One of the main factors driving the expansion, new trends are being introduced, which exponentially accelerates the industry’s growth. The global fantasy sports market was worth USD 24.39 billion in 2022 and is projected to reach USD 44.87 billion during the forecast period. Between 2023 and 2030, the market is expected to grow at a high CAGR of 14.84%.
Latest Trends in Fantasy Sports Industry
01. Female Gamers are increasing
02. Prefer to play On Mobile
03. User supporting features
04. Variety of Leagues and Tournaments
05. Huge Rewards
06. Increase in investments
Gaming has evolved into a popular kind of entertainment for many people over time, particularly the younger, tech-savvy generation. In India, fantasy sports are becoming more and more popular. Fans of kabaddi, football, and cricket are more sociable and involved because of fantasy sports. According to research, the number of gamers has increased by 170% since 2021. Fantasy sports platforms have attracted investment totaling over $112 million over the previous five years as one of the gaming industry’s fastest-growing categories.
07. 5G, Internet, and smartphones
The fantasy sports market is booming and expanding rapidly worldwide, including in India. This is because more people are using smartphones and because innovation is being driven by the internet. The technological world is recently introduced the newest cutting-edge internet technology called 5G. It is anticipated that 5G technology would enhance and change the game experience for participants in fantasy sports. To provide players with a reaL-time playing experience, this transition calls for a strong infrastructure and optimal data transfer speed.
08. Moving Beyond NFTs
The deeply-rooted blockchain technology and cryptocurrency nexus have helped NFTs in the sports industry gain traction over the past few years. Fantasy sports, ticketing, betting, gaming, and collectibles have all seen a sharp increase in popularity. As a result, purchasing weapons or collectible tokens, which are then used in the game, helps players in fantasy games keep their money with the game. The creation of governments of new attributes in video games, such as weapons, armor, and shields, is possible with the use of these tokens.