Women's sport is set for a historic 2024 as it is estimated to generate £1.02 billion worldwide. Amanda Perobelli/Reuters

Women's sport has had gradual growth in recent years with there being more recognition for it over time and now the industry is lined up for a ground-breaking 2024. Finance experts, Deloitte, anticipate women's sports to generate a global revenue of £1.02 billion in the coming year.

This will be the first time that women's sports have crossed the £1 billion figure and it will mark the latest historic milestone in women's sports. Deloitte's global revenue figures for women's sports in 2022 and 2023 were £546 million and £774 million respectively.

Factoring in the figures for Deloitte's latest report are the three core revenue streams for women's sports, which are in the commercial, broadcast and matchday sectors. The largest share of revenue for the 2024 global revenue estimation of over £1 billion will be from commercial avenues, with it worth £549 million and making up 55 per cent of the revenue.

Commercial revenue in women's sports consists of merchandising, sponsorships and partnerships.

The next largest revenue stream for the predicted global revenue in 2024 is in the broadcasting sector, with it set to make up 27 per cent of the figure and being valued at £268 million. Matchday revenue will make up the remaining 18 per cent and is valued at £189 million.

Despite matchday revenue set to be the least influential source of revenue for 2024, it was the only sector to grow from the 2023 revenue amount. This is because the matchday revenue made up just 14 per cent of 2023's global revenue in women's sports.

Commercial revenue in fact dropped its share of the revenue from 2023 as it previously made up 59 per cent of the entire global revenue. The broadcast revenue amount did not change as it also made up 27 per cent of the global revenue last year.

Football is set to be the biggest contributor to the financial milestone which Deloitte predicts women's sports will hit in 2024 as the sport is forecasted to make £438 million, which will make up 43 per cent of the global revenue.

The 2023 FIFA Women's World Cup in Australia and New Zealand saw women's football grow to greater heights and was a major factor in viewing figures for women's sports increasing in Britain in 2023. 12 million viewers in Britain tuned in to watch the World Cup final contested between Spain and England on BBC whilst the whole tournament attracted 21.2 million viewers across the nation.

After football, basketball is predicted to generate 28 per cent of the overall revenue for women's sports in 2024, worth £279 million. Tennis will make up five per cent of the global revenue with other sports making up the remains of the forecasted £1.02 billion figure.

Geographically, North America is estimated to have the biggest market share by far for women's sports in 2024 with 52 per cent and will generate £528 million. Europe will hold a considerably less market share with 14 per cent and is forecasted to make £143 million.

Insights lead for Deloitte's Sports Business Group, Jennifer Haskel, spoke on the company's findings, commenting: "Over the last few years we have seen exceptional growth in women's sports across the globe, driving a significant uplift in its commercial value, which in turn has led to growing interest from investors."

Global Head of technology, media and telecoms research at Deloitte, Paul Lee, touched on what needs to be done to ensure women's sports continue to grow. He said: "The next step will be maintaining habitual viewers who loyally tune in to watch their favourite players, teams and competitions across the season."

Lee added: "Sports organisations and media businesses will need to continue to elevate the profile of women's sports with prime-time broadcasts, as well as investing in digital platforms that make games accessible to all those who want to watch."

2024 will be a great opportunity for women's sports to elevate itself even further and reach bigger audiences as people will get to witness many of the world's best female athletes compete at the Summer Olympic Games starting next July in Paris.