Fantasy Sports Market REPORT OVERVIEW
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The global fantasy sports market size was USD 22780 million in 2022 and market is projected to touch USD 78719.7 million by 2032, exhibiting a CAGR of 13.2% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the Global Fantasy Sports Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
A fantasy sport is a form of online game where users create fictional or virtual teams out of actual professional athletes. Based on the statistical performance of such players in actual games, these teams compete. This performance is translated into points, which are tallied and summed in accordance with a roster chosen by the manager of each fantasy club. These point systems may be straightforward enough for a "league commissioner" to calculate manually, or they may be compiled and calculated by computers that track the real outcomes of the professional sport. Similar to real sports, team owners in fantasy sports draught, trade, and cut (drop) players.
COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market
The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.
LATEST TRENDS
"Growth of the market in recent years"
Players choose and manage virtual teams made up of real-life professional athletes on fantasy sports gaming websites. Throughout a sports league or season, users pit their fantasy teams against those of one another. The amount of money awarded to users with the greatest point totals depends on how well professional athletes really perform.
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, and fantasy chatbots. The use of such technology is predicted to continue offering additional opportunities for market participants to better manage users and key operations.
Fantasy Sports Market SEGMENTATION
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- By Type
Based on type the global fantasy sports market is classified as fantasy football, fantasy hockey, fantasy baseball, fantasy soccer, fantasy basketball, others.
- By Application
Based on application the global fantasy sports market is classified as casual users, betting users.
DRIVING FACTORS
"The Utilization as a Catalyst to Boost the Market Growth "
Over the past few years, the market share for fantasy sports has grown significantly. The spread of digital infrastructure in the developing world is the main driver of quick market expansion. Additionally, the availability of affordable smartphones and the national trend of rapidly falling data prices have caused an enormous rise in the average data consumption per subscriber. In a similar vein, as of March 2020, there were 900 million internet users in China, an increase of 75 million from December 31, 2018. China and India are the two countries with the most internet users and are expanding quickly. Additionally, websites that are mobile-friendly are being created in order to draw in certain users and keep them interested for a longer amount of time. Websites also provide customers a cost-effective platform and are more affordable than mobile applications.
"Extensive Application in Laundering Process to Multiply the Production and Market Growth"
The adoption of technologies for better and more efficient operations is given tremendous importance by the quickly expanding online gaming market. With the development of secure payment channels, user-friendly interfaces, blockchain-based apps, and fantasy chatbots, the fantasy sports industry has seen substantial gains in revenue production, customer satisfaction, and operational performance. The active market participants will continue to have appealing opportunities to manage users and important tasks more effectively by implementing such technology. Customers benefit from the user-friendliness of websites.
RESTRAINING FACTORS
"Several Challenges Associated with the Local Irritation to Restrain the Market"
Although fantasy sports are mostly skill-based, they are frequently confused with illegal sports betting. However, due to varied gambling rules in different nations, fantasy sports continue to be subject to legal scrutiny. Fantasy sports are frequently lawful depending on current gambling and skill game legislation. Despite the fact that fantasy sports are allowed in the United jurisdictions, certain jurisdictions have outlawed one or more fantasy sports platforms, including DraftKings, Yahoo, FanDuel, Fantasy Draught, and others. These states include Arizona, Hawaii, Alabama, Iowa, Idaho, Montana, Louisiana, Nevada, and Washington State. Such occurrences impede market expansion.
Fantasy Sports Market REGIONAL INSIGHTS
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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"
Due to the presence of several prominent market players in the region, such as Nichia Corporation, Everlight Electronics, Mitsubishi Electric Pvt. Ltd., and others, Asia Pacific held the biggest market share of over 29% during the forecast period. The Japanese government also supports and invests in the solid-state lighting industry. The objectives of the Japanese projects were to benefit from the significant energy savings and greenhouse gas reductions. High-performance white LED development is to blame for this. Additionally, over the past five years, LED distribution in India has significantly risen. For instance, 368.6 million LED lights were distributed to Indian households in December 2022, according to statistics from the Indian Ministry of Power.
KEY INDUSTRY PLAYERS
"Financial Players to Contribute Towards Expansion of Market"
This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.
List of Market Players Profiled
- FanDuel (US)
- DraftKings (US)
- Yahoo (US)
- ESPN (US)
- CBS (US)
- NFL Fantasy (US)
- Fox Sports Fantasy Football (US)
- MyFantasyLeague (US)
- Bovada (US)
- Sportech (UK)
- Fantrax (US)
- StarsDraft (US)
REPORT COVERAGE
The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 22780 Million in 2022 |
Market Size Value By |
US$ 78719.7 Million by 2032 |
Growth Rate |
CAGR of 13.2% from 2022 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
By Type
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By Application
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Frequently Asked Questions
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What value is the fantasy sports market expected to touch by 2032?
The global fantasy sports market is expected to USD 78719.7 million by 2032.
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What CAGR is the fantasy sports market expected to exhibit by 2032?
The fantasy sports market is expected to exhibit a CAGR of 13.2% by 2032.
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Which are the driving factors of the fantasy sports market?
The adoption of technologies for better and more efficient operations is given tremendous importance by the quickly expanding online gaming fantasy sports market.
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Which are the key players functioning in the fantasy sports market?
FanDuel, DraftKings, Yahoo, ESPN, CBS, NFL Fantasy, Fox Sports Fantasy Football, MyFantasyLeague, Bovada, Sportech, Fantrax, StarsDraft are the key players functioning in the fantasy sports market.