Sports technology market to grow at a CAGR of 20.63%: Report
The sports technology market was valued at $8.9 billion in 2018 and is projected to reach $31.1 billion by 2024; it is…
The sports technology market was valued at $8.9 billion in 2018 and is projected to reach $31.1 billion by 2024; it is expected to grow at a CAGR of 20.63% during the forecast period.
In recent years, professional sports bodies have adopted new technologies such as sports data analytics, smart stadium, wearable devices, digital signage, and esports. Smart stadium is one of the major trends worldwide due to the proliferation of sporting events. Technological innovations in the smart stadium market are driving the implementation of several projects worldwide, Reportlinker has stated in a release.
Market opportunities in Europe and APAC are high, with favourable economic and sporting environment. esports is mainly driven by the increasing popularity of video games. Wearable technology refers to electronic technologies or devices worn by users either on their body or clothing. Wearable devices facilitate human-computer interaction by making use of small body-worn computers.
These devices include activity trackers, smart clothing, smart glasses, smartwatches, and virtual and augmented reality devices. Wearable devices allow hands-free operations, real-time data monitoring, network communication, and data analytics. All these technological benefits are driving the overall sports technology market.
Sports analytics plays an important role in the functioning of a sports organization. Till recent past, coaches and experts did sports analysis during practice/training sessions and live matches and tournaments.
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The advancements in technology have enabled sports organizations to take better decisions about their teams and business operations.It is one of the primary drivers for the sports industry revolution.
The increasing adoption of social media platforms by fans for blogging and posting reviews will drive the demand for sports analytics solutions.
Stadiums are competing with at-home experience. Stadium owners are betting high on investing digital technologies for creating unforgettable experience in stadiums.
Their need to increase operational efficiency, achieve sustainability, and handle the changing business dynamics is driving the growing adoption of smart stadium services across all regions. Service providers help implement intelligent automation technology for efficient operations and cost-effective maintenance of stadiums.
North America held largest share of the sports technology market in 2018.The wide-scale adoption of technology and a rising standard of living are driving the demand for advanced sports technologies in the region.
The demand for comfortable sports viewing experience, growing popularity of BYOD, and increasing social media integration with stadium technologies are some of the factors driving the growth of the sports technology market in North America.
Key players in the sports technology market include 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). The study includes an in-depth competitive analysis of these key market players, with their company profiles, recent developments, and key market strategies.