WILMINGTON, NEW CASTLE, DE, UNITED STATES, September 21, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, โSports Events Market by Revenue Source, by Age Group: Global Opportunity Analysis and Industry Forecast, 2021-2031″. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends. The global sports events market was valued at $184.61 billion in 2021 and is projected to reach $609.07 billion by 2031, growing at a CAGR of 10.5% from 2022 to 2031.
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Some of the factors driving market expansion in the area include the expanding sporting events business, rising per capita income, the burgeoning middle-class population, and rising disposable income. In addition, the growing popularity of major sporting events such as the Tokyo Olympics and the Cricket World Cup, along with rising digitization in China and India, further fuel market expansion.
The market is expected to have plenty of opportunities due to the widespread acceptance of digital tickets and the expanding use of smartphones worldwide. However, during the anticipated timeframe, market development is anticipated to be constrained by the unpredictability of ticket pricing and a lack of price management.
According to the sports events market analysis, the sports events market is segmented into revenue source, age group, and region. The basis of revenue source, the tickets segment was the significant contributor to the market, with $63,865.1 million in 2021, and is estimated to reach $202,205.6 million by 2031, at a CAGR of 10.0% during the forecast period. A ticket is a voucher that indicates that an individual is entitled to admission to a sports event. Digital tickets and online printable tickets, and paper tickets are majorly used forms of the sports event tickets. Online tickets for sports events has been gaining huge popularity owing to its convenience and hassle-free payment getaways. Digital ticketing creating a high level of transparency, which is expected to reduce black ticketing practices. Thus, above mentioned factors are projected to spur the sports events market growth during the forecast period.
Based on age group, the 21 to 40 years segment accounted for the largest share in 2021, contributing to nearly half of the global sports events market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 11.1% from 2022 to 2031, owing to active participation of individuals aged between 21 and 40 years in events such as exhibitions, conferences, sports events, seminars, and music concerts. The report also identifies segments including below 20 years and above 41 years.
Region-wise, North America garnered the major sports events market share in 2021 and is expected to maintain its market share throughout the Sports events market forecast period. In 2020, North America had the highest revenue share of more than 50%. The main driver of regional growth is the rise in viewership for sports other than football in the United States. With well-known clubs like the Bulls, Cavaliers, 76ers, Raptors, Mavericks, Warriors, Trail Blazers, and NY Knicks, football is the most-watched sport in the area. The games are watched by a sizable audience both offline and online. In 2018, 851,824 people watched the Bulls on ESPN, and 843,042 people watched the Cavaliers.
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The players operating in the global sports events industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report are Ace Ticket Worldwide, Inc., GooTickets.Com, Razorgator LLC, SeatGeek, StubHub, Ticket City, Inc., Tickets.com, LLC, Ticketek Pty Ltd, Ticketmaster, and TickPick LLC.
๐๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ข๐ง๐ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ซ๐จ๐ฌ๐ฉ๐๐๐ญ๐ฌ ๐๐ง๐ ๐๐๐ฆ๐๐ง๐ ๐๐ซ๐๐ง๐๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ฏ๐๐ง๐ญ๐ฌ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
๐๐ฅ๐จ๐๐๐ฅ ๐๐ฉ๐จ๐ซ๐ญ๐ข๐ง๐ ๐๐ฏ๐๐ง๐ญ๐ฌ: Major global sporting events like the Olympics, FIFA World Cup, and various championships often drive significant demand for sports events. Hosting or participating in these events can boost the local sports industry and attract international attention.
๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ข๐๐๐ฅ ๐๐๐ฏ๐๐ง๐๐๐ฆ๐๐ง๐ญ๐ฌ: Technology plays a crucial role in enhancing the sports events experience. Innovations such as virtual reality (VR), augmented reality (AR), and advanced broadcasting technologies provide immersive experiences for fans, leading to increased demand for live events and broadcasts.
๐ ๐๐ง ๐๐ง๐ ๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐ง๐ ๐๐ฑ๐ฉ๐๐ซ๐ข๐๐ง๐๐: Sports organizations are increasingly focusing on enhancing fan engagement and experience both in-stadium and through digital platforms. Personalized experiences, interactive apps, and social media integration are some strategies employed to attract and retain fans.
๐๐๐จ๐ง๐จ๐ฆ๐ข๐ ๐๐ฆ๐ฉ๐๐๐ญ: Economic factors such as disposable income, consumer spending, and sponsorship investments influence the growth of the sports events industry. Strong economies often correlate with increased spending on leisure activities including sports events.
๐๐๐๐ฅ๐ญ๐ก ๐๐ง๐ ๐๐๐ฅ๐ฅ๐ง๐๐ฌ๐ฌ ๐๐ซ๐๐ง๐๐ฌ: Growing awareness about health and wellness has led to increased participation in sports and fitness activities. This trend positively impacts the demand for sports events including marathons, triathlons, and recreational sports leagues.
๐๐ฌ๐ฉ๐จ๐ซ๐ญ๐ฌ: The rise of esports has significantly impacted the sports events landscape. Esports tournaments attract millions of viewers and participants globally, presenting new opportunities for event organizers and sponsors.
๐๐๐ฒ ๐๐๐ง๐๐๐ข๐ญ๐ฌ ๐ ๐จ๐ซ ๐๐ญ๐๐ค๐๐ก๐จ๐ฅ๐๐๐ซ๐ฌ:
โ This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the sports events market analysis from 2021 to 2031 to identify the prevailing sports events market opportunities.
โ The market research is offered along with information related to key drivers, restraints, and opportunities.
โ Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
โ In-depth analysis of the sports events market segmentation assists to determine the prevailing market opportunities.
โ Major countries in each region are mapped according to their revenue contribution to the global market.
โ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
โ The report includes an analysis of the regional as well as global sports events industry trends, key players, market segments, application areas, and market growth strategies.
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๐๐๐๐ฌ๐จ๐ง๐ฌ ๐ญ๐จ ๐๐ฎ๐ฒ ๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ฏ๐๐ง๐ญ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ:
โข Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies.
โข Recognize emerging players with potentially strong product portfolios and create effective counter-strategies to gain competitive advantage.
โข Classify potential new clients or partners in the target demographic.
โข Develop tactical initiatives by understanding the focus areas of leading companies.
โข Plan mergers and acquisitions meritoriously by identifying Top Manufacturer.
โข Develop and design in-licensing and out-licensing strategies by identifying prospective partners with the most attractive projects to enhance and expand business potential and Scope.
โข Report will be updated with the latest data and delivered to you within 2-4 working days of order.
โข Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
๐๐๐๐ ๐๐จ๐ซ๐ ๐๐ซ๐๐ง๐๐ข๐ง๐ “๐๐๐ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐:
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Allied Market Research
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