ReportCrux Market Research has published a new report titled “Sports Sponsorship Market by Type (Signage, Digital Activation, Club & Venue Activation, and Others); by Application (Competition Sponsorship, Training Sponsorship, and Others), and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”. According to the report, global demand for sports sponsorship market was valued at approximately USD 52.38 Billion in 2019 and is expected to generate revenue of around USD 81.31 Billion by end of 2027, growing at a CAGR of around 5.7% between 2020 and 2027.
The advent of new sports leagues is one of the key factors that is stimulating the global market growth for sport sponsorship. Worldwide, sporting organizations are depending on sponsors to provide goods and services, and funding to improve profitability of all the associations involved. As well, the growing number of new sporting activities around the world is providing an outlet for new sponsorships through different sports. This involves launching new tournaments and extending existing competitions to new venues. These activities are drawing more participants, which in turn is encouraging advertisers to invest in these events.
Over the past 20+ years, sponsorship has shown sustained growth that far exceeds the growth of conventional marketing spending, such as advertisement and sales promotions. One of the key developments gaining momentum in the industry is the rise of marketing analytics. One of the biggest problems faced by sponsors is lack of effective measures to calculate sports sponsorship ROI (return on investment). Marketing analytics lets the companies concentrate on the sports which have higher ROI. Sponsors can get a better understanding of how the public perceives their products with the aid of this marketing research. The analytics that is gaining popularity in sports sponsorships will also drive the growth of the global sports sponsorship industry.
Moreover, digital media has emerged as an vital aspect of branding in global sports sponsorship, as it offers the opportunity to connect with customers around the world through a multitude of digital channels. New media technology convergence has changed the way sport is produced, advertised, distributed, and consumed. This has made a major contribution to the continuing fragmentation of media outlets around the world and has sparked a complex and synergistic partnership between social media and sport sponsorship. Numerous implementations of modern sports technology have fundamentally changed the way sports are created, distributed and consumed. Regional and national media outlets have fractured around the world. Global brands use the emotional influence of sport to communicate with customers and take advantage of these compelling patterns of cultural media marketing.
Type segment accounted for almost 31% share of the Sponsorship Market in 2019
Application segment accounted for almost 52% share of the Sponsorship Market in 2019
|North America held almost 42% share of the overall market|
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