The “Fantasy Sports Market – Global Outlook and Forecast 2019-2024” report has been added to ResearchAndMarkets.com’s offering.
The fantasy sports market size is expected to reach more than $1.5 billion by 2024, growing at a CAGR of more than11% during 2018-2024.
Increasing strategic collaborations and partnerships with diverse stakeholders, growing advertising and marketing spend, and rising interest of millennial are the major factors responsible for the increased growth of the fantasy sports market.
A major factor driving the growth of the fantasy sports business is the rise in the number of sporting events organized worldwide. The urge to participate in a sport event rather than view it has raised the bar of the market significantly. Technological advancements, coupled with the availability of streaming partners, are further driving the fantasy sports market.
The growing popularity of OTT platforms is expected to augur well for the fantasy sport segment. The OTT sports experience is set to observe innovation, which is mainly driven by fantasy sport business. Fantasy sport and OTT platforms have become an apt match for the overall entertainment business. With the growth in streaming service providers and digitalization, fantasy sport is expected to receive a major boost.
Fantasy Sports Market: Segmentation
This market research report includes a detailed segmentation of the market by sports, gender, and geography. The worldwide popularity of football is a major reason for the highest share of the fantasy football segment. The segment captured around half of the fantasy sports market in 2018. The extensive fan engagement is another a major factor that is driving the fantasy football market segment. Strategic partnerships and the launch of supporting products across fantasy platforms have raised the standards of fantasy basketball in major playing countries.
As men have historically been receptive to sports and outdoor games, the male segment accounts for the highest share in the fantasy sports market by gender. However, over the last few years, the female population in fantasy sport has witnessed a reasonable surge. The growing number of women-centric sports events and the increasing awareness about games among womenfolk are the factors boosting market growth of female sports segment.
Fantasy Sports Market: Geography
The growing affinity toward sports business and the increase in tech-savvy customers have contributed to the incremental growth of the industry in North America. Several states in the US – Arkansas, Colorado, Indiana, Maryland, Massachusetts, Missouri, New York, Virginia, and Vermont – have legalized the DFS format, which is likely to boost the sports in the US during the forecast period. Further, with the ease in regulation across the US, technological advancements backed by strategic partnerships are expected to increase the fantasy sports market value in the US.
The rising inclination toward diverse sports categories and the influx of global vendors with innovative offerings are driving the Europefantasy sports market. The fantasy sports market in India, China, South Korea, Indonesia, and Japan is witnessing a high surge in demand due to the increasing millennial engagements in sports, growing digitization, and the rising number of sporting events in developing countries. The Latin American fantasy sports market offers reasonable opportunities for vendors. Vendors are opting for diverse marketing strategies by developing online platforms to cater to the untapped audience in the region, which will have significant market growth in the coming years.
Market Growth Enablers
- Fan in the Fantasy
- Aggressive Ad & Marketing Spending
- Millennial-driven Fantasy Models
- Growth Spurred by Increasing Sporting Events
Market Growth Restraints
- Regulatory Restrictions Across Regions
- Flooding Technicalities Hampering Growth
- Stringent Regulations Against Betting
Market Opportunities & Trends
- Leveraging Social Media Platforms
- Embracing Blockchain for Service Enhancement
- Capitalizing on OTT Platforms
- Partnering with Diverse Stakeholders
Key Vendor Analysis
The global fantasy sports market is currently undergoing several transformations from being consolidated to fragmented. Vendors catering the market have a vast range of opportunities to capitalize upon. They are also focusing to maintain certain basic fan requirements such as security, transparency, fantasy insights, interactive user interface, and technological leverages. Further, vendors are looking forward to expanding in new regions and countries, depending upon demand growth and trying to utilize maximum digital fan-centric content creation to capitalize upon the exponentially growing market.
- CBS Corp.
Other Prominent Vendors
- Boom Fantasy
- Daily Fantasy Cricket
- DraftTeam Fantasy Sports
- Swoopt Fantasy Sports
- 11Wickets (Ability Games)
For more information about this report visit https://www.researchandmarkets.com/r/6hfxlg
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