s Grover’s Third Unicorn launched new cricket-focused fantasy sports app ‘CrickPe’ which came ahead of marquee IPL (Indian Premier League) tournament. The company also shared the Apple store and Google Play store links to download applications.
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List of Key Players Profiled in the Fantasy Sports Market:
- CBS Corp
- DraftKings Inc.
- Fox Corp.
- Paddy Power Betfair Plc
- Roto Sports Inc.
- Sporta Technologies Private Ltd.
- Sportech Inc.
- The Football Association Premier League Ltd.
- The Walt Disney Company
- Verizon Communications Inc.
Report Scope & Segmentation:
|Base year for estimation||2022|
|Forecast period||2022 – 2032|
|Market representation||Revenue in USD Billion & CAGR from 2022 to 2032|
|Market Segmentation||By Sports – Football, Soccer, Basketball, Baseball, Hockey, Golf, Cricket, Other fantasy sports
By Gender – Male, and Female
|Regional scope||North America – U.S., Canada
Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America – Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors, and trends|
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The growing popularity of OTT platforms is expected to augur well for the fantasy sports segment. The OTT sports experience is set to observe innovation, which is mainly driven by the fantasy sports business. Fantasy sport and OTT platforms have become an apt match for the overall entertainment business which is likely to propel market growth.
The Emerging Trends and Innovations in Fantasy Sports Market:
In the dynamic realm of Fantasy Sports, emerging trends and innovations are reshaping the gaming landscape. Augmented Reality (AR) and Artificial Intelligence (AI) are elevating user engagement through personalized insights and immersive experiences. Blockchain technology ensures secure transactions, while social gaming features foster community interaction. Live streaming and Virtual Reality (VR) enhance the viewing experience, attracting a wider audience. Platforms are diversifying with women-centric leagues and embracing sustainability initiatives. Predictive analytics and global expansions cater to diverse sports interests. Strategic partnerships with teams and athletes create exclusive content, enriching user experiences. These advancements signify the sector’s evolution, promising exciting prospects for fantasy sports enthusiasts globally.
What factors are likely to shape the future of the market, and what opportunities and challenges will arise?
Factors Shaping the Future of the Fantasy Sports Market:
- Technological Advancements: Continued advancements in AI, AR, and VR technologies will enhance user experiences, offering more immersive gameplay and personalized insights.
- Global Expansion: The market will expand into new regions, catering to diverse sports interests and fostering a more inclusive gaming environment.
- Partnerships and Collaborations: Strategic alliances with sports organizations and celebrities will provide exclusive content and drive user engagement.
- Mobile Gaming: The proliferation of smartphones will fuel the growth of mobile-based fantasy sports apps, reaching a broader audience globally.
- Innovative Game Formats: Introduction of new and innovative game formats will keep users engaged and attract new players to the platform.
- Diverse Sports Leagues: Inclusion of niche and emerging sports leagues will tap into specific fan bases, creating new revenue streams.
- E-Sports Integration: Integrating e-sports tournaments into fantasy sports platforms will cater to the growing demand for online competitive gaming.
- Social Gaming Features: Enhanced social gaming features will encourage user interactions, fostering a sense of community and user loyalty.
- Monetization Strategies: Development of creative monetization strategies, such as in-app purchases and premium memberships, will enhance revenue generation.
- Regulatory Compliance: Adhering to varying regulations in different regions regarding online gambling and fantasy sports will pose a challenge for global platforms.
- Data Security: Ensuring the security of user data and transactions amid rising cybersecurity threats will be crucial to maintain user trust.
- Market Saturation: With the increasing number of fantasy sports platforms, standing out in a saturated market and retaining users will be challenging.
- User Addiction Concerns: Addressing concerns related to addictive behavior and responsible gaming practices will be essential for the industry’s reputation.
- Legal Challenges: Potential legal challenges related to player rights, intellectual property, and licensing agreements might emerge as the market evolves.
Here are Some Faqs:
- What is the current market size and growth trajectory of the fantasy sports industry globally?
- Which technological innovations, such as AI, AR, and blockchain, are driving the evolution of fantasy sports platforms?
- How are partnerships with sports organizations and celebrities shaping user engagement and market dynamics?
- What are the emerging trends in mobile gaming within the fantasy sports sector, and how are they attracting a wider audience?
- Which regions are witnessing the most significant growth in fantasy sports, and what factors contribute to their market dominance?
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