Global Sports Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
5 Jul, 2021
The sports market consists of sales of sports services and related goods by entities (organizations, sole traders and partnerships) that provide live sporting events before a paying audience or entities that operate golf courses and country clubs, skiing facilities, marinas, fitness and recreational sports centers, and bowling centers.
Global Sports Market Size And Drivers:
The global sports market is expected to grow from $388.28 billion in 2020 to $440.77 billion in 2021 at a compound annual growth rate (CAGR) of 13.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $599.9 billion in 2025 at a CAGR of 8%. The market is expected to benefit from steady economic growth forecasted for many developed and developing countries.
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Trends In The Global Sports Market
Sports organizers are implementing virtual reality (VR) technology to improve the spectators’ experience in sporting events. Virtual reality generates images, sounds and other sensations that simulate a physical presence in an imaginary environment. Clubs and teams are experimenting with simulated and 360-degree environments to enhance the match viewing experience of the spectators by allowing them to have a virtual walkthrough of the stadium or the race track and view the match at different angles. For instance, the NBA game between the Sacramento Kings and San Antonio Spurs was broadcasted in VR. NASCAR has created an interactive fan area at the race tracks with the implementation of virtual reality.
Global Sports Market Segments:
The global sports market is further segmented based on type, revenue source and geography.
By Type: Spectator Sports, Participatory Sports
By Revenue Source: Media Rights, Merchandising, Tickets, Sponsorship
Subsegments Covered: Sports Team & Clubs, Racing & Individual Sports, Golf Courses And Country Clubs, Skiing Facilities, Marinas, Fitness And Recreational Sports Centers, Bowling Centers, Other Participatory Sports
By Geography: The global sports market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global sports market, accounting for 35% of the market in 2020.
Read More On The Report For The Global Sports Market At:https://www.thebusinessresearchcompany.com/report/sports-global-market-report
Sports Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides sports market overviews, analyzes and forecasts market size and growth for the global sports market, sports market share, sports market players, sports market segments and geographies, sports market’s leading competitors’ revenues, profiles and market shares. The sports market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.