Press release
Spectator Sports Market Research (2020-2023) Report By Rising Demand And Future Scope | Covid 19 Implications And Growth
The global spectator sports market reached a value of nearly $143.8 billion in 2019, having grown at a compound annual growth rate (CAGR) of 7.3% since 2015, and is expected to grow at a CAGR of 7.5% to nearly $192.1 billion by 2023. Growth in the historic period resulted from emerging markets growth, and rapid urbanization. Factors that negatively affected growth in the historic period were climate change, shortage of sports officials, and doping scandals impact sports.
The Key drivers of the spectator sports market include:
Rising Sponsorships– The 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, driving the sports market. Sponsorships generally help sports organizations in setting up and marketing the sports events to increase audience engagement. As a result, the sponsorship help driving the demand for sports, which is expected to continue in the forecast period.
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Spectator Sports Market Segmentation:
The spectator sports market is segmented by type and by geography
By Type- The spectator sports market can be segmented by type into
1) Sports Teams & Clubs
2) Racing & Individual Sports
The sports team & clubs market was the largest segment of the spectator sports market segmented by type, accounting for $108.6 billion or 75.5% of the total in 2019 and racing & individual sports market is expected to be the fastest-growing segment going forward at a CAGR of 8.4%.
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By Geography - The spectator sports market is segmented by geography into
1. North America
2. Western Europe
3. Asia Pacific
4. Eastern Europe
5. South America
6. Middle East
7. Africa
Some of the major key players involved in the spectator sports market are
1. FC Barcelona
2. Dallas Cowboys
3. Real Madrid
4. Manchester United Football Club
5. New York Yankees
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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