The global sporting events market to grow at a CAGR of 3.58% during the period 2017-2021.
Global Sporting Events Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report also includes a discussion of the Key vendors operating in this market. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
One trend in the market is analyzing consumer behavior via mobile ticketing apps. Several types of events are being launched every year. In line with this, event organizers tracking the behavior and purchase pattern of an individual help them to market their service better. Mobile applications help the event organizers to understand the preferences of a buyer in terms of venue, sports type, day, and time.
According to the report, one driver in the market is growing affordability for high-priced tickets. The disposable income of the population in developing countries has increased in line with the economic growth. This has highly encouraged consumers to spend more on different kinds of leisure activities. Economic recovery worldwide, especially in countries like the US, the UK, Germany, South Korea, China, and Singapore, is driving the global sporting events market. With better economic conditions, the income levels of consumers have increased. Therefore, spending on leisure activities has become affordable for a greater proportion of the population.
Further, the report states that one challenge in the market is live streaming of sporting events. Live streaming of sporting events is likely to pose a barrier in the revenue inflow of the tickets market. With the growth in the broadband infrastructure, more channels are adding up every year that show online sporting events happening anywhere in the world. In 2016, sporting event tickets accounted for the second highest revenue share of 30.75%. The share of this segment is likely to experience a slight decline during the forecast period owing to the growing number of viewers opting for live streaming.