Spectator sports continues market growth: What does this mean for sports tourism?
A report which analysed the state of the spectator sports market from the years 2016 to 2021 predicts what direction the market will go in the near future, and what that means for the state of global sports tourism.
The global spectator sports market reportedly reached a valuation of approximately €155.5 billion in 2021, according to a new study from Research and Markets. It means the market has experienced a compound annual growth rate of 0.3% since 2016.
Looking forward, the market is expected to have a CAGR of 16.5% between 2021 and 2026, growing by approximately €178 billion to a valuation of around €333.7 billion in 2026.
Even market growth is predicted beyond then, with a 11% CAGR from 2026 to 2031, taking the spectator sports market valuation to approximately €563 billion by the end of the forecasted period.
Why is growth expected to be so significant over the next decade? Research and Markets lists a series of key drivers, such as an increase in sponsorships, along with the growing availability of internet-accessible devices and general economic growth. Rapid urbanisation was also listed as a relevant driver of growth for the spectator sports market.
North America was cited as the most prominent region for the industry, making up 40.9% of the global market presence. Other leading regions include Western Europe and the Asia Pacific.
The Middle East and Eastern Europe are predicted to have the fastest-growing market growth, with a projected 19.1% CAGR and 17.5% respectively, between 2021 and 2026.
Via its report, Research and Markets recommended companies in the spectator sports sector to capitalise on new opportunities through expanding in sports tourism and fan engagement, as well as adopting emerging technologies such as virtual reality and augmented reality.