The global sports tech market will become a $50bn+ industry by 2030
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The Rise of the Global Sports Tech Market
The convergence of content and data, amongst other factors, has given rise to a boom in sports tech invest- ment. As a result, the sports tech universe is rapidly growing within the wider sports industry. In 2019, the sports tech market was forecast to be worth $11.0bn, representing 6.4% of the global sports market ($172bn), and is forecast to grow at 23.1% CAGR to reach $31.1bn by 2024.
GLOBAL SPORTS TECH MARKET ($BN)
The global sports tech market is forecast to grow at over three times the rate of the global sports market. As a result, the sports tech market will almost double in value relative to the global sports market by 2024, representing c.13%. We expect that the global sports tech market will become a $50bn+ industry by 2030 based on the current structural tailwinds prevailing across the industry.
GLOBAL SPORTS TECH MARKET
Market in numbers
The global sports tech market is forecast to grow at over three times the rate of the global sports market.
Sports with the highest revenue growth potential
In PwC’s Sports Survey 2019, 87.6% of the 563 industry leaders from 49 countries surveyed ranked esports as the sport with the highest revenue growth potential. Newzoo estimate that there are over 2.5bn gamers globally. There is clearly a strong link between the number of fans and a sports potential for growth.
Football/Soccer’s continued growth can be explained by efforts to grow in less mature markets, exemplified by a doubling in the size of the FIFA World Cup with 16 additional countries being given the opportunity to qualify as of 2026. This has enabled football to capture an audience of 3.5bn fans.
An interesting change in 2019 was the appearance of “Urban Sports”, which we attribute to the growing overlap between sports, wellness and lifestyle. CrossFit, a branded fitness regime with franchised gyms across the globe, was estimated to be a $4bn brand by Forbes in 2018.
Ranking of top 10 sports by potential grow revenues
Source: PwC’s Sports Survey 2019
SPORTS WITH THE HIGHEST REVENUE GROWTH POTENTIAL
First movers in sports tech
In a report titled ‘The future of sports tech’, Tech Crunch found that almost all respondents (selection of industry experts) placed Basketball (87%) and Esports (79%) in the top three leading sports that will be at the forefront of technology in 2020. The NBA is a known first-mover in the space, and given esports’ symbiotic relationship with technology, the results are somewhat unsurprising.