There's nothing like having a big football tournament right around the corner to put the Irish sponsorship industry in a good mood. But after growth of 10 per cent last year, a more modest lift of 5 per cent is expected in 2016, according to consultants Onside.

The Irish sponsorship market will grow to €158 million this year, Onside says. Activity this year will come on the back of a 2015 that saw 37 per cent of sponsors increase their spend and only 8 per cent cut their investment.

Onside’s annual review estimates sponsorship spend reached €150 million in 2015, with 38 per cent of sponsors in Ireland now spending more than a fifth of their overall marketing and communication budget on sponsorship.

"2015 was an extraordinary year of growth, with major deals including the Dubai Duty Free Irish Open and AIB's GAA football championships coming into play, and broadcast sponsorships like Land Rover's coverage of the rugby world cup on TV3 injecting fresh impetus into the market," says Onside's founder and chief executive John Trainor.

Eight in 10 Irish sponsors see Euro 2016 as an opportunity to engage with consumers, according to a survey by Onside.

This compares with the two in three sponsors who saw the rugby world cup in this light last year. Less than half, however, view the Rio Olympics as a business opportunity this summer. Perhaps hope of an Irish medal haul could change their minds.