What are all the different tiers of professional tennis tournaments

In the world of professional tennis, there exist various levels or tiers of tournaments that offer varying degrees of prestige, points, and prize money to players. The International Tennis Federation (ITF) and the Association of Tennis Professionals (ATP) jointly classify these tournaments into different categories based on their importance, draw size, and location:

Grand Slams: The four most prestigious tournaments in tennis, occurring annually in chronological order: Australian Open, French Open, Wimbledon, and US Open. These offer the highest level of competition and the most significant prize money.

ATP Masters 1000: Nine elite tournaments held throughout the year, next in importance to Grand Slams. They offer substantial prize money and points, attracting top players.

ATP 500: A step below Masters 1000, these tournaments offer slightly lower points and prize money but still attract highly ranked players.

ATP 250: A wider circuit of tournaments with smaller prize pools and points. They provide opportunities for players to gain ranking points and experience.

Challenger Tour: A developmental level for promising players, offering points that contribute to ATP rankings.

ITF World Tennis Tour: A series of tournaments organized by the ITF, providing young players with competitive opportunities at various levels.

Related Questions:

What is the most prestigious Grand Slam tournament? (Wimbledon)
Which ATP Masters 1000 tournament is played on clay? (Monte-Carlo Masters)
What is the difference between ATP 250 and ATP 500 tournaments? (Prize money, points, and player ranking)
Where is the Challenger Tour mainly played? (Various locations worldwide)
What is the purpose of the ITF World Tennis Tour? (To develop young players)

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What are all the Different Tiers of Professional Tennis Tournaments?