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Sports organizers are implementing virtual reality (VR) technology to improve the spectators’ experience during sporting events. Virtual reality generates images, sounds and other sensations that simulate a physical presence in an imaginary environment. Due to sports business market research, clubs and teams are experimenting with simulated and 360-degree environments to enhance the match viewing experience of the spectators by allowing them to have a virtual walkthrough of the stadium or the racetrack and view the match at different angles. For instance, the NBA game between the Sacramento Kings and San Antonio Spurs was broadcasted in VR. NASCAR has created an interactive fan area at the racetracks with the implementation of virtual reality.
The global sports market is segmented by type into spectator sports, participatory sports and by revenue source into media rights, merchandising, tickets, and sponsorship. Subsegments covered are sports team & clubs, racing & individual sports, golf courses and country clubs, skiing facilities, marinas, fitness and recreational sports centers, bowling centers, other participatory sports.
The global sports market size 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 growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $599.9 billion in 2025 at a CAGR of 8%.
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Spectator Sports Market – By Type (Sports Teams & Clubs, Racing & Individual Sports), By Revenue Source (Tickets, Media Rights, Sponsorship, Merchandising), By Media Type (Traditional Media, Non-Traditional Media), By Sport (Badminton, Baseball, Basketball, Cricket, Cycling, Hockey, Ice Hockey, Racing, Rugby/Football, Soccer, Table Tennis, Tennis, Volleyball, Wrestling/Boxing, Others), And By Region, Opportunities And Strategies – Global Forecast To 2023
Participatory Sports Global Market Report 2021: COVID-19 Impact and Recovery to 2031
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