Friday, June 2, 2023

Fantasy Sports Market to Grow to $6 Billion

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The global fantasy sports market size is expected to increase by $6.11 billion at some point between 2021 and 2026. The report that predicts this offers detailed insights on the key drivers, trends, and challenges that impact the growth of the market around the world. In particular, the launch of multiple apps for fantasy sports.

The increasing availability of low-cost smartphones in developing countries such as China, India, and Mexico has fostered the growth of the global mobile gaming industry. The increasing use of smartphones for mobile gaming is encouraging gaming companies to introduce a wide range of apps for fantasy sports.

ESPN Fantasy Sports app is one such app. The app supports core sports like fantasy basketball, football, hockey, and baseball. The app allows players to create private leagues or join public leagues. The increasing launch of such apps will have a positive impact on the growth of the market during the forecast period.

As per Technavio, the use of fantasy sports for brand promotion will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2022-2026.

The growing popularity of the fantasy sports market is driving many brands to participate in fantasy leagues to market their products. For instance, Unilever launched its Dove Men+Care fantasy football hub. It provides consumers exclusive access to fantasy football suggestions and advice from ESPN analysts.

Similarly, Hilton launched a free-entry fantasy racing contest for honors club members of hotel chains. The participation of such advertisers is expected to increase over the forecast period and is expected to promote the growth of the market. The popularity of e-sports and the use of blockchain technology and cryptocurrencies in fantasy sports will further accelerate the growth of the market during the forecast period.

The North American region led the fantasy sports market in 2021, followed by Europe, APAC, South America, and Middle East and Africa respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increasing number of fantasy sports players in the region. The strong presence and penetration of major vendors will also be driving the growth of the market in North America.

You can find the full report on the Technavio website.


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