Wearable Tech in Sport – Thematic Research
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As per the estimates by Globaldata, the wearable tech market was valued at $59 billion in 2020 and the market is expected to grow at a CAGR of more than 15% during 2021-2030. The growth will come from hearables and smartwatches, while fitness trackers’ popularity will wane due to their limited capabilities compared to smartwatches. The other segments such as smart clothing, augmented (AR) headsets, virtual reality (VR) headsets, and smart glasses are still in the early stages of development.
Positive feedback from top-level athletes is likely to drive an increase in business, as sports teams continue to discover new ways to enhance player fitness, and subsequently, results. Every sports team and athlete have the responsibility to gain a competitive edge in some way, as success will ultimately lead to greater profits and more lucrative sums of money being earned. Wearable technology is an avenue many sports teams have begun exploring in order to gain an edge. The modern approach to sports is much more analytical than before, with a greater focus on sports science and data capture. Initially, heart sensors were the only devices used due to their simplicity, but over time, teams and organizations have begun to realize that shelling out larger sums of money for more advanced technology can lead to gaining a marginal edge on competitors.
Overview of wearable tech in the sport industry
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What are the market dynamics of wearable tech in sport?
The growth in the wearables market is expected to be steady over the foreseeable future, as companies launch more sophisticated devices with a wider range of uses. Positive feedback from top level athletes is likely to drive an increase in business, as sports teams continue to discover new ways to enhance player fitness, and subsequently, results. The industry will also continue to see growth in the consumer market, as fitness enthusiasts aim to keep up with the latest technological advancements.
Wearable tech is still in its infancy, and so the impact of the COVID-19 pandemic has been limited. The resilient performance of hearables amidst the pandemic has also enabled the industry to mark a growth in 2020. However, there could be long-term growth that comes about as a result of COVID-19. The pandemic has increased awareness of personal hygiene and wearable devices are well-positioned to benefit from it. Wearable devices became invaluable for many wealthy sports teams as they attempted to resume training following the first wave of COVID-19. Sport is another area where wearable tech has been proving useful, and its uses in the sector have been growing over the last few years. Wearable tech has become incredibly useful in managing player schedules and monitoring the physical stress they are under. Teams are now capable of identifying when and how injuries can happen to players, as well as which part of the body could become injured. The onset of the COVID-19 pandemic has increased the focus on healthcare in the wearable tech sector, with many realizing the full capability of these devices.
Which are the segments in the wearable tech market segments by type?
The wearable tech market is segmented into hearables, smartwatches VR headsets, AR headsets, fitness trackers, smart glasses, and smart clothing. The lion’s share of the growth will come from hearables and smartwatches, while the popularity of fitness trackers will wane due to their limited capabilities when compared to smartwatches. Other devices such as smart clothing, AR headsets, VR headsets, and smart glasses are still in the early stages of development.
Wearable tech in the sport industry, by segment
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Which are the segments in the wearable tech value chain?
As per GlobalData’s report, wearable tech value chain is a well fit into the IoT value chain. The wearable tech value chain consists of the device layer, which is further segmented into connected things, which is further categorized into smartwatches, fitness trackers, hearables, smart glasses, AR headsets, VR headsets, and smart clothing. Smartwatches have been growing in popularity for several years, with GlobalData forecasts predicting that there will be 1.2 billion global smartwatch users by 2030. The emergence of low-cost smartwatches is also a factor behind increases in adoption. Among the earliest kinds of wearables to be developed were fitness trackers, which are essentially wristbands outfitted with sensors, which can keep track of an individual’s heart rate and activity. To ensure their long-term future, fitness tracker OEMs should focus on expanding their ecosystems. Hearables are the next big thing in the wearable technology industry. One of the main drivers for hearables is the promise of accurate health monitoring capabilities, which will theoretically be more effective than smartwatches. The most used smart clothing in team sports is position trackers, which can be split into global and local positioning systems.
Who are the key players in the wearable tech in sports market?
The major players in the wearable tech in sports market include Alphabet, Apple, Catapult Sports, Garmin, Huawei, Microsoft, Poly, Qualcomm and Samsung Electronics.
Wearable tech in sport, key companies
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Market report scope
Market size (Year – 2020) | $59 billion |
Growth rate (CAGR) | >15% |
Base year for estimation | 2020 |
Forecast period | 2021-2030 |
Key Companies | Alphabet, Apple, Catapult Sports, Garmin, Huawei, Microsoft, Poly, Qualcomm and Samsung Electronics. |
Key Segments by type | Hearables, Smartwatches VR headsets, AR headsets, Fitness trackers, Smart glasses, and Smart clothing |
Scope
- This report provides an overview of the development of the wearable tech industry in recent years, and how sports teams have begun utilizing the tech to maximize success.
- It identifies the key trends currently dominating the wearable tech industry and pinpoints the drivers in growth over the last few years, including the leaders and trendsetters.
- The report provides a detailed analysis of the upside of wearable tech, as well as the challenges that wearable tech has to face currently and will continue to face in the future.
- A look at the potential future of wearable tech, and projections on how much the industry could grow in the coming years.
- A detailed look at the wearable tech value chain, and how different areas of the sector generates revenue and business.
Reasons to Buy
- For those wanting an in-depth analysis of how wearable tech has developed, and entered into the sports world, and the challenges facing this intersection in the future.
- For those wanting a sense of the current performance of many of the dominant tech giants that are working in the space currently, as well as a detailed analysis of the different kinds of wearable tech, and the leaders in each sector.
- GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.
NFL
MLB
Alphabet
Apple
Catapult Sports
Garmin
Huawei
Microsoft
Poly
Qualcomm
Samsung
Sony
STATSports
Xiaomi
Vuzix
Table of Contents
Frequently asked questions
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What was the size of the wearable tech in sport market in 2020?
The wearable tech in sport market was valued at $59 billion in 2020.
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What was the growth rate of the wearable tech in sport market?
The wearable tech in sport market is expected to grow at a CAGR of more than 15% during 2021-2030.
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Which are the key segments of wearable tech in sport market?
The wearable tech market is segmented into hearables, smartwatches VR headsets, AR headsets, fitness trackers, smart glasses, and smart clothing.
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Which are the key players in the wearable tech in sport market?
The key players in market are Alphabet, Apple, Catapult Sports, Garmin, Huawei, Microsoft, Poly, Qualcomm and Samsung Electronics.
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