Global sports market today: An overview

Abstract

The sports market consists of sales of sports services and related goods by entities (organizations, sole traders and partnerships) that provide live sporting events before a paying audience or entities that operate golf courses and country clubs, skiing facilities, marinas, fitness and recreational sports centers, and bowling centers. The sports market is segmented into spectator sports and participatory sports. The global sports market is expected to grow from $388.28 billion in 2020 to $440.77 billion in 2021 at a compound annual growth rate (CAGR) of 13.5%. The market is expected to reach $599.9 billion in 2025 at a CAGR of 8%.Sports organizers are implementing virtual reality (VR) technology to improve the spectators' experience in sporting events. The market is expected to benefit from steady economic growth forecasted for many developed and developing countries. Thisarticle covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider sports market and compares it with other markets.