Market Size of Blockchain in Sports Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Blockchain in Sports Market Analysis
Blockchain in Sports Market revenue is expected to grow at a CAGR of 9.0% over the next five years. Blockchain technology in sports is also applied at the ticketing level as a more accessible and secure way to purchase, store, or even transfer tickets between owners or events.
- Blockchain technology is gaining traction in the sports market. To increase fan engagement and monetize their fan base, several clubs and teams at the highest levels are deploying blockchain-based solutions and customizing blockchain use cases in sports. Accepting this kind of innovation is more critical for clubs' survival at a time when the COVID-19 epidemic severely impacted ticket sales revenue.
- The NBA projects such as Top Shot, NFL's blockchain project, and others have acquired massive acceptance among fans. Digital Sports collectibles or the sports NFT industry have been assisted by the collaboration and partnership of NFT and the sports industry to grow. It is also positively impacting the sports industry.
- Prominent sports clubs (Manchester City, Barcelona, PSG) and leagues worldwide already use blockchain technology in their digital strategies. Blockchain use cases in sports allow teams to unlock profitable income streams and develop new ways to engage with fans. In September last year, the Football governing body FIFA was set to launch a new NFT (non-fungible token) collection ahead of the World Cup in Qatar.
- With digitalization, blockchain technology entered the sports betting industry and is on its way to changing or evolving it drastically. Blockchain technology in sports is slowly taking over the sports gambling market.
- Due to COVID-19, the Blockchain in the Sports market was impacted negatively. For Instance, The Union of European Football Associations (UEFA) had planned to sell tickets to its 2020 tournament through Blockchain. A blockchain-based mobile app would have enabled the UEFA to sell tickets to fans in many countries with a higher level of security than conventional ticketing methods. During the COVID-19 pandemic, blockchain technology was used in the tournament aimed to sell a million tickets through the app. (The contest was postponed to 2021 due to the COVID-19 pandemic.)
