Sports App Market is driven by the advent of visual technologies for sports - Technavio
NEW YORK, Nov. 15, 2023 /PRNewswire/ -- In a recent Technavio report titled Sports App Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, China, India, Germany, UK - Size and Forecast 2024-2028. Technavio uncovers the significant impact of sports app visual technologies. According to a recent report by Technavio, the sports app market is anticipated for significant growth with a Compound Annual Growth Rate (CAGR) of 10.5% between 2024 and 2028. During this period, the market size is expected to increase by USD 2.67 billion. Request sample report
Sports apps serve as essential tools for sports enthusiasts, enabling them to watch live sports, check scores, and access a wealth of sports-related information and content on their devices. These apps are typically categorized into health monitoring and activity tracking, offering a range of features to meet users' needs.
The sports app market growth is driven by several key factors, including the adoption of visual technologies for sports, increased research and development (R&D) activities in sports app development, and the growing penetration of smartphones.
North America holds the largest share in the global sports app market, primarily driven by the increasing demand for live streaming of wrestling AEW sports among residents in the US and Canada. This trend, along with the adoption of advanced content management apps, is fueling the growth of the sports app market in the region. The convenience and accessibility of sports apps with social media integration features are expected to be significant contributors to market expansion during the forecast period. Additionally, the rise in over-the-top content (OTT) streaming subscription services is expected to further boost the North American sports app market's growth.
Technavio highlights the emerging trends of Sports App Market:
- Emerging Trend: The rise in e-sports events is a significant trend influencing market growth.
- Physical Locations: E-sports events are not limited to online audiences and are held at various physical locations, including e-sports arenas, local bars, and home venues.
- Audience Expansion: Conducting e-sports events at physical locations increases the audience reach and promotes e-sports concepts locally.
- China's Key Role: In China, several cities are actively becoming e-sports hubs through policies and partnership agreements. Notable organizations like VSPN, Banana Culture, and Team WE have signed deals with local governments.
- VALORANT Champions 2022: An example of this trend is the VALORANT Champions 2022 final tournament, held at Volkswagen Arena in Istanbul, Turkey from August 31 to September 18, 2022.
Prominent companies are actively immersing themselves in the sports app trend.
Cricbuzz, DraftKings Inc., and ESPN Sports Media Ltd. are prominent companies in the sports app industry, each offering their own unique applications. Cricbuzz's flagship app provides live cricket scores, news, and rankings, catering to cricket enthusiasts. DraftKings Inc. goes beyond entertainment, offering a sports app with sports betting features, appealing to those interested in both sports-related entertainment and wagering. Meanwhile, ESPN Sports Media Ltd. offers the ESPN Live Sports and Scores app, providing real-time scores and updates for a variety of sports, including Hockey, Baseball, and Football. These apps collectively contribute to the diverse landscape of sports-related applications, serving the needs of sports fans and enthusiasts.
This sports app market report extensively covers market segmentation by application (health monitoring, activity tracking, and monitoring), gender (men and female), and geography (North America, APAC, Europe, South America, and Middle East and Africa). Buy the full report here
According to Technavio's findings, the sports app market is set for substantial growth, driven by technological advancements and the increasing popularity of e-sports events. As users seek real-time sports experiences and the ability to track their health and fitness, the market is expected to continue expanding. However, the rising costs of game development pose challenges that market players must address to sustain this growth.
Coverage
Related reports:
Companies Covered
- 365scores
- FanDuel Inc.
- Fox Corp.
- Junglee Games India Pvt. Ltd.
- Melbet
- MyTeam11
- OneFootball
- onXmaps, Inc.
- Paramount Global
- Play Games24x7 Pvt. Ltd.
- Premier League Ltd.
- The Athletic Media Co.
- The Betway Group
- Vision11
- World Golf Tour
- Wrestling Entertainment Inc.
- Yahoo
Regions Covered
- North America
- APAC
- Europe
- South America
- Middle East and Africa
Topics Covered
- Sports apps
- Activity tracking
- Visual Technologies
- E-Sports events
- Health Monitoring
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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