Tuesday, November 21, 2023
Sports sponsorship market to grow at 18.55% CAGR from 2021-2026; emerging key players - Technavio.

Sports sponsorship market to grow at 18.55% CAGR from 2021-2026; emerging key players – Technavio.

NEW YORK, July 18, 2023 /PRNewswire/ — According to Technavio, the sports sponsorship market is expected to witness significant growth with an estimated increase of USD 44.99 billion from 2021 to 2026, at a compounded annual growth rate (CAGR) of 18.55%. Vendors in the market are adopting various growth strategies such as promotional activities and increased spending on advertisements to enhance the visibility of their services due to the intensifying competition. In its report, Technavio analyzes the competitive landscape of the market and provides information on several market vendors, including adidas AG, Ajinomoto Co. Inc., ANTA Sports Products Ltd., AT and T Inc., Etihad Airways PJSC, Groupe Artemis, Gulbahar Group, Hero MotoCorp Ltd., Hyundai Motor Co., LIXIL Corp, Nike Inc, PepsiCo Inc., PTT Public Co. Ltd, Qatar Airways Group, Red Bull GmbH, Renault sas, Rolex SA, Samsung Electronics Co. Ltd., Tata Sons Pvt. Ltd., and Think and Learn Pvt. Ltd. To gain more insights into the sports sponsorship market, interested individuals can download a sample report from Technavio. The market report, titled “Global Sports Sponsorship Market 2022-2026,” provides valuable information and data with a qualitative and quantitative study of the market, focusing on market drivers, limitations, and future prospects. The report covers segments such as type (signage, digital activation, club and venue activation, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The key driving factor for market growth is the increased spending on sports sponsorship. The global sports sponsorship market has been experiencing steady growth in terms of sponsorship spending, which is expected to continue during the forecast period. Emerging countries like India have also witnessed significant growth in sports sponsorship spending. For instance, sports sponsorship spending in India increased by 16%-18% to over $1 billion in 2019. The success of domestic leagues like IPL, PKL, ISL, Hockey India League (HIL), and PBL has attracted numerous companies to invest in sports sponsorship. Therefore, the spending on sports sponsorship is projected to further increase with the growing popularity of these sporting leagues worldwide. Analytics is a major trend in the market, which is gaining importance. In the past, sponsors faced challenges due to a lack of efficient metrics to measure the return on investment (ROI) of sports sponsorships. However, the introduction of marketing analytics is expected to solve this problem. Marketing analytics helps sponsors collect social media insights from customers before, during, and after a sports event, providing a better understanding of public sentiment. It also analyzes customer reach, which is the number of people exposed to the sponsor’s marketing messages during a sponsorship activation. Despite the numerous benefits associated with sports sponsorships, challenges exist that could impede market growth. Negative outcomes with sports sponsorships can occur, such as poor event presentation or poor performance by the sponsored team/player. Companies may also be exposed to liability risks resulting from alleged negligence at sponsored events, which can damage their image. Consequently, these challenges can hinder market growth during the forecast period. The report covers the market’s key drivers, trends, and challenges, which impact market dynamics and businesses. To access more insights, individuals can obtain a sample report from Technavio. The sports sponsorship market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects. Interested parties can purchase the report to add credibility to their strategy, analyze competitor offerings, gain a holistic view of the market, and grow their profit margin with Technavio. The report includes key data such as the CAGR of the market during the forecast period, detailed information on factors driving market growth, the size and contribution of the sports sponsorship market, predictions about upcoming trends and changes in consumer behavior, the market’s growth across various regions, analysis of the market’s competitive landscape and key vendors, and more. Technavio offers a subscription platform that provides access to over 17,000 market research reports. Additionally, Technavio offers related reports, such as the artificial intelligence market in sports and the sports turf market, which are expected to experience growth as well. The artificial intelligence market in sports is estimated to increase by USD 5.45 billion from 2021 to 2026, with a CAGR of 30.8%, while the sports turf market is projected to grow at a CAGR of 11.98% between 2022 and 2027, with a forecasted market size increase of USD 3,284.74 million. The demand for data integration, visual analytics, and outdoor sports is driving the growth of these respective markets. Technavio is a leading global technology research and advisory company that focuses on emerging market trends and offers actionable insights to help businesses identify opportunities and develop effective strategies. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports covering 800 technologies and spanning 50 countries. The company has a diverse client base, including more than 100 Fortune 500 companies. For more information, individuals can visit Technavio’s website or reach out to their analysts directly.


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