Professional League Community Launches, Inks Offers With Area of interest Sports Properties

The sports technology market is expected to expand from $21 billion in 2022 to $41.8 billion by 2027, according to a proprietary report from MarketsandMarkets.

The estimated growth is attributed to a continued push for better in-venue activations for fans, innovations related to player and team performance and the rise of esports technology. The research from MarketsandMarkets, which focuses on the B2B space, found that sports tech’s expected high market share has much to do with the rousing adoption of smart watches and smart wristbands in the athlete performance space.

The report mentioned that the online sale of smart watches has grown immeasurably and specifically spotlighted Garmin’s running watch, the Forerunner 955 Solar, that includes solar charging with up to 49 hours of battery life in its GPS mode.  Garmin’s Forerunner 935 smart watch, which prioritizes heart rate monitoring and workout analytics, is also a leader, particularly in the triathlon space.

Individual teams have also driven the rise of athlete performance technology due to their emphasis on wearable devices and sensors that quantify training, gameday decisions and injury recovery. MarketsandMarkets pointed to companies such as NormaTec, Rapid Reboot and Air Relax whose products improve blood flow and circulation in players.

Meanwhile, North America is expected to hold the largest sports tech share throughout the forecast, as venues such as SoFi Stadium have over 2,500 Wi-Fi 6 access points to create a more immersive fan experience. Connected stadiums are on the rise, with the report noting an IT network partnership between Cisco and Hollywood Park.

The sports tech boom has also given rise to VC firms such as KB Partners, which recently closed a massive $127 million early-stage sports tech fund, as well as sports accelerators such as Techstars. Jordan Fliegel, managing director of the Techstars accelerator in Indianapolis, told SportTechie earlier this year that sports tech funding in North America could reach $10 billion-plus by year’s end, which may turn out to be a conservative prediction.