ID: PMRREP32554| Upcoming | Format: PDF, Excel, PPT* | Consumer Goods
According to the latest research by Persistence Market Research, sales for fiction sports are anticipated to register a CAGR of around 14% from 2021-2031. The innovation and improvement in technologies, with the rapid digitization and adoption of smartphones, are some of the prime factors to fuel the growth of fantasy sports market.
Digitization is one of the basic fundamental factors that is driving the development of the volume of fantasy sports . In the current era, customers are heavily reliant on digital media to continue with their relations and association with the external world. In addition, the increment in the use and adoption of smartphones for everyday activities is a promoting factor for the growth of transactions in fantasy sports .
The tradesman and dealers involved in the frictional sports are engaged in launching new versions, new deals and are investing in advertisements, which is causing to gain the attention of customers in large quantities, hence promoting the growth of the volume of fantasy sports platforms.
Additionally, the recent advancements in business techniques involving market study, implementation of customer-to-customer service, continuous and effective evolution in the mindset of the players could change the outlook of the past operations.
With the rapid growth in digital spending, advertisements, technical innovations, and online customer surveys growing, the share of frictional sports volume is to grow in the forecast period.
The involvement of investors in global technologies has created opportunities to filtering innovations and be able to reach extreme heights of innovation. This has led to fuel the volume of fantasy sports and become a piece of human existence.
Moreover, the developing interest in the gaming areas has changed the perception of the millennials and has led to boost the expansion of members of fantasy sports.
Further, the rapid urbanization and expanding millennials population are dominating the technology-based applications. In addition, the innovation involves developing an improved framework to create an economy and maintain security to gain customer trust.
Thus, developing mechanical headways in the field is to foster new inventive contributions and give more freedom and growth to fantasy sports sales.
Since the outbreak of COVID-19, followed by the extended lockdown globally had made changes in the interest of individuals imposing attention towards online and virtual activities. However, the fantasy sports shop had witnessed a major drawback as all the sports activities suffered a temporary suspension until the situation was under control as ruled out by the regional governments.
However, the members of the various sports authorization had come across an alternative to remove the suspension and continue with the events without the presence of any real audience. All the participation, displaying, and rituals of the events were broadcasted digitally. Therefore, all the above actions led to a rise in expectation for the fantasy sports to grow back.
The regions US and Canada of North America are determined to give enormous development in sales of fantasy sports due to the presence of distinctive development in various games like the popularity of football, increased investment in digital infrastructure and launch of new apps are some of the huge variables driving the fantasy sports sales.
Furthermore, the presence of large IT hubs and a large number of internet and smartphone users are expected to boost sales of fantasy sports .The region involves and encourages brand promotions on various fantasy sports apps owing to the popularity of the fantasy sports , which creates opportunities for various global companies to participate and help each other to grow on a huge ground base.
For instance, FanDuel and DraftKings are one of the largest fantasy sports service providers who had collaborated and revolutionized the fantasy sports league.
The companies believed in allowing both the service providers to grow at a fast pace thus, they focused on one-day fictional football leagues and allowed the user to play with real money starting with a minimum investment of 1$ only.
The number of fantasy sports is expected to increase in Europe, due to advancements in manufacturing and the application of cutting-edge technology that has enabled buyers to get smartphones at a reasonable price.
In addition, with the growth in infrastructure and the presence of various players in the region, the data prices are falling rapidly, which is driving the growth of fantasy sports sales in the region.
The efforts of various companies in product development and expansion offantasy sports leads to the fueling of investment in the industry from global investors. For instance, in 2021 RealFevr had successfully closed a funding round of around US$ 2.6 Mn.
In addition, the presence of a high population of millennials in regions like Germany, France, and others creates opportunities and thus, are to witness the maximum growth.
Some of the leading manufacturers and suppliers of fantasy sports include:
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
By Sport
By Platform
By Age
By Region
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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