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.
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.
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.
Component Outlook
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.Demographic Outlook
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.Game Outlook
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.Regional Outlook
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.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.
Strategies deployed in the Market
- Oct-2023: Activision Blizzard, Inc. launched Warcraft Rumble, the new mobile action strategy game. The launched product would enable players to build and command miniature armies composed of famous heroes, villains, and creatures from the Warcraft universe.
- Jun-2023: Electronic Arts, Inc. came into partnership with Nike Virtual Studios, the digital-focused arm of the sportswear giant. This partnership aimed to select virtual creations created by members of the.Swoosh community would be made available in future EA Sports titles for fans to purchase and use in-game.
- Apr-2023: Netmarble launched Meta World: My City, a new metaverse board game featuring virtual real estate and building collections. The launched product would feature board game mechanics and the chance to have virtual land and buildings in the metaverse.
- Apr-2023: Netmarble partnered with Sandbox, an online gaming platform that offers a unique and immersive gaming experience. This partnership aimed to improve gaming content and offer various experiences to players.
- Apr-2023: Square Enix partnered with Elixir Games, the leading web3 gaming distribution platform. This partnership aimed to enable millions of gamers to explore quality web3 games through a platform that hides web3 technology under the hood and provides a simple seamless experience to the traditional gamer.
- Feb-2023: Nintendo Co., Ltd. signed an agreement with Microsoft Corp., an American multinational technology corporation. This agreement aimed to bring Call of Duty to Nintendo platforms for a decade, a move created to allay fears about the blockbuster game becoming an Xbox exclusive.
- Jun-2022: Milestone S.r.L. took over Victoria Distillers Inc., one of the oldest artisan distilleries in Canada. This acquisition aimed to empower Milestone's strategic Position.
- May-2022: Take Two Interactive, Inc. acquired Zynga, the mobile games giant. This acquisition aimed to bring Zynga’s popular games including Farmville and Words With Friends under Take-Two ownership.
- Feb-2022: Nintendo Co., Ltd. unveiled Nintendo Switch Sports, a game mirroring the activities. The launched product would be a sports simulation video game.
- Jun-2021: Take-Two Interactive Software, Inc. took over Nordeus, a Serbian mobile game developer. This acquisition aimed to empower further Take-Two's mobile game business, which would be highly complementary to Social Point and Playdots and widen our sports portfolio with first-ever soccer offerings.
- Nov-2020: Take-Two Interactive Software, Inc. signed an agreement with the Board of Codemasters, the UK-based game publisher and developer. Through this agreement, Codemaster's portfolio would be highly complementary to Take-Two Interactive Software, Inc.'s sports portfolio and improve further their organization's long-term growth.
Scope of the Study
Market Segments Covered in the Report:
By Game- Football
- Racing
- Golf
- Basketball
- Cricket
- Skiing
- Tennis
- MMA
- Others
- Solutions
- Services
- 21 to 35 Years
- Below 21 Years
- 35 to 54 Years
- 54 Years and Above
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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
- Square Enix Holdings Co., Ltd.
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Global Virtual Sports Market by Game
Chapter 6. Global Virtual Sports Market by Component
Chapter 7. Global Virtual Sports Market by Demographic
Chapter 8. Global Virtual Sports Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- 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
- Square Enix Holdings Co., Ltd.
Methodology
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