CHICAGO, April 2, 2019 /PRNewswire/ -- 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.
Ask for PDF Brochure:
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"
64 – Tables
54 – Figures
214 – Pages
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.
Request Sample pages of the Report:
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).
Please Explore Relevant Report:
Esports Market by Revenue Streams (Media Rights (Subscription & Online Advertisement), Tickets and Merchandise, Sponsorship & Direct Advertisement, and Publisher Fees), and Geography (North America, Europe, APAC, and RoW) - Global Forecast to 2023
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/sports-technology-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com