EUROPE EXPECTED TO OCCUPY 57% MARKET SHARE OF SPORTS TOURISM WITH FOOTBALL AS MAJOR DRAW
A recent report has cast light on the potential Europe has to dominate the sports tourism market, with football identified as an important generator of revenue.
A new report from analyst Technavio predicts that Europe will occupy a major market share of the sports tourism industry, with 57% of growth expected to originate from Europe between 2020 and 2025. In this time period, the sports tourism market will apparently grow by $890.9 billion (approx. €866.76 billion), at a compound annual growth rate of 13.37%.
The UK, Germany and Spain have been identified as key markets for sports tourism in Europe, and market growth is predicted to be faster here than other regions. It is thought that the quantity of sports events that are organised in Europe will accommodate market growth between 2020 and 2025.
The report claims that the football tourism segment will be significant in terms of generating revenue. This is due to the fact that football is the most-watched sport around the world, and there is an increasing number of tournaments that give tourists the chance to participate and engage with events.
Technavio also claims that the development of virtual reality technology will also support the growth of the sports tourism market share.
“The technology is in its nascent stages. However, the number of developments for imbibing VR technology in various activities is increasing. An increasing number of service providers are focusing on adopting VR technology to give an immersive viewing experience of sports tournaments to their customers”, the report claims.
“With enhanced customer experiences attainable through VR-based platforms, viewers could opt for watching sports events in their own regions. This could reduce the demand for tickets and the number of sports tourists travelling to spectate sporting events”.