Fantasy Sports Market Growth, Trends & Global Industry Analysis
Posted by ReportCrux Market Research on November 25th, 2020
ReportCrux Market Research has published a new report titled “Fantasy Sports Market by Type (Fantasy Soccer, Fantasy Baseball, Fantasy Football, Fantasy Basketball, Fantasy Hockey, Fantasy Golf, and Other Sports); by Gender (Male, and Female); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.
The strategic alliances and partnerships with different stakeholders, increasing spending on advertising and promotions, and growing millennial interest, are the major factors responsible for the increased growth of the fantasy sports industry. The increase in the number of sporting events organized worldwide is also among the factors driving the growth of the fantasy sports industry. The desire to engage in a sporting event instead of watching it has dramatically increased the business bar. Technological developments, combined with the availability of streaming partners, are also likely to propel the fantasy sports industry further. The rising growth of OTT platforms for the fantasy sport segment is likely to show promising growth. OTT's sporting experience is expected to observe creativity, driven primarily by the fantasy sport market. Fantasy sport and OTT channels have been an ideal fit for the entertainment industry as a whole. Fantasy sport is likely to receive a significant boost with the increase in streaming content providers and digitalization.
The global market for the fantasy sports is segmented into type, gender, and region. Based on type, the market is segmented into fantasy soccer, fantasy baseball, fantasy football, fantasy basketball, fantasy hockey, fantasy golf, and other sports. The fantasy football held almost 42% share of the market in 2019. Biggest factor driving the fantasy football market segment is the robust fan involvement. Strategic collaborations and the introduction of product support across fantasy platforms have increased the fantasy football and basketball standards in major playing countries.
Based on gender, the market is categorized into male, and female. The market for male gender held major share of almost 68% in 2019. Considering that men have traditionally been open to sports and outdoor games, the male category accounts for the largest per gender share of the fantasy sports industry. The female population of fantasy sport has, however, experienced a fair increase in the last few years. The growing number of women-centric sporting events and the rising awareness among women folk about games are factors that are boosting the growth of the female sport segment in the market.
By region, the market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America held almost 39% share of the overall market in 2019. The growing attraction to the sports market and the rise of tech-savvy consumers has led to the industry's steady growth in North America. Several states in the U.S. like New York, Massachusetts, Arkansas, Missouri, Indiana, Colorado, Maryland, Virginia, and Vermont have approved the DFS model, which is likely to improve sports in the U.S. States during the forecast period. Furthermore, with the ease of regulation in the U.S. market, strategic partnerships backed with technical innovations are projected to boost the market share of fantasy sports in North America.
Key players analysis
Moreover, the growing tendency towards diverse types of sports and the proliferation of global vendors with creative products are driving the fantasy sports market in Europe. The fantasy sports market in India, South Korea, China, Indonesia and Japan is seeing a strong demand increase due to the rising millennial dedication to sports, increasing digitization and the increasing number of sporting events. The sports fantasy market in Latin America provides fair incentives to sellers. By creating online channels to cater region's untapped audience, will have substantial demand growth in the coming years as vendors are opting for diverse marketing strategies.
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Joined: October 16th, 2020
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