Sports Technology Market Size, Growth, Trend and Forecast to 2024
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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