DUBLIN--(BUSINESS WIRE)--The "Global Sports Hospitality Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Sports Hospitality Market was valued at US$4,745.928 million in 2020 and is expected to grow at a CAGR of 23.03% to reach a market value of US$20,243.342 million in 2027.
The global sports hospitality market is expected to grow rapidly during the forecast period. Sports hospitality refers to the programs developed and designed with the consideration of the corporate officials and VIPs to let them watch or play sporting events. It is majorly used as a business strategy to help organizations build stronger relationships and provide a unique experience to their clients. Some use it to reward their employees, but most importantly, organizations opt for sports hospitality to increase their brand awareness in the process. The companies offering sports hospitality also offer the opportunity to tailor the event according to the budget needs, and the event can be held at any time of the year.
There are several options offered for sports hospitality purposes. Some of them are the corporate boxes, wherein an altogether separate box is booked for the company throughout the sports season. Consequently, a corporate box will make the clients feel more pampered and important, building more reliable business relationships. This option is more suitable for watching to watch a game of soccer or a racing event, etc. Another option that is opted for is VIP treatment and travel. This option allows the client to enter places they would not normally be able to, such as Formula One pit arenas or a VIP seat at an MMA match. This option lets clients get into places they usually could not, like pit arenas of formula racing or a VIP seat at an MMA match. There is no shortage of sporting events available with this to avail this option. Opting to hold for holding a sporting event or watching one at some heritage or a traditional place is also a good option for sports hospitality. For example, the Camp Nou stadium in Spain is a heritage place for all football fans. Similarly, watching/hosting a sporting event at Wimbledon for the clients is also a sought-after option.
The market is segmented on sports type (Soccer, American football, Baseball, Tennis, Basketball, Others), by geography (Americas, Europe, Middle East & Africa, Asia-Pacific). The market is also estimated further by geography and by sports type.
Europe and, the Middle East & Africa are expected to hold the largest market size.
Europe and the Middle East & Africa are expected to hold the highest market share during the forecast period owing to the immense number of sporting events happening in the region. The region consists of countries that are immensely populated with sporting enthusiasts irrespective of their age group, class, or race. According to the preliminary research, Europe also witnesses many major sporting events like the FIFA World Cup, which attracts the highest number of viewers in the world. The next FIFA season, the 2022 FIFA World Cup, is held in Qatar. Thus, sports hospitality will witness several growth opportunities in the coming years in the region.
According to preliminary research, Europe also witnesses a significant number of major sporting events like FIFA, which attracts the highest number of viewers in the world. The next FIFA season, the 2022 FIFA world cup, is held in Qatar. Thus, sports hospitality will witness several growth opportunities in the coming years in the region.
The Asia-Pacific region is expected to witness the highest CAGR
The region consists of developing nations witnessing significant technological advancements and rapid adoption of new IT infrastructure. The population in the region has witnessed significant growth in disposable income and the entrance of international companies into the market. With the increasing need for client retention, brand awareness has been the top priority of the organizations in the region. Furthermore, the region is set to witness many sporting events being held, with the earliest one being the Cricket World Cup in India in 2021. Therefore, the sports hospitality market in the region will witness the fastest growth.
Market Segmentation:
By Sports type
- Soccer
- American Football
- Baseball
- Tennis
- Basketball
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- United Kingdom
- Germany
- France
- Italy
- Middle East and Africa
- UAE
- Saudi Arabia
- Asia Pacific
- Japan
- China
- India
- South Korea
- Thailand
- Indonesia
- Taiwan
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. SPORTS HOSPITALITY MARKET ANALYSIS, BY SPORTS TYPE
6. SPORTS HOSPITALITY MARKET ANALYSIS, BY GEOGRAPHY
7. COMPETITIVE ENVIRONMENT AND ANALYSIS
8. COMPANY PROFILES
Companies Mentioned
- DTB Sports Hospitality and Event Management Limited
- RTR Sports Marketing Ltd
- Keith Prowse (Compass Group)
- White Label Hospitality
- ATPI Ltd.
- CSM Sports and Entertainment LLP
- RK Sports Hospitality
- Hospitality Finder
For more information about this report visit https://www.researchandmarkets.com/r/1m11r7
