Overview and Scope
The sports tracking market consists of revenues earned by entities by providing services such as performance metrics, training programs and workouts, team management, health and wellness tracking, and coach and athlete collaboration. The market value includes the value of related goods sold by the service provider or included within the service offering. The sports tracking market also includes sales of products including wearable fitness trackers, smartwatches, heart rate monitors, global positioning system (GPS) sports watches, and cycling computers. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The sports tracking market size has grown strongly in recent years. It will grow from $2.74 billion in 2023 to $2.98 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to increased the attractiveness of sports tracking devices, increased investments in sports, increased concerns over contact tracing, Increased emphasis on real-time data, and increased adoption of sports analytics.
The sports tracking market size is expected to see strong growth in the next few years. It will grow to $4.18 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to the growing popularity of sports betting, rising demand for predictive insights into fan preferences, personalized coaching and recommendations, growing demand for optical solutions, and increasing adoption of mobile-based applications. Major trends in the forecast period include GPS tracking and route mapping, esports technology, predictive analysis software, biometric sensors and health monitoring, and weather data integration.
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Segmentation & Regional Insights
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
North America was the largest region in the sports tracking market in 2023. The regions covered in the sports tracking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing health consciousness is expected to propel the growth of the sports tracking market going forward. Health consciousness refers to the awareness, knowledge, and proactive efforts individuals and communities undertake to maintain or improve their health and well-being. Increasing health consciousness is due to rising healthcare expenses, preventive care trends, media influence, environmental awareness, demographic shifts, wellness industry expansion, and cultural emphasis on self-care and mental well-being. Sports tracking enhances health consciousness by providing real-time data and insights into physical activity, encouraging accountability and informed decision-making towards healthier lifestyles. For instance, in January 2022, according to the Outdoor Industry Association, a US-based organization, in 2021, 164.2 million Americans, equivalent to 54% of the population aged 6 and above, engaged in outdoor recreation at least once, marking the highest participation rate ever recorded. Since March 2020, the outdoor participation base has increased by 6.9%, with a further 2.2% growth in 2021, totaling 164.2 million participants. Therefore, the increasing health consciousness is driving the growth of the sports tracking market.
Key Industry Players
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
The sports tracking market report table of contents includes:
1. Executive Summary
2. Sports Tracking Market Characteristics
3. Sports Tracking Market Trends And Strategies
4. Sports Tracking Market – Macro Economic Scenario
5. Global Sports Tracking Market Size and Growth
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32. Global Sports Tracking Market Competitive Benchmarking
33. Global Sports Tracking Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Sports Tracking Market
35. Sports Tracking Market Future Outlook and Potential Analysis
36. Appendix
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