Sports Events Market Size is Expected to Reach $609.07 Billion by 2031, Grow At a CAGR of 10.5% From 2022 to 2031

According to the Sporting Events Market analysis, the Sporting Events market is segmented into Revenue Sources, Age Groups, and Regions.

PORTLAND, OREGON, UNITED STATES, Aug. 17, 2022 /EINPresswire.com/ — The market size for sporting events in 2021 was predicted to be $184.61 billion, according to a new report from Allied Market Research titled “Sporting Events Market.” estimated. and is projected to reach an estimated $609.07 billion by 2031 and grow at a CAGR of 10.5% from 2022 to 2031. The report provides a comprehensive analysis of the key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces Analysis, and competitive landscape.

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Some of the factors driving market expansion in the region are expanding sporting events business, rising per capita income, growing middle class and rising disposable income. In addition, the growing popularity of major sporting events such as the Tokyo Olympics and the Cricket World Cup, as well as increasing digitization in China and India, are further driving the market expansion. Due to the widespread acceptance of digital tickets and the increasing use of smartphones worldwide, the market is believed to have many opportunities. However, the unpredictability of ticket prices and a lack of price management are expected to limit market development during the anticipated timeframe.

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The sport has not been exempt from the global outbreak of the coronavirus. In fact, the epidemic has profoundly affected the sports business and paralyzed it in many ways. Sporting events have been canceled or postponed at global, regional and national levels, with the most notable being the postponement of the Tokyo 2020 Olympics to July 2021. It has prompted many to reconsider and even change the meaning of the sporting experience of the disruption caused by COVID-19. Digital technology helped the sport do its part to adapt and respond as the world went into lockdown.

According to the Sporting Events Market analysis, the Sporting Events market is segmented into Revenue Sources, Age Groups, and Regions.

By source of income, it is divided into ticket sales, sponsorship and others. On the basis of age group, the market is categorized into under 20 years old, 21-40 years old and 41 years old and over. On the basis of region, it is analyzed in North America (US, Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands, and Rest of Europe), Asia-Pacific (China, Japan, India). , Australia and rest of Asia Pacific) and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa and rest of LAMEA).

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The revenue stream foundation, ticketing segment, was the major contributor to the market with US$63,865.1 million in 2021 and is expected to reach US$202,205.6 million by 2031 at a CAGR of 10.0% over the forecast period. A ticket is a voucher that indicates that a person is entitled to enter a sporting event. Digital tickets and online printable tickets as well as paper tickets are the most commonly used forms of tickets for sporting events. Online tickets for sporting events are very popular due to the convenience and hassle-free payment options offered. Digital ticketing creates a high level of transparency that is expected to reduce black ticketing practices. Hence, the above factors are forecast to spur the growth of the sporting events market over the forecast period.

The base of the age group, the Under 20 segment, was the major contributor to the market and is expected to reach $202,323.8 million by 2031 at a CAGR of 10.3% over the forecast period. The under 20 segment includes the children and is open to new learning and enthusiasts to take on challenges and exciting activities. Numerous high school and university students achieve various sporting events through schools and individually. The increasing participation of children and children in sports activities is likely to generate more interest in live sports broadcasts. Hence, the Under 20s segment will grow at a significant CAGR over the forecast period.

On a regional basis, North America gained the major sporting events market share in 2021 and is expected to maintain its market share during the sporting events forecast period. In 2020, North America had the highest share of sales at more than 50%. The main driver of regional growth is the increase in non-football viewership in the United States. With well-known clubs like the Bulls, Cavaliers, 76ers, Raptors, Mavericks, Warriors, Trail Blazers and NY Knicks, soccer is the most watched sport in the area. The games are watched by a sizeable audience both offline and online. In 2018, 851,824 people watched the Bulls on ESPN and 843,042 people watched the Cavaliers.

The players operating in the global Sports Events industry have adopted various development strategies to increase their market share, increase profitability and stay competitive in the market. The major 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.

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Main benefits for stakeholders:

○ This report provides a quantitative analysis of the market segments, recent trends, estimates and dynamics of the Sports Events market analysis from 2021 to 2031 to identify the prevailing Sports Events market opportunities.
○ Market research is provided along with information on key drivers, restraints and opportunities.
○ Porter’s Five Forces Analysis highlights the potential of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
○ An in-depth analysis of the Sports Events market segmentation helps in determining the prevailing market opportunities.
○ Key countries in each region are mapped according to their revenue contribution to the global market.
○ Positioning of market participants facilitates benchmarking and provides a clear understanding of the current position of market participants.

Related reports:

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Allied Analytics LLP
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