Just how much is the sports industry worth? According to new research from The Business Research Company, the global sports market reached a value of nearly $484 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.6% since 2018. The market is expected to grow from $484 billion in 2023 to $651 billion in 2028 at a rate of 6.1%. The market is then expected to grow at a CAGR of 5.8% from 2028 and reach $862 billion in 2033.
The global sports market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 2.72% of the total market. Player-adopted strategies in the sports market include a focus on enhancing operational capabilities through strategic acquisitions, collaborations and partnerships.
Top Sports Industry Trends for 2024
An increase in the globalization of sports through international competitions and cross-border leagues has driven the exponential growth of the global sports market in the past decade. Additionally, the advent of innovative technologies has further triggered the magnitude of growth.
The top three trends shaping the global sports market include the following.
1. Personalized Fan Engagement for Tailored Experiences
Major corporations within the sports industry are increasingly turning to digital analytics to enhance fan engagement by personalizing interactions with individual users based on their past activities. For instance, in December 2023, Genius Sports, a UK-based sports data and technology firm, released FanHub ID, a unified fan identification solution designed for advertisers, sports content creators, and broadcasters. This cutting-edge tool harnesses unique data signals to generate privacy-conscious FanHub IDs, taking into account fans' favorite sports, viewing patterns, and other preferences. By providing personalized marketing opportunities without relying on third-party cookies, FanHub ID empowers brands to connect with sports enthusiasts in a more precise and meaningful manner.
2. Adoption and Integration of the Latest Technologies
Major companies within the sports industry are fully committed to embracing and integrating cutting-edge technologies, including artificial intelligence (AI), machine learning (ML), augmented reality (AR), and virtual reality (VR), as part of their strategic initiatives to strengthen their market presence. Through the utilization of AI and ML algorithms, these forward-thinking companies are able to create invaluable insights from extensive datasets, empowering them to elevate player performance analysis, refine fan engagement strategies, and streamline operational workflows.
Furthermore, the adoption of AR and VR technologies represents a groundbreaking advancement for enhancing the overall fan experience, by offering immersive and interactive viewing opportunities that range from captivating virtual stadium tours to exhilarating live game simulations.
3. Launch of Sports Streaming Apps for Easy Accessibility
The launch of sports streaming apps is gaining popularity in the sports market. These apps provide convenient access to live games, highlights, analysis and exclusive behind-the-scenes footage, catering to the preferences of modern sports enthusiasts who increasingly prioritize flexibility and on-the-go accessibility.
Access Additional Sports Market Research
The Sports Global Market Report 2024 estimates sports industry revenues and covers the historic period 2018-2023 and the forecast period 2023-2028 and 2033. The report evaluates the market across each region and for the major economies within each region. The report also provides an analysis of the impact of the COVID-19 pandemic, the impact of the Russia-Ukraine war, and the impact of rising inflation on global and regional markets, providing strategic insights for businesses in the sports industry. Competitive benchmarking briefs on the financial comparison between major players in the market is the latest addition to specifically tailored to the Sports Global Market Report 2024.
About The Business Research Company
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology. Find the company on LinkedIn, Twitter, Facebook, or YouTube for more.
