New Delhi: The sports sector in India is poised for a transformative phase, with projections indicating a potential growth to a staggering $130 billion by the year 2030, as outlined in a recent report by Google and Deloitte.
This anticipated expansion, characterized by a Compound Annual Growth Rate (CAGR) of 14 per cent - nearly equaling the pace of India's Gross Domestic Product (GDP), underscores a significant shift in the manner in which Indians consume and engage with sports. This shift is attributed to a confluence of factors, including escalating government investments, a culture that embraces multiple sports, widespread digital adoption, and an array of sports content offerings.
Furthermore, the report forecasts the creation of approximately 10.5 million jobs and an additional $21 billion in indirect tax revenue by the year 2030.
The collaborative report emphasizes the immense potential of India's burgeoning sports sector, presenting a myriad of opportunities for stakeholders across the spectrum - from governmental entities and sports organizations to businesses, investors, content creators, and the general fan base.
"We are observing a surge in the fandom for multi-sport events, an increasing popularity of digital platforms, and a profound engagement from the younger generation, who constitute the largest segment of India's sports audience," stated Roma Datta Chobey, Managing Director (Interim Country Lead), Google India.
Romal Shetty, Chief Executive Officer, Deloitte South Asia, highlighted the dual nature of India's potential to emerge as a global sports leader, noting it as both a significant opportunity and a catalyst for national development.
"The advancements in technology, ranging from Artificial Intelligence to cloud computing, afford us a unique opportunity to cultivate talent from the grassroots level, thereby engaging youth across the country," he added.
Regarding the findings of the report, it was noted that while cricket continues to be a national obsession, there has been a notable shift with 90 per cent of Indian sports enthusiasts following multiple sports. Kabaddi and Football, in particular, have seen a surge in popularity, attracting 120 million and 85 million fans, respectively.
The advent of digital platforms has revolutionized the way sports are consumed in India. This trend is particularly pronounced among the younger demographic, constituting 43 per cent of the sports audience.
The sports goods and apparel industry is at the forefront of this transformation, with projections indicating a doubling in market value to reach USD 58 billion by the year 2030, propelled by an increasing fitness culture and enhanced discretionary spending.
