The fantasy sports development market has grown rapidly in recent years and made a huge contribution to the scenario of the international economy with respect to growth rate, market share, and sales generation. It is forecasted that in the period of 2020-2025, the global fantasy sports software development market can register a CAGR of 5%.
There are immense growth opportunities in the market with the increase in popularity of players in fantasy cricket app development, increasing investment in the infrastructure of the internet, and the launch of fantasy sports applications.
In 2020, the occurrence of 5G technology is increasing the wireless network investment in infrastructure. The performance will be enhanced by 100 times faster than the 4G networks by giving an enhanced user experience and thus driving the fantasy sports development market. India, which is the second-highest populated country, has a huge scope for fantasy cricket app development.
Cricket is the most popular game supported by billions of fans which brought together many big brands and celebrities, allowing players to play by forming their own team in the application and winning or losing the bet based on the actual performance of the player on the field.
1.The fantasy sports development industry is estimated to be at USD 500 billion in 2020. Football or Soccer is the topmost game holding the majority of the share and attracting maximum audience and investment in the virtual and real world.
2. The revenue streams of top companies will finally be enhanced by the growing investment in buying digital advertising space to enhance awareness along with their sales. As per Dentsu Aegis Network 2019, digital advertising increased by 26% in 2018 and reached INR 13,683 crores.
3. Also, Google has removed the ban on fantasy sports development companies to buy the ads. They have revised their policies and conditions that the fantasy sports developers must meet a certain minimum creative standard and possess the state license to promote their product and services.
Significant Market Share
1.Currently, North America is holding the maximum market share and in future also it will encounter significant growth due to growth in the economy, the increase in popularity of fantasy sports development and internet-enabled devices.
2. The growing use of desktop, laptops and smartphones in North America will increase the market share of fantasy cricket app development due to convenience in the accessibility of the platform.
3. The pandemic of COVID-19 has spread across the globe, infecting all the people and causing deaths. This has affected the sporting calendar of 2020 and many of the professional leagues have taken an unusual step to postpone the event to avoid large gatherings. This has put the fantasy sports development market to a halt temporarily across the world.
Currently, the fantasy sports development market is crumbled and the companies are implementing strategies to increase their market share and thus increase their profit. With the innovation in products and technological advancements, the small and mid-size companies are also enhancing their presence by making new contacts and tapping into new markets.