The overall sports
technology market is estimated to be worth USD 31.1 billion by 2024, growing at a CAGR of
20.63% during that period. Major growth drivers include significant improvement
in audience engagement, growing demand for data-driven decisions and
operations, and increasing sports events, online and offline.
Basketball
is the fastest growing segment for sports technology market
Many wearables
technology companies are working toward automating data analysis and providing
new and insightful data points. Athlete-worn devices in a number of
professional sports including basketball are offering more granular,
quantitative data. Companies like Whoop, STATSports, Hyksos, and Motus are
working on developing new ways to integrate wearable technology in basketball
and other sports.
Soccer was
the largest segment in sports technology market.
In soccer, sports
technology is used for gaining insights and actionable decisions. Predictive
analytics uses big data to determine the probability or the likelihood of a
certain outcome; intelligent descriptive analytics looks at big data and
analyzes it using machine learning and artificial intelligence to come up with
suggestions that improve the likelihood of the desired outcome. Both on and off
the ground, sports technology is playing a bigger role than ever. A new
approach to tactical analysis and the use of video technology are just some of
the changes that are happening. The 2018 World Cup witnessed the debut of video
assistant referees. This is perhaps the biggest change and one that has the
potential to make the biggest impact.
“APAC to
register highest growth during forecast period”
Internet and cloud
technology penetration, the emergence of professional leagues, and
digitalization of sports are driving the adoption of sports technology in APAC.
India, China, Australia, Pakistan, Sri Lanka, and Bangladesh are home to major
sports leagues and active participants in sports such as cricket, hockey,
badminton, athletics, and esports. China is the biggest market for esports in
the region. The continuous growth in internet adoption, social media analytics,
cloud computing, IoT, and smart devices is the major technological growth
prospect in the region. This growth is positively impacting the adoption of
sports technologies to enhance spectator experience and stadium operations.
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Key Market
Players
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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