The global Sports Hospitality Market is estimated to be valued at US$ 17.45 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Sports hospitality provides fans and spectators experiences through VIP access, exclusive tours, premium seats, and luxury lounges and suites among others. Premium experiences allow fans to get closer to the action and enjoy superior services.
Market Overview:
The sports hospitality market offers exclusive amenities and services to sports fans and spectators. It provides people access to premium seats, VIP tours of stadiums and arenas, pre-and-post event networking opportunities, and luxury lounges. These premium experiences enhance fan engagement and satisfaction.
Market key trends:
One of the key trends in the sports hospitality market is the growing demand for customizable and experiential offerings. Organizations are focusing on providing unique and tailored experiences to fans and spectators through novel features like interaction with players, personalized tours, curated dining experiences etc. Fan-centric and technology-driven services are also gaining traction. For instance, virtual reality is being utilized to offer immersive experiences. Furthermore, sports hospitality providers are partnering with sponsors and advertisers to monetize unused inventory and generate additional revenue streams.
Segment Analysis
The global sports hospitality market is dominated by stadium hospitality segment. It accounts for over 45% of the total market share as it provides premium experiences and exclusive facilities like private boxes, lounges, clubs areas to customers at sporting events. The segment witnesses high demand from corporate clients who wish to entertain guests and clients through luxury sports viewing.
Key Takeaways
The Global Sports Hospitality Market Size is expected to witness high growth, exhibiting CAGR of 24% over the forecast period, due to increasing sponsorships and partnerships between sports properties and hospitality providers.
Regional analysis
Europe dominates the global sports hospitality market with over 35% share. UK, Germany, France are the major contributors in the region. High fan participation and presence of prominent sports leagues and teams have aided market growth. Asia Pacific is expected to grow at the fastest rate due to rising infrastructure development and increasing spending power in the region.
Key players
Key players operating in the sports hospitality market are Keith Prowse, RTR Sports Marketing Ltd, ATPI Ltd, RK Sports Hospitality, White Label Hospitality, CSM Sports and Entertainment LLP, DTB Sports Hospitality and Event Management Limited, Honey & Co. Ltd, Wood Media Group Ltd, Hospitality Finder, Legends International, On Location Experiences, QuintEvents, Sportsworld, The Sports Travel Company, TLA Worldwide, VIP Sports Events, World Sports Group, IMG, Wasserman, Octagon, WME Sports, CAA Sports. IMG is one of the leading player with global presence and full suite services across sports, music, fashion and events.
Read More: https://www.ukwebwire.com/sports-hospitality-market-size-share-and-growth-forecast-2023-2023/
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