The global fantasy sports market is projected to grow by USD 9.72 billion from 2024 to 2028, driven by an increasing number of fantasy sports apps and the integration of AI technology. This market is expected to achieve a compound annual growth rate (CAGR) of 7.05% during the forecast period.
Fantasy sports platforms are thriving due to the popularity of major sports leagues like the NFL, Premier League, and IPL, which enhance fan engagement through online gaming. The industry encompasses a range of sports including football, basketball, baseball, and cricket, and is characterized by trends such as daily fantasy contests and virtual trading. Emerging technologies like virtual reality (VR) and augmented reality (AR) are also gaining traction.
Major brands are leveraging fantasy sports for marketing strategies, with companies like Unilever and Toyota actively engaging consumers through fantasy sports platforms. These initiatives aim to connect with high-income consumers aged 25 to 50 years, enhancing brand visibility and customer interaction.
Despite its growth, the market faces challenges related to illegal sports betting and health risks associated with gaming. Nonetheless, the demand for user-friendly interfaces, secure payment methods, and blockchain technology continues to drive innovation within the sector.
As the fantasy sports market evolves, it remains a dynamic and integral part of the online gaming landscape, promising exciting opportunities for both consumers and businesses.