NEW YORK, June 3, 2024 /PRNewswire/ — The global sporting events market size is estimated to grow by USD 107.28 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.51% during the forecast period.
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Technavio has announced its latest market research report titled Global Sporting Events Market 2024-2028
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Sporting Events Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.51% |
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Market growth 2024-2028 |
USD 107.28 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
7.69 |
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Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 30% |
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Key countries |
US, Canada, China, UK, and Germany |
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Key companies profiled |
Ace Ticket LLC, Adidas AG, Anschutz Entertainment Group Inc., Bigtree Entertainment Pvt. Ltd., Liberty Media Corp., Nike Inc., One97 Communications Ltd., Platinium Group SAM, SeatGeek Inc., TEG Pty Ltd., The Walt Disney Co., Ticket City Inc., Tickets.com LLC, TickPick LLC, TiqIQ LLC, Viagogo Entertainment Inc., and Vivid Seats Inc. |
Market Driver
The global sporting events market leverages social media channels for branding, marketing, and ticket sales. Vendors utilize Facebook, Twitter, LinkedIn, Google+, WhatsApp, and YouTube for promotions. Methods include using Facebook basics, viral videos, and event hashtags, targeting communities on LinkedIn, and sending tickets through social media to avoid counterfeiting. SeatGeek’s partnership with Facebook allows customers to buy tickets directly, driving market growth during the forecast period.
The sports events market is thriving with a significant number of sports and tournaments taking place worldwide. These events cater to various sports such as soccer, tennis, golf, and more. The trending sports include e-sports, which attract a large audience through online platforms.
The market is also witnessing an increase in the number of sponsors and advertisers, especially in popular events like the Olympics and the World Cup. Additionally, the use of technology in sports, such as wearable devices and virtual reality, is gaining momentum. The market is expected to continue growing with new and innovative offerings in the future.
Market Challenges
• The global sporting events market experiences a significant challenge from the rising sales of counterfeit tickets. This issue affects various sports, including football, hockey, baseball, UFC, cricket, and tennis. The high prices of tickets lead consumers to purchase secondary tickets, some of which are fraudulent.
• Ticket fraud, such as Live Nation Entertainment’s involvement in selling tickets directly to resale markets, results in the rapid sale of high-profile events at inflated prices. This unethical activity is expected to negatively impact the growth of the sporting events market.
• The sports market faces several challenges in the current business environment. Reports and statistics are essential for teams and leagues to make informed decisions. However, obtaining accurate and timely data can be a challenge. Adding to this, the adoption of digital technologies like social media and streaming services has changed the way sports are consumed.
• Markets are becoming more global, with teams and leagues reaching out to fans in different parts of the world. Sports teams and organizations need to adapt to these changes to remain competitive. The cost of sponsorships and tickets is another challenge. Venues and teams must find ways to make sports accessible and affordable to fans.
• Effective marketing and engagement strategies are crucial in today’s sports market. The use of technology, such as analytics and digital platforms, can help teams and organizations overcome these challenges and thrive in the industry.
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Segment Overview
Revenue Stream
1.1 Sponsorships
1.2 Tickets
1.3 Broadcasting and media rights
1.4 Merchandising
Event Type
2.1 Soccer
2.2 Cricket
2.3 Tennis
2.4 Others
Geography
3.1 Europe
3.2 APAC
3.3 North America
3.4 Middle East and Africa
3.5 South America
1.1 Sponsorships- The sponsorship segment in the sporting events market is crucial for organizations to host events and allows athletes and organizers to focus on training. Major sponsors attract more viewers and visitors, increasing revenue. Signage, digital activation, and club and venue activation are key areas. The number of new and successful leagues drives signage investment. Digital activation engages audiences through independent promotions and technology integration. Sponsorships have evolved from brand awareness to customer conversion. For instance, BYJUS’s FIFA World Cup sponsorship highlights the growth of the Edtech sector. These factors are expected to boost the sponsorships segment and the global sporting events market.
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Research Analysis
The Sporting Events Market encompasses a vast array of industries, including sports, events, growth, players, number, tickets, popularity, information, content, athletes, countries, products, social media, ticket sales, reports, tennis, leagues, stadiums, fans, competition, games, tournaments, venues, marketing, sponsorship, broadcasting, merchandise, and hospitality. This market experiences continuous expansion due to the increasing number of sports enthusiasts worldwide.
The popularity of various sports and events attracts a large fan base, leading to significant ticket sales and merchandise revenue. Social media plays a pivotal role in promoting these events, providing real-time updates and engaging fans with athletes and teams. Sponsorship and broadcasting rights are crucial components of the market, generating substantial revenue for stakeholders. The growth of this market is driven by the increasing number of leagues, tournaments, and competitions held in various countries, providing ample opportunities for marketing and hospitality services.
Market Research Overview
The Sporting Events market encompasses various types of competitions and activities that engage audiences worldwide. These events span across numerous categories such as athletics, basketball, cricket, football, golf, hockey, and tennis, among others. The market is characterized by its dynamic nature, with constant evolution and innovation to cater to the evolving needs and preferences of consumers.
Technological advancements have significantly impacted the industry, enabling live streaming, virtual and augmented reality experiences, and interactive fan engagement. Sponsorships and advertising play a crucial role in generating revenue for event organizers and broadcasters. The market is also influenced by factors such as demographics, geography, and cultural trends. Overall, the Sporting Events market offers immense opportunities for growth and development in the global entertainment landscape.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Revenue Stream
Sponsorships
Tickets
Broadcasting And Media Rights
Merchandising
Event Type
Soccer
Cricket
Tennis
Others
Geography
Europe
APAC
North America
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
