India's sports technology market is projected to grow to INR 49,500 crore by 2029, a report from the Federation of Indian Fantasy Sports (FIFS) stated on Thursday. The report titled 'Beyond the Field: India's Sports Tech Revolution' found that the exponential growth of fantasy gaming will lead this charge. (More E-Gaming News)
According to the report, the sports-tech industry is expected to grow at a CAGR of 13%, from INR 26,700 crore in FY24 to INR 49,500 crore by 2029. Out of this Fantasy Sports alone is expected to rise up to INR 34,500 in value by 2029.
"India라이브 바카라 sports technology ecosystem is at an inflection point, with the market projected to grow at a 13% CAGR to INR 49,500 crore by FY29," Prashanth Rao, Partner Deloitte India said.
"Fantasy Sports continues to be a key driver in this evolution, fostering deeper engagement and community building while also contributing significantly to employment generation and economic impact, with the industry expected to post a CAGR of 7% until FY29 and create 17,500 direct and indirect new jobs by FY27,” he added.
Joy Bhattacharjya, Director General, FIFS said: “The sports technology industry in India is poised to unlock new levels of athletic excellence, fan engagement and overall growth in the sports industry. It can be a critical lever in elevating the sports experience for both the fans and athletes."
De growth of Indian fantasy sports industry
The Indian Fantasy Sports industry, a part of the Fan Engagement sub-sector, is the largest contributor to the sports-tech industry in India with revenues touching INR 9,100 crore in FY 24.
The sector however is bracing for impact as a result of the change in GST laws. Not only is the sector expected to de-grow by 10% in FY25, but the industry is also expected to post a reduced CAGR of 7% for FY24 to FY29, compared to the earlier forecasted CAGR of 30% for FY22 to FY27.
This degrowth is driven by a whopping ~50% hit on the FS companies’ margins as a result of companies absorbing the impact of increased GST. Further, the risk of retrospective taxation has made the investors wary of the sector with the investments going down by 90% in 2023 and no new investments being made in the sector in 2024.
'Industry at regulatory crossroads'
Bhattacharjya said that the industry stands at regulatory crossroads and a lot of things would need to fall in the right place to tap the full potential of this market. Currently, India accounts for just 1% of world's sports technology market.
“As the industry stands at regulatory crossroads, it is imperative that India embraces the power of sports technology and encourages innovation through appropriate policies and regulations. A viable tax regime, robust and progressive nationallevel regulatory framework, and industry-wide standards for responsible gaming will be key in unlocking the full potential of the FS industry.”
While the sector is still in its nascent stage in India and poised to grow, there is already significant technology adoption in areas such as fan engagement, sports gaming, and data and analytics-based decision-making.
