Unraveling the upcoming market growth opportunities in sports – driven by breakthrough innovations
Sports is a growing marketplace offering excellent scope for investments. While the past few years have witnessed significant growth of the sports industry, the advent of technology has been a prime factor transforming the conventional way in which the sports landscape has been operating over the years.
Substantial cultural changes and dramatic technological advancements are disrupting the sports domain, resulting in a dynamic and competitive environment for stakeholders, including sports franchises, professionals, club owners, sports activists, sportswear/apparel and equipment businesses, and even viewers.
- Manufacturers of sportswear and apparel are focusing on catering to the trendy and fashionable choices of consumers. Trendy fitness apparel has been the top performing segment, and will further prosper in terms of revenue sales – due to increasing technology integration in the manufacturing process. Innovative offerings of fitness wear markets currently include technology-enabled apparel monitoring the heart rate, stress levels, calorie consumption, and depth of breathing. With such innovations, brands are seeking an enhanced outreach to their existing consumer base.
- Sports gear manufacturers are also incorporating advanced technologies in their equipment products such as GPS-enabled gear, smart ball and smart rackets, sensor-equipped soccer balls, smart running sneakers, smart trainers, and clip-on and mountable sensors for various fitness and performance tracking devices. Innovations such as 3D simulations (using VR technology) to create a real-time scenario for critical practice sessions are among the latest developments in the industry.
- Recently reported vulnerabilities to sports stadiums and event venues threatening the security of fans are prompting an emergency to prioritize safety. Leading sports franchises are implementing cutting-edge technologies such as electronic fingerprinting, biometric analysis, RFID tags, and MVP protection in state-of-the-art stadiums and event venues. This ensures adherence to physical security protocols, and improved safety and security capabilities. We provide informed insights on current and upcoming sports event security trends to strategize your efforts in threat minimization.
- Increasing innovations in offering attractive ticket packages, coupled with expanding advertising expenditure are collectively reaching the key target market – i.e. the millennial population – via social media and other digital channels.
Besides the relatively low awareness of a large number of sports activities and poor penetration of sports industry products, high price point has been a longstanding challenge to the robust growth of industry frontrunners. Growing support from government authorities and private regulatory bodies is driving the mass awareness of sports and other fitness activities.
The sports research intelligence team at Research Report Insights helps you grasp evolving consumer interests in sports, and capitalize on the most practical and profitable innovations and trends. With insights drawn through robust data analysis and extensive market research, we help you reach the next objective of your business.