The Business Research Company’s Sports Market Report – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, June 21, 2021 /EINPresswire.com/ —
Sports Market Trends Include:
Impact Of Social Media During The Pandemic
Social media is increasingly playing a pivotal role in driving engagement with sports fans. Sports teams are trying to engage the fans by involving them in social media discussions or polls. With a number of sporting events coming to a halt, sports related businesses have also faced huge losses during the pandemic. Sports-related businesses, as well as those involved in health and fitness products and services are increasingly reaching out to athletes with good social media fan base, to market their products and services. For instance, during the lockdown, use of social media in the UK increased by 40%. Many sportspersons, including footballers and cricketers have become major influencers. For example, Ronaldo earned GBP 41.7 million ($55.92 million) in the past year.
Virtual Reality During Sporting Events
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 racetrack 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 racetracks with the implementation of virtual reality.
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The global sports market size 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%.
North America is the largest region in the global sports market, accounting for 35% of the market in 2020. Asia Pacific is the second largest region accounting for 30% of the global market. Africa is the smallest region in the global sports market.
Major companies in the market include Dallas Cowboys, Manchester United, Futbol Club Barcelona S.L, Real Madrid, FC Bayern Munich AG.
TBRC’s global sports market research report is segmented by type into spectator sports, participatory sports and by revenue source into media rights, merchandising, tickets, sponsorship.
Subsegments covered are sports team & clubs, racing & individual sports, golf courses and country clubs, skiing facilities, marinas, fitness and recreational sports centers, bowling centers, other participatory sports.
Sports Market – By Type (Spectator Sports, Participatory Sports), By Revenue Source (Tickets, Media Rights, Sponsorship, Merchandising) And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides sports market overview, forecast sports market size and growth for the whole market, sports market segments, and geographies, sports market trends, sports market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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