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.
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.
View a Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
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
The fantasy sports market size is estimated to grow at a CAGR of 6.43% between 2022 and 2027. The size of the market is forecast to increase by USD 8,162.12 million.
The ice hockey equipment market size is estimated to grow at a CAGR of 5.08% between 2022 and 2027. The market size is forecast to increase by USD 421.46 million.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Gender
Market Segmentation by Geography
Drivers, Challenges, & Trends
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