According to analysts at Vantage Market Research, the Global Sports Business Consulting Market was valued at USD 4.3 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.9 % between 2021 to 2028.
Sport business consulting refer to the area where consultants who already have specialization in field of sport market help sports teams, athletes and organization by reviewing and analyzing trends in the industry and provide possible feedback in order to improve performance and sales for the clients. They assist in finalizing sport business deals such as corporate sponsorships or for individual profits from endorsement deals.
The market is primarily driven by the increasing demand for the need of having sports consultants by the clients in order to gain profits and in helping spots teams and players to gain corporate endorsements for major events. The sports team and players often need consultants for analyzing and finalizing business deals which is pushing the growth of sports consulting market.
Moreover, due to COVID-19 the major business deals related to sports and events were at a halt which has resulted into a decline in the market. Endorsement deals and events related to sports were shut on account of the restrictions imposed by the governmental authorities to curb the viral infection across the globe.
Furthermore, the increasing demand for having a faster and easier evaluation of the funds and to gain utmost of profits from the business deals serves as an opportunity for the growth of the overall market. Whereas, fraudulent means being adopted to achieve maximum profit by the consultant teams is hampering the growth of the market.
Globally, the North American held the highest share in the global sports business consulting market and is expected to show fastest growth owing to the growing popularity of sports consulting services aided with the increasing in the new players entering the market.
Major key players in the global sports business consulting market are EY, McKinsey & Company, L.E.K Consulting and ASCELA.