According to a new report, published by KBV research, 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 MMA segment is experiencing a CAGR of 16.5% during (2023 - 2030). Augmenting the real world with virtual overlays or simulating real-world environments has been the capability of VR and AR that has revolutionized sports and gaming. MMA virtual sports provide operators with an extensive roster of combatants representing various nationalities, catering to the diverse preferences of the market. Additionally, numerous businesses have created live simulation capabilities that enable participants to observe the action even when they do not have an internet connection.
The Solutions segment is generating highest revenue in the Global Virtual Sports Market by Component in 2022; thereby, achieving a market value of $33.6 billion by 2030. As sophisticated technologies such as AI and VR increase, there is a growing consumer demand for virtual sports experiences that are more immersive and captivating. As a reaction, market participants construct inventive solutions that provide extensive functionalities and attributes. One crucial element contributing to the growth of the solution segment is customization. Players of virtual sports games can now select from various avatar customization options, including the ability to alter their visage and acquire new skills and abilities. This degree of customization fosters a greater sense of connection between players and the game, thereby enhancing player engagement.
The Below 21 Years segment would exhibit a CAGR of 15.5% during (2023 - 2030). The below-21 age group often embraces gaming culture, enjoying interactive and immersive experiences. Social media and streaming platforms play a significant role in popularizing virtual sports among this demographic. Sharing highlights, live streaming of events, and influencers promoting virtual sports contribute to their visibility and appeal. Moreover, the participants in the market have established novel prospects for the younger demographic in terms of education and professional growth. The increased availability of online courses and certifications in esports administration, programming, and game design has facilitated entry into the market.
The Asia Pacific region dominated the Global Virtual Sports Market 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. The North America market is anticipated to grow a CAGR of 14.3% during (2023 - 2030). Additionally, The Europe market would witness a CAGR of 14.8% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/virtual-sports-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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