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Report on How AI is Driving Market Transformation 
The horse racing market size is forecast to increase by USD 114.5 billion, at a CAGR of 14.71% between 2023 and 2028.
Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.
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The market continues to evolve, with various sectors experiencing ongoing dynamics that shape the industry. Veterinary care plays a crucial role in ensuring the wellbeing of equine athletes, with advancements in equine health leading to improved performance and fan engagement. Track conditions and race strategy are critical factors influencing the outcome of races, with media coverage providing real-time updates on these elements. Prize money and performance data are essential tools for horse racing media and gambling regulation, providing valuable insights for fans and stakeholders alike. Social media and online streaming platforms have revolutionized fan engagement, allowing for unprecedented access to racing events and real-time analysis of race statistics.
Governing bodies and racing associations work to maintain integrity and adhere to strict regulations, including drug testing and animal rights. The horse racing industry is a global phenomenon, with events such as the Triple Crown, Royal Ascot, Melbourne Cup, and Breeders' Cup attracting international attention. Racing equipment, including boots, helmets, and racing silks, plays a vital role in ensuring the safety and comfort of horses. Race preparation and training regimens are continually refined to optimize performance, with racing surfaces and race classes catering to various horse breeds and abilities. Pari-mutuel betting and betting exchanges offer fans the opportunity to place wagers on their preferred horses, with fixed odds providing a sense of security and predictability.
Horse racing statistics and betting odds are closely monitored by fans and industry experts, with post-race recovery and race distances influencing the outcome of races. In summary, the market is a dynamic and evolving industry, with various sectors interconnected and influencing one another. From veterinary care and track conditions to fan engagement and gambling regulation, the horse racing industry continues to innovate and adapt to meet the changing needs and expectations of fans and stakeholders.
The horse racing industry 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 flat racing segment is estimated to witness significant growth during the forecast period.
Flat horse racing is a globally popular equestrian sport where horses compete over predetermined distances, ranging from 402 to 4,828 meters. The majority of races take place on turf, with North America predominantly using dirt surfaces. This cultural phenomenon attracts millions of spectators annually, particularly in the UK, where it intertwines with fashion and social events. The sport's strategy and unique horse-jockey bond make it captivating. Media coverage and social media platforms amplify fan engagement, allowing real-time access to races like the Kentucky Derby, Melbourne Cup, and Royal Ascot. Online streaming services and betting exchanges provide convenience for fans, while pari-mutuel betting adds an element of excitement.
Equine welfare and racing integrity are crucial concerns, with governing bodies implementing regulations and veterinary care ensuring horse health. Racing equipment, including boots and helmets, plays a significant role in optimizing performance. Race strategy and training regimens are meticulously planned to maximize a horse's potential. Performance data and statistics offer valuable insights for bettors, while gambling regulation ensures fairness. The Triple Crown, Breeders' Cup, and Grand National are prestigious events that test both horse and jockey. Race classes, distances, and surfaces vary, catering to diverse horses and riders. The horse racing industry thrives on these events, contributing billions in prize money.
Drug testing and animal rights are ongoing debates in the industry, with a focus on maintaining horse racing's integrity. The sport continues to evolve, adapting to technological advancements and fan expectations, making it an enduring and dynamic part of the equestrian world.
The Flat racing segment was valued at USD 55.80 billion in 2018 and showed a gradual increase during the forecast period.
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.
The North American market, encompassing the US and Canada, has witnessed substantial growth in recent years. Factors driving this expansion include the legalization of sports betting in numerous states, broadening the market and fueling renewed interest in horse racing as a betting alternative. Marquee events, such as the Triple Crown races, continue to captivate audiences and set record-breaking betting handles. The industry's modernization efforts, with racetracks investing in advanced facilities and technology, have significantly improved spectator experiences. Innovative betting products, like historical horse racing machines, have further bolstered revenue. Horse racing media coverage, social media engagement, and online streaming platforms have expanded fan accessibility and interaction.
Equine welfare, race strategy, and equine health remain top priorities, with governing bodies enforcing strict regulations and veterinary care ensuring the wellbeing of the animals. The horse racing industry's commitment to integrity, through drug testing and horse racing statistics, has strengthened its reputation. Horse racing events, including the Kentucky Derby, Melbourne Cup, and Royal Ascot, attract global attention, while racing associations and broadcast rights holders collaborate to maximize exposure. Racing helmets, equipment, and silks have evolved to enhance safety and performance, with racing associations setting standards for training regimens and race surfaces. The Breeders' Cup, Prix de l'Arc de Triomphe, and other prestigious races offer significant prize money and prestige.
Fan engagement initiatives, such as betting exchanges and fixed odds, have intensified the excitement around horse racing, with betting odds and race distances adding to the thrill. Animal rights advocacy groups and racing associations continue to collaborate on race preparation and race classes, ensuring fairness and transparency. The market's evolution reflects a harmonious balance of tradition and innovation.
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.
The horse racing 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 horse racing market 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, horse racing market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
American Horse Company LLC - The company specializes in providing equine supplements, including mushroom, bluey, and misty, enhancing animal health and performance through innovative, science-backed formulations.
The industry research and growth report 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 industry 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.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Horse Racing Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
210 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.71% |
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Market growth 2024-2028 |
USD 114.5 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
13.7 |
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Key countries |
US, UK, Australia, France, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this horse racing market research report to meet your requirements.
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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Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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