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The Spectator Sports Global Market poised for robust growth, forecasted to reach $235.12 billion by 2028. Fuelled by emerging markets and rapid urbanization, the market has been undergoing strong growth in recent years, with a projected rise from $171.06 billion in 2023 to $182.4 billion in 2024 at a compound annual growth rate CAGR of 6.6%.
How has the Spectator Sports Market Sized Up, and What's the Anticipated Growth Rate?
The spectator sports market size is expected to see strong growth in the next few years. It will grow to $235.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rising sponsorships, increase in internet accessible devices, multiple sports channels to capture viewership, and economic growth. Major trends in the forecast period include mobile ticketing, virtual reality to enhance spectators’ experience, analytics for pricing tickets, emerging markets are investing in sports, fusion of sports and entertainment, sponsorships to partnerships, corporate social responsibility and sustainability, rising demand for smart arenas/stadiums.
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What Factors are Driving the Growth of the Spectator Sports Market?
Significant growth drivers for the spectator sports market include stable economic forecasts for many developed and developing countries. The International Monetary Fund IMF has indicated that global real GDP growth increased by 3.6% from 2021 to 2023. The recovery in commodity prices is also expected to play an essential role in driving economic growth. The US economy is poised for stable growth, and emerging markets are anticipated to grow slightly faster than developed markets. For example, India’s GDP grew at 8.7% in 2021-22, up by 1.5% compared to 2019-20, and China registered a GDP growth of 8.1% in 2021. All these factors hold potential to positively impact the demand for spectator sports.
Who are the Major Players in the Spectator Sports Market?
The spectator sports market report includes some of the world-renowned sporting club entities. Key players include Dallas Cowboys, Real Madrid, FC Barcelona, New York Yankees, Manchester United Football Club, New England Patriots, Washington Redskins, New York Giants, Los Angeles Dodgers, Boston Red Sox, ATK Football Club, and East Bengal Football Club, among others.
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What are the Exciting New Trends in the Spectator Sports Market?
One of the prominent trends in the forecast period is the introduction of virtual reality VR technology by sports organizers to enhance spectators’ experience at sporting events. By creating simulated and 360-degree environments, clubs and teams are changing the match viewing experience for spectators, allowing options for a virtual walkthrough of the stadium or racetrack.
How is the Spectator Sports Market Segmented?
The spectator sports market report segments the market by Type, dividing it into Sports Team & Clubs, and Racing & Individual Sports. The market is also segregated by different sports types from Badminton to Tennis, Wrestling/Boxing, and Mixed Martial Arts, among others. Revenue sources have also been identified as Media Rights, Tickets, Sponsorship, and Merchandising.
What are the Regional Highlights of the Spectator Sports Market?
North America has been the largest region in the spectator sports market in 2023. However, Africa is projected to be the fastest-growing region in the forecast period. The spectator sports market report covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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