PUBLISHER: The Business Research Company | PRODUCT CODE: 1532080
PUBLISHER: The Business Research Company | PRODUCT CODE: 1532080
Sports tracking involves leveraging technology to observe, document, and assess various facets of athletic performance and activities. This entails employing sensors and software applications to gather data on metrics such as speed, distance, heart rate, and movement patterns. Such data offers valuable insights that can optimize athletic training and performance.
The core elements of sports tracking comprise both hardware and software. The hardware encompasses devices such as fitness trackers, smartwatches, and specialized sensors designed to monitor and collect data on physical activities and performance metrics. These solutions are implemented across cloud-based and on-premises platforms, supporting diverse applications such as player analysis, team analysis, health assessment, and video analysis.
The sports tracking research report is one of a series of new reports from The Business Research Company that provides sports tracking market statistics, including the sports tracking industry's global market size, regional shares, competitors with a sports tracking market share, detailed sports tracking market segments, market trends and opportunities, and any further data you may need to thrive in the sports tracking industry. This sports tracking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The sports tracking market size has grown strongly in recent years. It will grow from $2.74 billion in 2023 to $2.98 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. In the historical period, growth can be credited to heightened interest in sports tracking devices, greater investments in sports, increased focus on contact tracing, enhanced emphasis on real-time data, and wider adoption of sports analytics.
The sports tracking market size is expected to see strong growth in the next few years. It will grow to $4.18 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to the increasing popularity of sports betting, rising demand for predictive insights into fan preferences, personalized coaching and recommendations, growing interest in optical solutions, and the expanding use of mobile-based applications. Key trends anticipated in the forecast period include GPS tracking and route mapping, advancements in esports technology, predictive analysis software, biometric sensors for health monitoring, and integration of weather data.
The growing emphasis on health consciousness is expected to drive the expansion of the sports tracking market. Health consciousness encompasses individuals and communities' awareness, knowledge, and proactive measures to maintain or enhance their health and well-being. This trend is fueled by factors such as escalating healthcare costs, the rise of preventive care practices, media influence, environmental awareness, demographic changes, the expansion of the wellness industry, and a cultural emphasis on self-care and mental well-being. Sports tracking contributes to this health consciousness by offering real-time data and insights into physical activity, promoting accountability, and facilitating informed decision-making for healthier lifestyles. For example, in January 2022, the Outdoor Industry Association reported that 164.2 million Americans, equivalent to 54% of the population aged 6 and above, participated in outdoor recreation at least once, marking the highest participation rate ever recorded. Since March 2020, there has been a 6.9% increase in the outdoor participation base, with an additional 2.2% growth in 2021, totaling 164.2 million participants. Therefore, the growing health consciousness is a key driver behind the sports tracking market's growth.
Leading companies in the sports tracking market are concentrating on developing advanced solutions, such as a new GPS-based player tracking system, to establish a competitive advantage. A GPS-based player tracking system utilizes technology to monitor and analyze athletes' movements and performance during training sessions and games. For instance, in May 2023, Kinexon AG, a Germany-based provider of real-time player tracking solutions, introduced Kinexon Perform GPS Pro, a GPS-based player tracking system tailored for coaches in sports such as soccer, football, and other outdoor team sports. This innovative product offers unique features such as real-time tracking, over 100 performance metrics, live data streaming to the AWS Cloud, automated data processing, and wireless charging, making it an advanced GPS-based player-tracking system for outdoor team sports.
In June 2023, FloSports, a US-based provider of direct-to-consumer sports video streaming platforms, acquired DirectAthletics for an undisclosed amount. Through this acquisition, FloSports aims to leverage DirectAthletics's expansive database and event management tools to enhance its sports streaming platform, providing improved event organization and result tracking for a more engaging experience for athletes, coaches, and fans. DirectAthletics, a US-based provider of sports data management software, specializes in sports tracking capabilities.
Major companies operating in the sports tracking market are Huawei Technologies Co Ltd., SAP SE, HCL Technologies Limited, Zebra Technologies Corporation, Garmin Ltd., SAS Institute Inc., Sportradar Group AG, Stats Perform, Polar Electro Oy, Catapult Group, Withings SA, ChyronHego Corporation, Aftership Limited, Kinexon AG, Sports Mechanics, Sensoria Inc., JOHAN Sports B.V., LifeBEAM Technologies Inc., STATSports Group Ltd, Track160 Inc., Hexoskin Inc., Sports Performance Tracking Pty Ltd
North America was the largest region in the sports tracking market in 2023. The regions covered in the sports tracking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the sports tracking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The sports tracking market consists of revenues earned by entities by providing services such as performance metrics, training programs and workouts, team management, health and wellness tracking, and coach and athlete collaboration. The market value includes the value of related goods sold by the service provider or included within the service offering. The sports tracking market also includes sales of products including wearable fitness trackers, smartwatches, heart rate monitors, global positioning system (GPS) sports watches, and cycling computers. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Sports Tracking Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on sports tracking market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for sports tracking ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The sports tracking market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.