How Has the Sports Tracking Market Evolved Historically and What is its Current Size?
The sports tracking market has seen considerable growth due to a variety of factors.
• The sports tracking market has seen strong growth recently. It will grow from $2.98 billion in 2024 to $3.24 billion in 2025, at a CAGR of 9.0%.
This growth is attributed to the rising appeal of sports tracking devices, increased investments in sports, growing concerns over contact tracing, more emphasis on real-time data, and a growing adoption of sports analytics.
What Does Future Hold for The Sports Tracking Market By 2029?
The sports tracking market is expected to maintain its strong growth trajectory in upcoming years.
• The sports tracking market is expected to grow steadily, reaching $4.54 billion by 2029, at a CAGR of 8.8%.
The forecasted growth is due to the rising popularity of sports betting, increased demand for predictive insights, personalized coaching, optical solutions, and mobile-based applications. Major trends include GPS tracking, esports tech, predictive analytics, biometric sensors, and weather data integration.
What Are The Primary Growth Drivers In The Sports Tracking Market?
The surge in health awareness is anticipated to boost the sports tracking market's expansion in the future. Health awareness encompasses the cognizance, education, and proactive steps that individuals and communities take to sustain or enhance their health and wellness. The escalation in health awareness is attributed to factors such as growing healthcare costs, preventative care patterns, media impact, environmental consciousness, demographic changes, the proliferation of the wellness sector, and a cultural focus on self-care and mental wellness. The use of sports tracking amplifies this health awareness by offering real-time facts and insights into physical activity, promoting responsibility and informed decision-making towards healthier lifestyles. To illustrate, in May 2023, the UK's Office for National Statistics reported that healthcare spending in the UK reached around $354.88 billion (£283 billion) in 2022. This represented a nominal rise of 0.7% relative to the expenditure in 2021. Consequently, the rise in health awareness is fueling the sports tracking market's growth.
What Is The Segmentation Of The Global Sports Tracking Market?
The sports tracking market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Deployment Type: Cloud-Based, On-Premises
3) By Application: Player Analysis, Team Analysis, Health Assessment, Video Analysis, Other Applications
Subsegments:
1) By Hardware: Wearable Devices (Smartwatches, Fitness Bands), Sensors (GPS, Accelerometers, Heart Rate Monitors), Smart Clothing Or Footwear, Cameras (Action Cameras), Smart Helmets, Tracking Devices (GPS Trackers, Heart Rate Monitors)
2) By Software: Mobile Applications, Cloud-Based Platforms, Analytics Software, Performance And Health Tracking Software, Virtual Coaching Software, AI-Based Performance Prediction Tools, Data Visualization And Reporting Tools
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What Trends Are Reshaping The Future Of The Sports Tracking Market?
Prominent businesses in the sports tracking market are prioritizing the creation of high-tech solutions, such as novel GPS-based player tracking systems, to secure a competitive advantage. A GPS-based player tracking system is a sporting technology used for monitoring and scrutinizing the movements and performance of athletes during training sessions and actual games. Take for example, in May 2023, Kinexon AG, a Germany-based firm that supplies real-time player tracking solutions, introduced Kinexon Perform GPS Pro, a GPS-based player tracking system catered for coaches involved in soccer, football, and various outdoor team sports. This revolutionary product comes with unique features including real-time tracking, over 100 performance metrics, live data transmission to the AWS Cloud, automated data handling, and wireless charging, positioning it as a sophisticated GPS-based player-tracking system for outdoor team sports.
Who Are the Key Players In The Sports Tracking Market?
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
What Are The Regional Insights Into The Sports Tracking Market?
North America was the largest region in the sports tracking market in 2024. The regions covered in the sports tracking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
