Sports App Market to USD 2.67 billion from 2023 to 2028, Market driven by the advent of visual technologies for sports – Technavio

NEW YORK, Oct. 31, 2023 /PRNewswire/ — The “Sports App Market 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) – Forecast and Analysis 2024-2028″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the sports app market between 2023 and 2028 is USD 2.67 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

The advent of visual technologies for sports is notably driving the market growth. Visual technologies, such as virtual reality (VR) and artificial intelligence (AI), have become increasingly prominent in the realm of sports applications and sports simulations. As a result, sports leagues, clubs, and coaches are progressively embracing VR to offer aspiring players a real-time training experience. An illustrative example of this is Manchester City, which, in January 2022, became the first soccer club globally to integrate VR into its fitness and training programs. VR technology allows athletes to engage in training sessions under simulated real-world conditions, with the collection of valuable data during these virtual training sessions. 

Market Challenge

The growing cost of game development is a significant challenge hindering market growth. The rising consumer demand for improved quality and innovations in in-game content has driven up the costs associated with game development. Consequently, game budgets surpassed the USD 750 million mark in 2021. To illustrate, the development cost for Call of Duty: Modern Warfare 2, released in 2009, amounted to approximately USD 50 million, while Cyberpunk 2077, launched in 2020, incurred a development cost of around USD 174 million. Many game developers rely on software like SpeedTree to automate the creation of lifelike trees. Additionally, in the development of large-scale games, developers must create highly detailed and customized graphics.

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The sports app market is segmented 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). 

The market share growth by the health monitoring segment will be significant during the forecast period. Health monitoring involves the use of technology to observe and track people’s health. Health monitoring applications are employed by individuals to keep a check on vital indicators such as heart rate, blood pressure, and glucose levels. Evolving lifestyles, the growing consumption of fast food, and the increasing incidence of life-threatening diseases among the elderly population are driving the uptake of fitness devices for continuous health tracking.North America is estimated to account for 31% of the global market growth during the forecast period. 

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Key Companies in the sports app market:

365scores, Cricbuzz , DraftKings Inc., ESPN Sports Media Ltd., 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., and Yahoo

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Gender

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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 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