The Sports Sponsorship Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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https://www.thebusinessresearchcompany.com/report/sports-sponsorship-global-market-report
According to The Business Research Company’s Sports Sponsorship Global Market Report 2024, The sports sponsorship market size has grown strongly in recent years. It will grow from $63.74 billion in 2023 to $67.56 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to brand visibility and recognition, fan engagement, globalization of sports, traditional media dominance, social media influence.
The sports sponsorship market size is expected to see strong growth in the next few years. It will grow to $84.37 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to immersive fan experiences, esports and gaming integration, personalized marketing, cross-platform integration, innovative partnerships. Major trends in the forecast period include digital transformation, esports integration, sustainability initiatives, personalized fan engagement, virtual and augmented reality.
The growing number of sports events is expected to propel the growth of the sports sponsorship market going forward. The number of sports events has been increasing steadily in recent years due to several reasons such as the growing popularity of sports and the increased availability of resources for organizing events. Additionally, the globalization of sports has made it possible for sports to reach a wider audience and gain greater recognition worldwide. This has attracted sponsors to provide monetary sponsorships and promote their brand and products through advertisements. For instance, according to Tourism Economics, a Philadelphia-based information services company, in 2020, there were 96 million travelers attending sports events in the USA and the number rose to 175 million travelers in 2021. Therefore, the growing number of sports events will drive the growth of the sports sponsorship market.
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The sports sponsorship market covered in this report is segmented –
1) By Type: Signage, Digital Activation, Club And Venue Activation, Other Types
2) By Application: Competition Sponsorship, Training Sponsorship, Other Applications
Technological advancements are a key trend gaining popularity in the sports sponsorship market. Companies operating in the sports sponsorship market are adopting new technologies to grow in the market. For instance, in October 2022, Meta, a US-based technology company, launched Xtadium VR (virtual reality) app for its Oculus Quest 2 headset. Xtadium is a platform that provides VR streams of sports events in 180 degrees and up to 8K video quality. The platform includes real-time statistical overlays and offers eight different camera angles, providing a more personalized viewing experience for the users. It allows users to watch live events, on-demand replays, and immersive highlights. The goal of Xtadium is to use VR technology to emulate the experience of being at a sporting event as closely as possible.
The sports sponsorship market report table of contents includes:
1. Executive Summary
2.Sports Sponsorship Market Characteristics
3.Sports Sponsorship Market Trends And Strategies
4.Sports Sponsorship market analysis
5.Sports Sponsorship Market Size And Growth
6. Sports SponsorshipSegmentation
7. Regional And Country Analysis
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27. Sports SponsorshipCompetitive Landscape And Company Profiles
28.Sports Sponsorship Key Mergers And Acquisitions
29.Sports Sponsorship Future Outlook and Potential Analysis
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