Sports market includes the sale of sports services and related products by organizations that broadcast live sports events to paying audiences, or by organizations that operate golf courses & clubs, fitness & recreational sports centers, skiing facilities, marinas, and bowling centers. Sport is a physical activity governed by a set of rules and usually performed in competition. It can be played in water, on land, and in the air. Sports include various games such as Baseball, Badminton, Basketball, Cycling, Cricket, Hockey, Racing, Rugby/Football, Ice Hockey, Soccer, Tennis, Volleyball, Table Tennis, Wrestling/Boxing and others.
Some of the key benefits of sports are teaches framework, boost self-esteem, builds leader, helps manage weight, enhanced functioning of lungs, fewer chances of strokes & diabetes, help to reduce stress, improved muscular strength & endurance, strong immunity, improve mental health, helps to achieve stronger bones, setting goals, perseverance, improve focus, mutual respect, improve sleep and calmness.
As per analysis, “Sports Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global sports market include Manchester United; Dallas Cowboys; Futbol Club Barcelona S.L; FC Bayern Munich AG; Real Madrid and among others. Renowned Players have adopted many strategies in the sports industry, such as expanding their businesses by building new facilities in cities around the world, increasing revenue through investment in new infrastructure, strengthening their brand and international presence, increasing income through investment in training infrastructure and increased revenue by increasing the sponsorship portfolio and product sales.
Based on type, sports market can be divided as participatory sports (skiing facilities, golf courses & country clubs, bowling centers, fitness & recreational sports centers and marines) and spectator sports (sports team and racing or individual sports). In addition, based on revenue source, market can be divided as tickets, media rights, merchandising and sponsorship.
Increase in the number of Internet accessible devices, followed by growth in popularity of esports, increase in sports sponsorships, emergence of multiple sports channels to capture viewership, growth in economy and rise in penetration of tablet, mobile and other electronics are some major factors, which are responsible for growth of the sports market. Apart from this, growth in regulations on sports and increase in threat from home entertainment are major hindering factors for market. Furthermore, growth in adoption of home entertainment technologies for instance virtual reality headsets and home game consoles is a key trend for global market.
Based on regional analysis, the North-America is a leading region in global sports market owing to increase in use of AI technology and aggressive investments in the latest technologies by associations across the region. The Asia-Pacific and Europe regions are estimated to witness higher growth rate due to emergence of various sporting leagues over the forecast period. It is anticipated that future of the global sports market will be bright caused by growth in preference among team managers & coaches to utilize the real-time data to formulate the gaming strategies & organize training sessions during the forecast period.
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Ankur Gupta, Head Marketing & Communications