Sports Technology Market Global Industry to Surpass USD 8.9 Billion By 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. 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. Market opportunities in Europe and APAC are high, with favorable economic and sporting environment. esports is mainly driven by the increasing popularity of video games.
In sports technology market, esports is a new development and gaining popularity among the youth populations rapidly. In esports, revenue is generated through sponsorships and advertisements, tickets and merchandise, and media rights. Sponsorships play a vital role in the esports business, as an increasing number of companies are investing in the esports industry. Further, with increasing player wages and an expanding esports market, the introduction of new sponsors is critical for the future commercial success of esports. As the esports market matures in the coming years, revenue generation opportunities would also increase. In addition to receiving indirect revenue through investments, esports organizers are projected to grow their direct revenue by selling brand sponsorships as well as through advertisements, ticket sales, and team merchandise.
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Sports analytics market is expected to grow at the highest CAGR during the forecast period. Sports analytics is a broad spectrum of solutions for analyzing all on- and off-field aspects of sports to gain an edge. Sports analytics is evolving gradually; currently, its adoption is at a nascent stage, but it will continue to evolve during the forecast period. The curiosity of fans about insights and strategies of their team performance has increased. Thus, teams are focusing on providing such stats to the fans. Sports analytics solutions not only help coaches and management but also provide the means for individual players to analyze and improve their performance. The use of sports analytics is not limited to fields and players, but various sports organizations’ are also using data-driven decision making to improve their hospitality and audience experience. Thus, sports analytics solutions help sports organizations to improvise in multiple domains by taking data-driven decisions which help increase profitability.
The sports technology market in RoW has high potential for growth. RoW includes the Middle East & Africa and South America. The sports technology market in the Middle East is expected to witness significant growth. Dubai has developed high-quality sports venues that can host a wide range of activities, from elite sporting events to grassroots recreational activities. In the MEA, the Middle East has lower sports participation rates; revenue from sports in the region is largely driven by African countries. However, the participation of Middle Eastern teams and organizations is gradually growing (in cricket, hockey, football, and athletics). Internet penetration and cloud adoption are gradually rising in the region, along with flourishing teams in various sports.
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