Global Sports Technology Market is Expected to Grow at CAGR 20.4% By 2027 Owing to the Growing Need for Analysis of Sporting Events: Says Absolute Markets Insights
PUNE, India, Feb. 11, 2020 /PRNewswire/ -- Sports technology market is growing exponentially owing to certain factors including penetration of advance technologies along with a shift in marketing strategies of sports technology companies. Analytics is one of the most implemented technology in the sports industry. Sports professionals such as athletes are using analytics tools to plan their diet for the training schedule, to gain injury prevention advice, to gauge the competitors strength and weaknesses data and to promote physical strength and endurance related coaching. Furthermore, big data analytics is helping professional clubs to pick probable winning combination team by accessing in depth details of opposition team's strength and weakness. For example in the U.S., NBA basketball teams are using a shot-tracking technology, a graphic representation of players shooting accuracy and patterns basis on their position and movement, developed by RSPCT (an Israeli startup) using Intel Real Sense 3D Camera. Thus, rise in adoption of analytics in sports industry is increasing the market size of sports technology market across the globe.
In terms of sports type, soccer held the highest market share of 18.6% in 2018 and is anticipated to hold the largest market share during the forecast period in global sports technology market. Cricket held the second largest market size in global sports technology market. Rise in number of number of soccer and cricket events across the world is increasing the usage of technology in sporting events which is driving the growth of the global sports technology market. Apart from the real time game, the market has expanded its wing by introducing online and offline e-sports leagues. Introducing the e sports league has become game changer for the market, where the targeted audiences are driven through the social media platform. For Instance, YouTube streams some of the biggest e sports leagues exclusively on its platform, and it is estimated that, the league is being watched globally, by millions of user every minute. The users who joined the league are targeted from various social media platform. Additionally, the targeting strategy has also brought a major shift in sports broadcasting market, where the number of viewers has increased in multiple folds on live streaming platform than consuming the sport events on the traditional media.
The primary market participants in the global sports technology market include ARRI AG., Robert Bosch GmbH 2020, Cisco Systems, Inc., CJ.NET., FUJITSU, IBM Corporation, Intel Corporation, Modern Times Group MTG, NCR Corporation., NEC Corporation, Panasonic Corporation, SAMSUNG, SKIDATA AG, Sony and Telefonaktiebolaget LM Ericsson amongst others.
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The detailed research study provides qualitative and quantitative analysis of the global sports technology market. The sports technology market has been analyzed from demand as well as supply side. The demand side analysis covers various segments of sport market across the globe. The supply side aalysis covers the major market players and their regional and global presence and strategies.
Key Findings of the Report:
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Global Sports Technology Market
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SOURCE Absolute Markets Insights