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”, published by MarketsandMarkets™, 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.
Browse in-depth TOC on “Sports Technology Market“
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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.