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A burgeoning esports industry is among some of the world’s fastest growing sectors that will see the sports technology market more than treble to US$31.1 billion by 2024, according to new research.
An increasing demand for data-driven analysis within the sports sector and audience engagement improvements will also be contributing factors, according to a report published by the India-based revenue impact researcher, Markets and Markets.
The Sports Technology Market by Technology report, speculates that, while currently valued at US$8.9 billion worldwide, the sports technology industry is expected to grow by more than 20 per cent annually over the next five years.
Among its major influencers, six US companies are said to be behind anticipated growth. According to the report, games developer Blizzard Entertainment – a subsidiary of Activision Blizzard – will apparently spearhead the future of esports, the fastest growing sector for viewership and advertising throughout 2018.
The report said: ‘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 organisers 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 [also] creating opportunities for sponsors and advertisers to build brand awareness and customer loyalty.’
Elsewhere, the report also claims that the proliferation of technology coupled with the emergence of new sports leagues and the construction of major stadia is also driving industry’s growth – particularly in the Asia-Pacific region (APAC).
A growth in the wearables market can also be attributed to rising demand for enhanced communication and sensor technology, and is said to be the largest and fastest-growing sector within the sports device market.
A burgeoning esports industry is among some of the world’s fastest growing sectors that will see the sports technology market more than treble to US$31.1 billion by 2024, according to new research.
An increasing demand for data-driven analysis within the sports sector and audience engagement improvements will also be contributing factors, according to a report published by the India-based revenue impact researcher, Markets and Markets.
The Sports Technology Market by Technology report, speculates that, while currently valued at US$8.9 billion worldwide, the sports technology industry is expected to grow by more than 20 per cent annually over the next five years.
Among its major influencers, six US companies are said to behind anticipated growth. According to the report, games developer Blizzard Entertainment – a subsidiary of Activision Blizzard – will apparently spearhead the future of esports, the fastest growing sector for viewership and advertising throughout 2018.
The report said: ‘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 organisers 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 [also] creating opportunities for sponsors and advertisers to build brand awareness and customer loyalty.’
Elsewhere, the report also claims that the proliferation of technology coupled with the emergence of new sports leagues and the construction of major stadia is also driving industry’s growth – particularly in the Asia-Pacific region (APAC).
A growth in the wearables market can also be attributed to rising demand for enhanced communication and sensor technology, and is said to be the largest and fastest-growing sector within the sports device market.
