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How Will the Sports Market Grow Over the Forecast Period Based on Its Expected CAGR?

The size of the sports market has significantly expanded in the past few years. The prediction is that it will escalate from $477.8 billion in 2024 to $507.69 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 6.3%. Factors contributing to this historic period of growth include robust economic development in emerging markets, the rapid expansion of ecommerce, swift urbanization, the increasing number of sports channels, and considerable expenditure on sponsorships.

A significant expansion is anticipated in the sports market over the coming years, with projections indicating a size of $635.42 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.8%. Factors propelling growth during this period are likely to include enhanced internet access across devices, supportive government initiatives, and a rising trend of sports tourism. Some key trends anticipated for this forecast period are an increased embrace of augmented reality (AR) and virtual reality (VR), unveiling of sports application for streaming, employing contactless technologies, mobile-based ticketing, engagement with social media users, analytics being used to strategize ticket-pricing, blended fitness formats to maximize workout benefits, mobile fitness applications, leveraging technology to improve skiing experiences, tailoring fan engagement, a merger of entertainment with sports, shifts from sponsorships to partnerships, focus on corporate social responsibility (CSR) and sustainability, attention to diverse demographic groups, application of technology in bowling centres, and integration of other activities with bowling.

What Strategic Factors Are Influencing the Accelerated Growth of the sports Market?

The expectation is that the market will flourish, supported by the consistent economic advancement projected for numerous developed and emerging nations. For example, the International Monetary Fund (IMF), a governmental organization located in the US, approximated in April 2024 that the international economy will expand by 3.2 percent in 2024 and 2025, a pace consistent with 2023. A marginal increase in growth rate is anticipated in developed economies, growing from 1.6 percent in 2023 to 1.7 percent in 2024, and hitting 1.8 percent in 2025. India’s growth is expected to remain robust with a 6.8 percent rate in 2024. This sustained economic growth is likely to boost the demand for sports.

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Who Are the Dominant Players Expanding Their Reach in the Sports Market?

Major companies operating in the sports market include:

• Liberty Media Corporation_x000D_

• Life Time Group Hldgs_x000D_

• Futbol Club Barcelona_x000D_

• Maruhan_x000D_

• Topgolf Callaway Brands Corp_x000D_

What Are the Top Trends Shaping the Evolution of the Sports Market?

Organizers in the sports sector are utilizing virtual reality (VR) technology to augment the audience experience during sporting events. VR produces visual and audio elements, alongside other sensations, to mimic a physical presence in a simulated setting. Various clubs and teams are trialing the use of simulated and 360-degree environments to enrich the spectator’s viewing experience of matches, enabling them to conduct a virtual tour of the stadium or race track and witness the game from multiple perspectives. For example, the NBA game featuring Sacramento Kings and San Antonio Spurs was aired in VR. NASCAR has also introduced an interactive spectator area at the race courses, incorporating virtual reality.

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Which Key Segments of the Sports Market Are Poised for Growth and Innovation?

The sports market covered in this report is segmented –

1) By Type: Spectator Sports, Participatory Sports

2) By Revenue Source: Media Rights, Merchandising, Tickets, Sponsorship

3) By Ownership: Chained, Standalone

Subsegments:

1) By Spectator Sports: Professional Sports Leagues, Major Sporting Events, Esports And Competitive Gaming, Racing Events

2) By Participatory Sports: Recreational Sports, Team Sports, Individual Sports, Fitness And Wellness Activities

Which Regions Are Setting the Pace for Sports Market Growth?

North America was the largest region in the sports market in 2024. Africa is expected to be the fastest-growing region in the forecast period. The regions covered in the sports market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

What Defines the Scope of the Sports Market?

Sports are group games and individual activities that involve physical activity and skills. Sports help to overcome adversities and win. Playing sports helps release pressure and tension in a healthy and controlled way, and improves mood, and concentration.

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