Sports Events: Rapid Growth, Expected to Worth $609.07 Billion Market Forecast

Sports Events Market Update

The global sports events market was valued at $184.61 billion in 2021, is projected to reach $609.07 billion by 2031, grow at a CAGR of 10.5% from 2022 to 2031.

WILMINGTON, NEW CASTLE, DE, UNITED STATES, September 21, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Sports Events Market by Revenue Source, by Age Group: Global Opportunity Analysis and Industry Forecast, 2021-2031″. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends. The global sports events market was valued at $184.61 billion in 2021, and is projected to reach $609.07 billion by 2031, growing at a CAGR of 10.5% from 2022 to 2031.

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Some of the factors driving market expansion in the area include the expanding sporting events business, rising per capita income, the burgeoning middle-class population, and rising disposable income. In addition, the growing popularity of major sporting events such as the Tokyo Olympics and the Cricket World Cup, along with rising digitization in China and India, further fuel market expansion.

The market is expected to have plenty of opportunities due to the widespread acceptance of digital tickets and the expanding use of smartphones worldwide. However, during the anticipated timeframe, market development is anticipated to be constrained by the unpredictability of ticket pricing and a lack of price management.

According to the sports events market analysis, the sports events market is segmented into revenue source, age group and region. The basis of revenue source, the tickets segment was the significant contributor to the market, with $63,865.1 million in 2021, and is estimated to reach $202,205.6 million by 2031, at a CAGR of 10.0% during the forecast period. A ticket is a voucher that indicates that an individual is entitled to admission to sports event. Digital tickets and online printable tickets, and paper tickets are majorly used forms of the sports event tickets. Online tickets for sports events has been gaining huge popularity owing to its convenience offered and hassle free payment getaways. Digital ticketing creating the high level of transparency, which is expected to reduce the black ticketing practices. Thus, above mentioned factors are projected to spur the sports events market growth during the forecast period.

Based on age group, the 21 to 40 years segment accounted for the largest share in 2021, contributing to nearly half of the global sports events market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 11.1% from 2022 to 2031, owing to active participation of individuals aged between 21 and 40 years in events such as exhibitions, conferences, sports events, seminars, and music concerts. The report also identifies segments including below 20 years and above 41 years.

Region wise, North America garnered the major sports events market share in 2021, and is expected to maintain its market share throughout Sports events market forecast period. In 2020, North America had the highest revenue share of more than 50%. The main driver of regional growth is the rise in viewership for sports other than football in United States. With well-known clubs like the Bulls, Cavaliers, 76ers, Raptors, Mavericks, Warriors, Trail Blazers, and NY Knicks, football is the most watched sport in the area. The games are watched by a sizable audience both offline and online. In 2018, 851 824 people watched the Bulls on ESPN, and 843 042 people watched the Cavaliers.

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The players operating in the global sports events industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report are Ace Ticket Worldwide, Inc., GooTickets.Com, Razorgator LLC, SeatGeek, StubHub, Ticket City, Inc., Tickets.com, LLC, Ticketek Pty Ltd, Ticketmaster and TickPick LLC.

𝐄𝐱𝐩𝐥𝐨𝐫𝐢𝐧𝐠 𝐆𝐫𝐨𝐰𝐭𝐡 𝐏𝐫𝐨𝐬𝐩𝐞𝐜𝐭𝐬 𝐚𝐧𝐝 𝐃𝐞𝐦𝐚𝐧𝐝 𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐒𝐩𝐨𝐫𝐭𝐬 𝐄𝐯𝐞𝐧𝐭𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝐆𝐥𝐨𝐛𝐚𝐥 𝐒𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐄𝐯𝐞𝐧𝐭𝐬: Major global sporting events like the Olympics, FIFA World Cup, and various championships often drive significant demand for sports events. Hosting or participating in these events can boost the local sports industry and attract international attention.

𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬: Technology plays a crucial role in enhancing the sports events experience. Innovations such as virtual reality (VR), augmented reality (AR), and advanced broadcasting technologies provide immersive experiences for fans, leading to increased demand for live events and broadcasts.

𝐅𝐚𝐧 𝐄𝐧𝐠𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞: Sports organizations are increasingly focusing on enhancing fan engagement and experience both in-stadium and through digital platforms. Personalized experiences, interactive apps, and social media integration are some strategies employed to attract and retain fans.

𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐈𝐦𝐩𝐚𝐜𝐭: Economic factors such as disposable income, consumer spending, and sponsorship investments influence the growth of the sports events industry. Strong economies often correlate with increased spending on leisure activities including sports events.

𝐇𝐞𝐚𝐥𝐭𝐡 𝐚𝐧𝐝 𝐖𝐞𝐥𝐥𝐧𝐞𝐬𝐬 𝐓𝐫𝐞𝐧𝐝𝐬: Growing awareness about health and wellness has led to increased participation in sports and fitness activities. This trend positively impacts the demand for sports events including marathons, triathlons, and recreational sports leagues.

𝐄𝐬𝐩𝐨𝐫𝐭𝐬: The rise of esports has significantly impacted the sports events landscape. Esports tournaments attract millions of viewers and participants globally, presenting new opportunities for event organizers and sponsors.

𝐊𝐞𝐲 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐅𝐨𝐫 𝐒𝐭𝐚𝐤𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬:

○ This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the sports events market analysis from 2021 to 2031 to identify the prevailing sports events market opportunities.

○ The market research is offered along with information related to key drivers, restraints, and opportunities.

○ Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.

○ In-depth analysis of the sports events market segmentation assists to determine the prevailing market opportunities.

○ Major countries in each region are mapped according to their revenue contribution to the global market.

○ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

○ The report includes the analysis of the regional as well as global sports events industry trends, key players, market segments, application areas, and market growth strategies.

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𝐑𝐞𝐚𝐬𝐨𝐧𝐬 𝐭𝐨 𝐛𝐮𝐲 𝐒𝐩𝐨𝐫𝐭𝐬 𝐄𝐯𝐞𝐧𝐭𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭:

• Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies.

• Recognize emerging players with potentially strong product portfolio and create effective counter-strategies to gain competitive advantage.

• Classify potential new clients or partners in the target demographic.

• Develop tactical initiatives by understanding the focus areas of leading companies.

• Plan mergers and acquisitions meritoriously by identifying Top Manufacturer.

• Develop and design in-licensing and out-licensing strategies by identifying prospective partners with the most attractive projects to enhance and expand business potential and Scope.

• Report will be updated with the latest data and delivered to you within 2-4 working days of order.

• Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 “𝐀𝐌𝐑 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞:

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Allied Market Research
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