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Report on How AI is Driving Market TransformationThe horse racing market size is forecast to increase by USD 114.5 billion at a CAGR of 14.71% between 2023 and 2028. The market is experiencing significant growth, driven by several key trends and factors. One notable trend is the increasing involvement of younger audiences in horse racing, as evidenced by the rising popularity of events like the Kentucky Derby and the Royal Ascot among millennials. Another trend is the rise in the adoption of online betting platforms, which has made horse racing more accessible and convenient for fans around the world. However, the market also faces challenges, including growing concerns for animal welfare and the potential for regulatory issues in various jurisdictions. Despite these challenges, the horse racing industry continues to thrive, driven by its rich history, tradition, and the excitement of live racing events.
The market is an exciting and dynamic industry that attracts millions of bettors worldwide. This market is fueled by the professionalism of trainers, jockeys, and breeders who dedicate their lives to ensuring the optimal performance and well-being of their horses. The focus on horse care and animal welfare is a top priority, with ethical practices and sustainability becoming increasingly important. Bettors from emerging markets and high-spending clientele are driving the growth of this market through their disposable income and accessibility to online platforms. The integration of technology advancements, such as Artificial Intelligence, has transformed the industry, making it more accessible and immersive for fans. Racetracks offer hospitality experiences for owners and spectators, providing a unique blend of sports, gambling, and entertainment. The wagering aspect of horse racing adds to its allure, with online betting becoming a popular option for convenience and accessibility. The market for horse racing is diverse and expansive, with various training regimens and breeding techniques contributing to the quality and performance of horses. The industry continues to evolve, with new technologies and ethical practices shaping its future.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market share growth by the Flat racing segment will be significant during the forecast period. Flat horse racing is a captivating and professional sport that showcases the harmonious relationship between horses and their skilled jockeys. This equestrian discipline involves horses racing over a set distance, ranging from 402 to 4,828 meters, on either turf or dirt surfaces. Turf, a natural grass surface, is the norm in most races, particularly in the UK, where flat racing holds significant cultural and economic importance, attracting millions of spectators each year.
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The Flat racing segment in the global market has steadily grown from USD 55.80 billion in 2018. The sport's allure extends beyond the races, with fashionable social gatherings and events often accompanying race meetings. Flat racing's strategic nature and electrifying speed are a testament to the dedication and expertise of trainers, breeders, and owners. The success of a racehorse is a result of rigorous training regimens, ensuring the horse's optimal performance and well-being. The welfare of the animals is paramount, with a strong emphasis on ethical practices and sustainability. Bettors from around the world participate in this global sports phenomenon through various betting types, including fixed odds and parimutuel. Online betting platforms have made wagering more accessible, providing an immersive experience for those unable to attend racing events in person. The industry's growth is evident in emerging markets, with a growing number of disposable incomes fueling investment opportunities in horse ownership, breeding, and wagering. Racetracks offer more than just betting opportunities, providing hospitality experiences and fostering a sense of community. From Churchill Downs in the United States to National Hunt Racing in the UK, and Harness Racing in Europe, the diverse racing events cater to a wide audience, offering an exciting and engaging spectator sport.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Horse racing is a global industry that caters to a high-spending clientele, attracting both avid fans and seasoned bettors. Technology advancements have significantly transformed the sector, with the integration of artificial intelligence and race management systems enhancing efficiency and accuracy. The betting sector is a major revenue stream, offering diverse betting options such as Win Bet, Place Bet, and Show Bet, among others. Sponsorships and broadcast rights are crucial components of the industry's commercial success, with live streaming enabling global access to races. The demographic of horse racing enthusiasts is diverse, ranging from the traditional racegoer seeking a luxurious experience to the tech-savvy bettor. Ethical concerns surrounding animal welfare and fair betting practices continue to shape the industry's regulations. Racecourses offer a unique blend of history, tradition, and modern amenities, providing an immersive experience for visitors.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing involvement of younger audiences in horse racing is notably driving market growth. The market is experiencing a renewed interest from younger demographics, propelling the industry forward. Historically perceived as a pastime for older generations, horse racing is now embracing modernization to attract millennials and Gen Z. Innovative marketing tactics, digital enhancements, and social media integration are key drivers of this shift. Racecourses are transforming into multifaceted entertainment destinations, featuring music festivals, gourmet food experiences, and technology zones in addition to races. Mobile betting apps and fantasy racing leagues offer convenience and engagement for tech-savvy younger audiences. This focus on engaging younger demographics is essential for the long-term sustainability of horse racing.
Furthermore, professional trainers and jockeys continue to prioritize horsemanship and training regimens, ensuring the highest quality performance from horses. Breeders invest in ethical practices and animal welfare to maintain the integrity of the sport. Owners, bettors, and spectators alike benefit from a variety of betting opportunities, including fixed odds and parimutuel betting. Horse racing encompasses diverse disciplines such as flat racing, National Hunt racing, harness racing, and greyhound racing. Racing events offer a wide range of betting opportunities, making it a popular spectator sport and investment opportunity. Online platforms and hospitality experiences at racetracks cater to diverse disposable incomes and preferences. The market's accessibility and diverse offerings continue to attract new audiences, making horse racing a thriving and dynamic industry. Thus, such factors are driving the growth of the market during the forecast period.
