The fantasy sports market is estimated to grow by USD 9.3 billion between 2020-2024, according to a study conducted by a leading market research and advisory firm.
Technavio presented the estimate in its updated analysis of the current fantasy sports market scenario, latest trends and drivers along with the overall market environment. The results were mentioned in the report titled 'Global Fantasy Sports Market 2020-2024’.
The fantasy sports market has seen a lot of new platforms branching out, which is a key factor behind the growth of the fantasy sports industry.
These platforms are no longer limited to fantasy sports but also provide a rich and improved gaming experience with access to detailed stats and data.
Fans can now join and create leagues, access player rankings, projections, mock drafts, and offer performance tracking, among other features.
Experts believe that reduced data costs and affordability of smartphones have acted as a catalyst for the soaring popularity of fantasy sports.
"Factors such as high internet penetration, the increasing popularity of esports, and the increasing number of sports leagues will have a positive impact on the growth of the fantasy sports market value during the forecast period," revealed a senior analyst at Technavio.
The Indian market has also grown rapidly, with 10 fantasy gaming platforms operating in 2016 to 150 operators plying their trade currently.
The global fantasy sports market is currently segmented in fantasy football, baseball, basketball, hockey, cricket, kabaddi, and other sports.
According to Technavio, using fantasy sports for brand promotion will further contribute to the overall growth of the market and the inflow of advertisers is expected to further promote market growth over the next few years.
The global acclaim of fantasy sports has presented an opportunity for brands to market and promote their products. These popular global brands utilise fantasy sports to target customers with high income between the age of 25 to 60 years.
The fantasy sports industry is expected to continue its global expansion in the next four years with an estimated compound annual growth rate (CAGR) of 10 percent during the forecast period, according to the Technavio report.