The Global Virtual Sports Market size is expected to reach $40.2 billion by 2030, rising at a market growth of 15.3% CAGR during the forecast period.
The gaming sector is experiencing substantial expansion in emerging markets, particularly in Africa, Latin America, and the Middle East. Therefore, LAMEA segment generated $969.7 million revenue in the market in 2022. These regions, distinguished by a youthful populace and a swiftly expanding integration of mobile technology, present game developers with novel and stimulating prospects. According to the GSMA Mobile Economy 2023 report, the quantity of distinct mobile subscribers was anticipated to exceed 5 billion by 2025, with these regions contributing significantly to that expansion. Some of the factors impacting the market are technological improvements in virtual sports, growing preference for online gaming and increasing usage of social media and regulatory and legal restrictions.
Technological advances are a significant factor propelling the market, as they facilitate the development of more immersive and captivating client experiences. Virtual reality technology promotes the development of immersive and authentic virtual sports experiences. Virtual reality enables users to virtually experience sporting events as in an actual arena or stadium. The importance of superior-quality 3D graphics is growing in the marketplace. By allowing the creation of more realistic characters and environments, 3D graphics can increase user engagement and contentment. Additionally, the convergence of online gaming platforms, social media usage, and the interactive nature of virtual sports has created an ecosystem that fosters engagement, exposure, and interest in simulated sports events. As online gaming and social media continue to evolve, their impact on the demand for virtual sports is likely to persist and grow. Therefore, rising technological improvements in virtual sports development are significantly aiding in the expansion of the market and the increasing preference for online gaming and social media is supporting the growth of the market.
However, Possible prerequisites consist of licensing, safeguarding of data, and implementation of consumer protection protocols. Virtual sports operators may find it time-consuming and costly to comply with these regulations, restricting the number of operators that can enter the market. Additionally, this may limit the range of offerings and solutions accessible to consumers, potentially impeding the market's expansion. Moreover, the ever-changing regulatory environment governing virtual sports can generate uncertainty and restrict market investment. Therefore, regulatory or legal framework modifications may affect the expansion and progress of the market.
Based on component, the market is bifurcated into solutions and services. In 2022, the services segment garnered a significant revenue share in the market. Virtual sports software manufacturers provide white-label and specialized services to create virtual sports betting applications. Services may be utilized to assist in the creation of a visually spectacular and interactive virtual sports application that commands the user's interest. Numerous service providers additionally provide cost-effective services, entirely customized virtual sports development services, round-the-clock customer support, integration of cutting-edge technologies, punctual delivery, and customized solutions.
Based on demographic, the market is categorized into below 21 years, 21 to 35 years, 35 to 54 years, and 54 years to above. The 21 to 35 years segment garnered the largest revenue share in the market in 2022. This age group comprises digital natives who are highly familiar with technology and online entertainment. They are more inclined to explore and engage with virtual sports, easily accessible through online platforms, mobile devices, and gaming consoles. Virtual sports offer convenience by being available on-demand and accessible via various digital platforms. The flexibility to engage in simulated sports events at any time aligns with the lifestyle of this age group, which values convenience and flexibility.
On the basis of the game, the market is categorized into football, cricket, racing, golf, basketball, skiing, tennis, MMA, and others. The football segment recorded the largest revenue share in the market in 2022. As esports gain prominence, increasing numbers of individuals opt for virtual sports as an innovative and thrilling method to participate in their preferred sports. Football games are at the vanguard of this phenomenon, allowing players to engage in virtual competitions against renowned football leagues and teams. It is anticipated that this expansion will persist in the years to come as an increasing number of individuals become aware of the thrill and ease connected to virtual sports.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 13 Billion |
| Market size forecast in 2030 | USD 40.2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 15.3% from 2023 to 2030 |
| Number of Pages | 266 |
| Number of Table | 410 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Game, Component, Demographic, Region |
| Country scope |
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| Companies Included | Activision Blizzard, Inc. (Microsoft Corporation), Electronic Arts, Inc., Konami Holdings Corporation, Nintendo Co., Ltd. (Nintendo), NACON (BIGBEN group), Dovetail Games (Focus Entertainment), Take-Two Interactive Software, Inc., Milestone S.r.L. (Plaion), Netmarble Corp, and Square Enix Holdings Co., Ltd. |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region generated the maximum revenue share in the market. Rapid expansion is aided by the region's widespread adoption of cutting-edge technologies. Prominent nations such as South Korea, Japan, and China have spearheaded this technological revolution due to their formidable infrastructures, facilitating the market's expansion. The emergence of robust gaming consoles, high-performance personal computers, and the pervasive integration of virtual reality (VR) and augmented reality (AR) devices have established a strong groundwork for the advancement and extensive acceptance of virtual sports.
Free Valuable Insights: Global Virtual Sports Market size to reach USD 40.2 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Activision Blizzard, Inc. (Microsoft Corporation), Electronic Arts, Inc., Konami Holdings Corporation, Nintendo Co., Ltd. (Nintendo), NACON (BIGBEN group), Dovetail Games (Focus Entertainment), Take-Two Interactive Software, Inc., Milestone S.r.L. (Plaion), Netmarble Corp, and Square Enix Holdings Co., Ltd.
By Game
By Component
By Demographic
By Geography
This Market size is expected to reach $40.2 billion by 2030.
Technological improvements in virtual sports are driving the Market in coming years, however, Regulatory and legal restrictions restraints the growth of the Market.
Activision Blizzard, Inc. (Microsoft Corporation), Electronic Arts, Inc., Konami Holdings Corporation, Nintendo Co., Ltd. (Nintendo), NACON (BIGBEN group), Dovetail Games (Focus Entertainment), Take-Two Interactive Software, Inc., Milestone S.r.L. (Plaion), Netmarble Corp, and Square Enix Holdings Co., Ltd.
The expected CAGR of this Market is 15.3% from 2023 to 2030.
The Solutions segment is generating highest revenue in the Market by Component in 2022; thereby, achieving a market value of $33.6 billion by 2030.
The Asia Pacific region dominated theMarket by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $14.5 billion by 2030.
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