Rise in adoption of online betting platforms is the key trend in the market. The market is experiencing a surge in growth due to the increasing popularity of online betting platforms. These digital platforms offer unparalleled accessibility, enabling bettors to wager on races from anywhere in the world using their computers or smartphones. The convenience and ease of use are attracting new audiences and increasing overall participation in the sport. Professional trainers and jockeys continue to prioritize horsemanship, training regimens, and horse care to ensure top performance and quality in their horses. Breeders, owners, and ethical practices are also of utmost importance in the industry. Spectators and bettors alike are drawn to the excitement and thrill of horse racing as a sports and gambling entertainment. Betting opportunities abound, with various types such as fixed odds and parimutuel. Racing events span various disciplines, including flat racing, National Hunt racing, harness racing, and greyhound racing.
Furthermore, the market's accessibility and investment opportunities have made it an emerging sector. Churchill Downs, known for hosting the prestigious Kentucky Derby, is just one example of the hospitality experiences and wagering opportunities available to enthusiasts. Sustainability and animal welfare are also crucial considerations in the horse racing industry. Online platforms offer a portfolio matrix of racing events, providing bettors with a diverse range of options while ensuring ethical practices. As disposable income increases, horse ownership and breeding continue to be attractive investment opportunities. The industry's evolution into the digital age has opened up new betting opportunities and made the sport more accessible to a global audience. Thus, such trends will shape the growth of the market during the forecast period.
Growing concerns for animal welfare is the major challenge that affects the growth of the market. The market is a significant sports and gambling industry, attracting a large following of trainers, jockeys, breeders, owners, and bettors. This spectator sport offers various racing events, including flat racing, National Hunt racing, harness racing, and Greyhound racing. The market encompasses betting opportunities through various types, such as fixed odds and parimutuel. Online platforms have made wagering more accessible, increasing disposable income for betting. However, the horse racing industry faces growing concerns for animal welfare, which poses a challenge. Critics question the industry's professionalism, citing issues like overbreeding, intense training regimens, race-day medication use, and post-racing careers for horses.
Furthermore, horse injuries and fatalities during races have intensified public scrutiny, leading to calls for stricter regulations and improved safety measures. In response, the industry is focusing on enhancing horse care, including veterinary care, track surface improvements, and retirement programs for ex-racehorses. Ethical practices are becoming increasingly important, with a focus on sustainability and transparency. Emerging markets offer investment opportunities, while hospitality experiences at racetracks add to the industry's appeal. The future of horse racing lies in addressing animal welfare concerns and maintaining the highest standards of professionalism and care. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Horses China - The company offers equine such as young horses, ridden jumping, dressage horses, and others.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Horse racing is a globally popular sports industry that brings together trainers, jockeys, breeders, owners, and bettors in a thrilling display of speed, agility, and skill. This market encompasses various racing types, including Flat Racing, National Hunt Racing, Harness Racing, and Greyhound Racing. The professionalism of horse racing is evident in the rigorous training regimens and dedication to horse care. Trainers and jockeys work tirelessly to ensure their horses perform at their best, emphasizing quality and ethics. Bettors are drawn to horse racing for the excitement of e-sports and gambling, with various betting types such as Fixed Odds and Parimutuel. Online betting platforms have made wagering more accessible, attracting a wider audience.
Furthermore, sustainability and animal welfare are essential components of the horse racing industry. Ethical practices are emphasized to ensure the well-being of horses. Emerging markets and investment opportunities continue to fuel the growth of the horse racing industry. Churchill Downs, a renowned racetrack, and various racing events offer betting opportunities and hospitality experiences, attracting a diverse audience. The market is a significant economic contributor, with disposable income playing a crucial role in horse ownership, breeding, and wagering. Racing events provide a spectator sport experience that transcends cultural boundaries. In summary, the market is a dynamic and thriving industry, offering a range of opportunities for investment and enjoyment. From training regimens to online betting platforms, the focus on quality, ethics, and sustainability ensures the longevity of this beloved sport.
Market Scope |
|
Report Coverage |
Details |
Page number |
210 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.71% |
Market growth 2024-2028 |
USD 114.5 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
13.7 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 40% |
Key countries |
US, UK, Australia, France, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
American Horse Company LLC, GALLERY HORSE, Godolphin, Goresbridge Horse Sales, Hemphills Horses, Feed and Saddlery, Inc., Horse Scout Ltd, Horses China, Iron Spring Farm, JCB Horse Sales, LLC, KAMA GODEK, K and L Stables, MFS STUDFARM, Mount St John Equestrian, NorCordia , Platinum Horse Sales, Primi, Royal Horse Farms, Setters Run Farm, VOGLIS RIDING INTERNATIONAL, and Woodcroft Stud |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for Market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Type
9 Market Segmentation by Revenue Stream
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
With the growing adoption of AI across industries, Technavio has analyzed its impact on IT software market driven by the integration of Artificial Intelligence (AI). AI is revolutionizing horse racing by advancing performance analytics, refining betting systems, optimizing breeding programs, and elevating the fan experience. This analysis delves into AI's impact on the horse racing market, backed by data and real-world examples.
These insights, available exclusively through Technavio, provide an unparalleled significant impact of AI on the horse racing market, backed by real-world examples and data.
The report provides details of AI's impact on various segment
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