The Latin America, Middle East and Africa Virtual Sports Market would witness market growth of 17.5% CAGR during the forecast period (2023-2030).
The exponential growth of technology, graphics advancements, Virtual Reality (VR), and Artificial Intelligence (AI) have enabled programmers to produce for the market experiences that are exceptionally lifelike and immersive. This development has resulted in an improved gameplay experience and an increased selection of sports that can be simulated efficiently. The convergence of traditional and virtual sports has introduced opportunities for spectator participation. Professional sports leagues and teams have acknowledged the potential of virtual sports as a means to engage with younger demographics and broaden their international supporter communities.
Additionally, the market's monetization models have evolved, resulting in various revenue sources. Subscription services, in-app purchases, advertising, and sponsorship agreements are the principal revenue streams developers and content creators utilize. Moreover, the proliferation of customized virtual goods and skins, which augment the functionalities or aesthetic appeal of in-game characters or equipment, has fostered the development of a thriving virtual item marketplace, thereby significantly contributing to the economic ecology encompassing virtual sports.
Moreover, as per the Ministry of Economy of the United Arab Emirates, in 2021, about 10 million people in the UAE made up 73% of the gaming population, of which 41% were paid players, and the gaming industry was estimated to be worth $0.4 billion. The gaming business in the United Arab Emirates brought in $344 million in revenue in 2020; $200 million came from mobile games and $143 million from PC and console games. Due to these factors, the market is expected to grow throughout the forecast period.
The Brazil market dominated the LAMEA Virtual Sports Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $991.8 million by 2030. The Argentina market is exhibiting a CAGR of 18.2% during (2023 - 2030). Additionally, The UAE market would experience a CAGR of 17.2% during (2023 - 2030).
Based on Game, the market is segmented into Football, Racing, Golf, Basketball, Cricket, Skiing, Tennis, MMA, and Others. Based on Component, the market is segmented into Solutions, and Services. Based on Demographic, the market is segmented into 21 to 35 Years, Below 21 Years, 35 to 54 Years, and 54 Years and Above. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Virtual Sports Market is Projected to reach USD 40.2 Billion by 2030, at a CAGR of 15.3%
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.
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