At 12.8% CAGR, Fantasy Sports Market to hit USD 48.07 Billion by 2027, Says Brandessence Market Research
PUNE, India, March 31, 2021 /PRNewswire/ -- Global demand for Fantasy Sports market size, in terms of revenue, was worth of USD 20.69 Billion in 2020 and is expected to reach USD 48.07 Billion by 2027, growing at a CAGR of 12.8% from 2021 to 2027. The global Fantasy Sports is expected to grow at a significant rate due to the number of driving factors.
Dream Sports, Fanduel (Flutter Entertainment), Rotoworld, Fantrax, NFL Fantasy, DraftKings, Yahoo, ESPN, CBS, , Fantasy Football, MyFantasyLeague, Bovada, StarsDraft, Fox Corp., Roto Sports, The Walt Disney Company, Verizon Communications
Increasing technology penetration such as smartphone, internet, etc. & growing investment in online gaming are anticipated to drive the growth of Global Fantasy Sports Market. The fantasy sports market is driven by the launch of various apps for fantasy sports.
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Fantasy Sport is the online prediction games which allow players to make a virtual team of real sports players and earn points based on real life statistics that are converted into points. The points are based on team player performance i.e. better performance leads to higher the points. The player's selected team will play against other managers and their teams which are managed through a roster by adding, dropping, trading and selling players to keep winning. The fantasy sports have helped in increased viewership of the sports events as the points are dependent on real life performance of the player. The team managers improves their decision making capability by considering multiple variable to the performance & increase the chances the winning in the friendly battle with other managers i.e. friends, family, colleagues, etc. The data analysis is used to predict the performance has played huge role in success of the fantasy sports. These games have also increased the individual's interest for the sport as growing knowledge about rules & regulation makes it easy to understand. The technology such as mobile phone, play station, internet penetration, etc. implemented in sport industry has evolved the online gaming with increased live coverage or streaming of almost every event.
During Covid-19 pandemic, the government imposed movement restriction has shifted individual's fun time from going out to online games but the fantasy market has witnessed significantly fall during lockdown due to cancelled major sporting events around the globe. The fantasy sport market has been started regaining its growth after lockdown as the events are organized without real audience such as IPL 13 and the market growth is expected to rise in coming time.
News- FuboTV has Acquired Fantasy Sports Startup Balto.
December 2nd 2020; Balto Sports, a fantasy sports startup started in 2018 has been bought by sports streaming service FuboTV to enter online sports betting market. FuboTV went public in October after merging with FaceBank Group, it will offers free to play gaming trough its streaming TV service.
Increased Penetration of Technology & Growing Investment in Gaming Industry are Some of the Major Factors Driving the Market Growth
The major factor driving the growth of the global fantasy sports market is the growing penetration of the technology globally. The technology has become an important part of human life such as smartphone which has reached to large segment of market due to increased affordability. In addition, the growing investment in gaming sector has changed the market due to its high revenue & increased player base resulted from urbanization. Furthermore, the increasing young population and growing urbanization will also foster the growth of the market. However, lack of technical infrastructure in developing economies & the lack of safety related to payment transfer and data security may hamper the market growth. In spite of that, growing technological advancements in this field to develop more innovative offerings may provide more opportunities for the further growth of the market.
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North America is Expected to Dominate the Global Fantasy Sports Market
The global fantasy sports market is segmented into North America, Europe, Asia-Pacific Latin America and Middle East & Africa. North America is expected to dominate the global fantasy sports market within the forecast period due to the strong IT infrastructure in the region which leads to high internet penetration. In addition, the huge popularity of football with increasing number of players & their popularity is going to drive the market growth in this region.
Asia Pacific is anticipated to grow at a fast pace due to its developing economies like China and India. The region has high number of internet & smartphone users & growing with developing infrastructure. In addition, the growing youth population & increased investment in developing economies will ensure fast adoption for fantasy sports in this region. According to UN; 750 million youth lives in Asia Pacific region with age 15-24 years.
Global fantasy sports market report is segmented on the basis of sport, platform, demographics and region & country level. Based upon sport, global fantasy sports market is classified into football, baseball, basket ball, hockey, cricket and others. Based upon platform, global fantasy sports market is divided into website and mobile application. Based upon demographics, global fantasy sports market is divided into under age of 25 years, between 25 to 40 years and above 40 years.
Global Fantasy Sports Market Segmentation:
The regions covered in global fantasy sports market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of global fantasy sports is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (Saudi Arabia, Egypt, UAE) GCC, Africa, etc.
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