According to the new
market research report "Sports
Technology Market by Technology (Device, Smart Stadium, Esports,
Sports Analytics), Sports (Soccer, Baseball, Basketball, Ice Hockey, American
Football/ Rugby, Tennis, Cricket, Golf, Esports), and Geography - Global
Forecast to 2024", The sports technology market was valued at USD 8.9
billion in 2018 and is projected to reach USD 31.1 billion by 2024; it is
expected to grow at a CAGR of 20.63% during the forecast period. The market
growth can be attributed significant improvement in audience engagement,
growing demand for data-driven decisions and operations, and increasing sports
events, online and offline.
Wearables is the largest and the fastest
growing segment in sports device market
The growth in the
wearables market can be attributed to rising demand coupled with the proliferation
and suitability of enhanced communications protocol and miniaturization of
sensor technology. Sensors and wearable devices can be integrated into various
accessories such as garments, wrist wear, shoes, and eyeglasses because of
their compact size and advanced integration technologies. Wearable electronic
devices find many applications in fitness and sports for monitoring parameters
such as sleep, calorie consumption, heart rate, and blood pressure.
In Esports market, sponsorships and
advertisements was the largest segment in 2018
Sponsorships and
advertisements added millions to the esports market in 2018, and the segment is
expected to add more by 2024. Sponsorship and advertisement offer a significant
long-term engaging opportunity for esports organizers with their fans. The
growth in the revenue addition through sponsorship and advertisement can be
attributed to the increasing awareness about esports across the globe. Further,
the increasing number of high prize pool events is also boosting the number of
viewers and attracting top-level players, especially for offline esports
tournaments. The increasing number of offline esports tournaments are creating
opportunities for sponsors and advertisers to build brand awareness and
customer loyalty.
APAC is expected to grow at highest CAGR
during forecast period
APAC is a high
potential market for sports technology, with vast opportunities for the
development and implementation of new technologies. China, Japan, India,
Australia, and Singapore are constructing new stadiums and redeveloping the
existing ones. The emergence of new sports leagues in the region is driving the
demand for smart stadium infrastructure to help maintain a competitive edge
over international leagues and create new revenue streams. Sports
organizations, such as Melbourne Cricket Association, Sahara Force India,
Indian Premier League (IPL), New Zealand Cricket, and the Board of Control for
Cricket in India (BCCI), use smart technologies for hosting major international
and domestic tournaments. APAC countries are the emerging players in
professional sports, with the popularity of professional leagues and
tournaments in the region growing rapidly.
Leading players in
the sports technology market includes IBM (US), Ericsson (Sweden), Cisco (US),
Fujitsu (Japan), SAP (Germany), Oracle (US), NEC (Japan), LG (South Korea),
Sharp (Japan), Samsung (South Korea), Fitbit (US), Apple (US), Garmin (US),
Sony (Japan), Panasonic (Japan), Modern Times Group (Sweden), Activision
Blizzard (US), Tencent (China), and CJ Corporation (South Korea).
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