London, UK – July 17, 2019 (PRNewswire) The global sports market reached a value of nearly $489 billion in 2018, having grown at an annual growth rate of more than 4% since 2014, and is expected to grow at an annual growth rate of about 6% to almost $614 billion by 2022. Increasing sports sponsorships are expected to be a key driver of the sports market in the forecast period. In 2018, the global sports sponsorship market was valued at $46 billion, and it is expected to reach $49 billion by 2023, thus driving the overall sports market. Sponsorships generally help sports organizations in setting up and marketing the sports events to increase audience engagement.
Use Of Technology For Better Sports Experiences
The global sports market is segmented by type of engagement into participatory sports and spectator sports. The participatory sports market accounted for the largest share of the sports market in 2018 at almost 56% of the market. The large share of this segment can be attributed to growing sports tourism, lifestyle changes that in turn increased popularity of various participatory sports, and increasing use of technology for a more personalized experience. For instance, bowling centers are increasingly utilizing technologies to offer better services to serve customers. They have started integrating high-end technological equipment such as auto scoring systems, online reservation systems, cashless debit card system and touch screen F&B systems. Auto scoring systems speed up the game, online reservation systems allow consumers to book their slots in advance, touch pad systems increase the efficiency of the staff in taking food and beverage orders, and cash less debit cards systems save the labor costs.
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Personalized Fan Engagement
While participatory sports market was the largest segment of the global sports market, the spectator sports market is expected to be the fastest-growing segment. In terms of value, the spectator sports market is expected to grow to almost $270 billion by 2022 at an annual growth rate of nearly 6%. The faster growth of the spectator sports segment is due to increased investments in personalized fan engagement. Businesses in the sports industry are adopting digital analytics to personalize fan engagement by showcasing their innovative engagement capabilities. Personalized fan engagement is carried out in ways that are tailored to individual users, based on their past activities. For example, LeBron James’ Uninterrupted and Derek Jeter’s The Players’ Tribune are dedicated platforms that allow athletes to directly engage with their fans.
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Emerging Economies Are Investing More In The Sports Industry
The importance of sports has risen steadily in emerging economies, resulting in the increase in governments’ spending on the development of the sports industry, specifically into setting up sports infrastructure, building teams in sports and attracting large investments. For example, the plan of the Chinese government to increase the value of the sports industry in the country to $813 billion by 2025 is resulting in the flow of large investments into sports activities that include events, facilities, teams, leagues, and other programs. Similarly, for 2018-2020, the federal government of India has set aside a $262 million budget for the ‘Khelo Program’ to promote the sports industry in the country.
Growth And Development Of Esports:
In the early 2000s, the launch of organizations such as World Cyber Games (WCG) and Electronic Sports World Cup boosted the growth of the esports industry. The development of esports was also supported by promoting organizations such as Major League Gaming (MLG), aiming at promoting video games at a global scale, making esports popular. Furthermore, the entry of players such as DreamHack, with exciting tournaments, attracted more spectators. During 2012- 2014, the launch of spectator-friendly games and the multiplayer online battle arena genre, keeping the interests of the audiences, contributed to the growth of the esports industry. Government policies also paved the way for the esports industry.
The Business Research Company recommends sports companies to consider adopting mobile technologies at the supply and demand sides, adding elements of entertainment to sports events, combining different sports formats to keep customers entertained, expanding in emerging economies, offering competitive pricing, partnering with big brands, and offering goods and services to women, among other strategies.
Here Is A List Of Similar Reports By The Business Research Company:
Participatory Sports Global Market Report 2019
Spectator Sports Global Market Report 2019
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