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.
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).
Top players in the AFA market:
IBM was a leader in 2 of the segments: smart stadium and sports analytics. IBM focuses on organic growth by continuously expanding its product capabilities. The company holds expertise in big data and analytics technologies, which helps its customers in leveraging the huge amount of data generated from network elements and internet devices. With ample resources and expertise, IBM was a leading player in the smart stadium and sports analytics markets.
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Modern Times Group (MTG) is the leader in esports business. It is an international digital entertainment company. In November 2015, MTG acquired DreamHack (Sweden) for USD 28 million. Also in July 2015, the company had acquired 74% share in Turtle Entertainment (Germany), the owner of the ESL brand, for USD 87 million to strengthen its esports business. MTG focuses on partnering with global brands and event organizing companies. The company strives aligning with the latest market trends by organizing major esports events. For instance, in February 2018, ESL, the brand acquired by MTG, organized IEM Katowice tournament, featuring Dota 2 tournament, CS: GO tournament, StarCraft II tournament, and Heroes of the Storm tournament.
Apple is one of the most innovative companies, which designs and develops hardware, application software, and services for different consumer electronics products. Apple was market leader in sports wearables market. In the digital signage market, Samsung was the leading player. In June 2018, Apple updated the Apple watch with watchOS5. The company introduced new activity and communications features such as auto workout detection, Wi-Fi, and cellular connectivity. The company provides sports technology solutions through Samsung Display solutions. In the camera market, Sony was the leading player. Sony has a strong brand image worldwide, especially for electronic products and is also working on AI technologies to bring new capabilities to its electronics products. In May 2016, Sony (Japan) invested in Cogitai, an American start-up that specializes in AI. The company focuses on developing novel AI technologies using deep reinforcement learning with prediction technology in collaboration with Cogitai.
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.
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