The global sports sponsorships market is significantly being driven by social media and digital marketing.
DUBLIN, Sept. 28, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Sports Sponsorship Market by Type (Signage, Digital Activation, Club & Venue Activation, and Others), Sports (Football, Hockey, Cricket, and Others), and Application (Competition Sponsorship, Training Sponsorship, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global sports sponsorship market was valued at $73,807.2 million in 2022, and is projected to reach $151,394.7 million by 2032, registering a CAGR of 7.1% from 2023 to 2032.
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Sponsors are using data analytics more and more to understand fan behavior, preferences, and consumption trends. As a result, they may tailor sponsorship activations and develop tailored ads that appeal to particular audience segments. Data-driven sponsorship programs will become even more effective with the usage of AI and machine learning.
Prime determinants of growth
The market for sports sponsorships is significantly being driven by social media and digital marketing. However, the market for sports sponsorships is significantly constrained by reputation risks. On the other hand, experiential marketing is creating lucrative opportunities for the growth of the global sports sponsorship market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $73,807.2 million |
Market Size in 2032 | $151,394.7 million |
CAGR | 7.1 % |
No. of Pages in Report | 250 |
Segments Covered | Type, Sports, Application, and Region. |
Drivers | - Brand exposure and reach |
Opportunities | - Experiential marketing |
Restraints | - Reputation risks |
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The signage segment to maintain its leadership status throughout the forecast period
By type, the signage segment held the highest market share in 2022, accounting for around two-fifths of the global sports sponsorship market revenue and is estimated to maintain its leadership status throughout the forecast period. Dynamic digital signage is increasingly being used in place of or in addition to conventional static signage. Digital displays allow for more content delivery flexibility, enabling advertisers to alter their messaging and target particular demographics. The digital activation segment, however, shows the fastest CAGR of 7.6% during the forecast period. Sports sponsorship has become more widespread than it was through traditional broadcasting channels with the emergence of online streaming services and platforms. The ability to brand live streams, on-demand material, and sports-specific digital platforms is now available to sponsors.
The football segment to maintain its leadership status throughout the forecast period
By sports, the football segment held the highest market share in 2022, accounting for more than one-third of the global sports sponsorship market share and is estimated to maintain its leadership status throughout the forecast period. Football is one of the most popular sports globally, and promoters are penetrating to capitalize on its enormous fan base and international interest. Sponsors are taking notice of the opportunity for brand exposure and engagement in this market given the growing popularity of women's football. The hockey segment would showcase the fastest CAGR of 7.4% during the forecast period. Hockey has been extending its global influence, drawing a larger viewership, and inspiring more interest from sponsors. The popularity of the sport in nations including Canada, the U.S., Russia, and several European countries offers an opportunity for brands to interact with a variety of fan populations.
The competition sponsorship segment to maintain its leadership status throughout the forecast period
By application, the competition sponsorship segment held the highest market share in 2022, accounting for more than two-fifths of the global sports sponsorship market share and is estimated to maintain its leadership status throughout the forecast period. In order to capitalize on the expanding esports business and draw a younger audience, traditional sports events are adding elements from esports. Sponsors are looking into ways to interact with esports fans through collaborations with teams, competitions, or online activations. The training sponsorship segment would showcase the fastest CAGR of 7.3% during the forecast period. Training sponsorships are starting to see the value of individualized training plans made to meet the particular requirements of individual athletes or teams. To help an athlete reach their full potential, sponsors offer individualized training schedules, access to qualified trainers, or branded sports equipment.
Europe to maintain its dominance by 2032
By region, Europe held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global sports sponsorship market share and is likely to dominate the market during the forecast period. Sponsors in Europe are concentrating on utilizing digital platforms to communicate with fans and increase their brand visibility as a result of the growing digitalization of sports. In order to connect with target consumers, this involves social media advertising, interactive online experiences, and personalized content. However, Asia-Pacific is expected to witness the fastest CAGR of 8.1% from 2023 to 2032. The market for sports sponsorship is expanding significantly in the Asia-Pacific area. The rise of sponsorship opportunities has been facilitated by quick economic growth, rising disposable incomes, and growing interest in sports.
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Leading Market Players: -
- Nike Inc.
- Adidas AG
- PepsiCo Inc.
- Red Bull GmbH
- Puma SE
- Macron S.p.A.
- Castrol India Limited
- Anheuser-Busch InBev SA/NV
- Electronic Arts Inc.
- ASICS Corporation
The report provides a detailed analysis of these key players in the global sports sponsorship market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Country Reports We Have in this Industry:
- U.S. Sports Sponsorship Market Opportunity Analysis and Industry Forecast, 2022-2032
- Canada Sports Sponsorship Market Opportunity Analysis and Industry Forecast, 2022-2032
- Mexico Sports Sponsorship Market Opportunity Analysis and Industry Forecast, 2022-2032
- Europe Sports Sponsorship Market Opportunity Analysis and Industry Forecast, 2022-2032
- UK Sports Sponsorship Market Opportunity Analysis and Industry Forecast, 2022-2032
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