Global Sports Technology Market Valued at $17.9bn
A recent report found that the global sports technology market was valued at $17.9 billion in 2021 and is expected to reach $40.2 billion by 2026, at a CAGR of 17.5% between 2021 and 2026.
The rising adoption of emerging technologies, such as the internet of things (IoT) and data analytics, along with social media integration, across various sports, is expected to drive the market over the forecast period.
Women In Sports Tech (WiST), a nonprofit organisation that is aimed at expanding career opportunities for women throughout the sports technology industry, has welcomed 15 new partners this year.
The collaboration will open up opportunities through fellowships, mentoring, and other initiatives for women of all backgrounds and ages interested in the field, accelerating and widening work possibilities for women. There are 23 WiST partners, including companies such as the Comcast NBCUniversal SportsTech Accelerator, IBM Sports, Nike, NBA/WNBA, and AEG Worldwide.
The partner investments, which total nearly $1 million, are designed to help women gain and retain work. The program allows people to carry on their passion for sports while also including their interest in STEM. Participants can get involved in a variety of practices that relate to sports technology such as data science, AI, engineering, analytics, biometrics, biomechanics, and product development.
Women currently make up less than 24% of those in the tech industry, and these new opportunities will tackle the growing gender disparity, which the COVID-19 pandemic has intensified. Research shows the gender gap has grown by 36 years in 12 months and may take over 130 years to rectify.
How is technology used in sport?
The adoption of technology in sport is growing and spans across various sports. One of the most recent technologies in football is VAR, which stands for video assistant referee. VAR can be used to review four types of decisions: goals and the violations that precede them, red cards, penalties, and mistaken identity when awarding a card. It is being used in the Premier League, Champions League, and Europa League as well as many leagues across Europe, although it does receive mixed reviews.
Wearable trackers are a common technology used in many different sports. They enable the users themselves to see how they performed but also allow coaches to offer more specific feedback in order to improve.
Often when programmes cover sporting events they use video technology and interactive screens to look back at what has happened. These enable the presenters to pause, zoom in and pinpoint certain situations and allow the audience to feel more involved.
As the sport industry continues to grow and they become more comfortable with digital transformation, they will not only draw closer to their fans but may also find it easier to create customised experiences that will both broaden and strengthen their customer base.
How can technology help cut business costs?
Businesses are always looking for ways to cut costs and help increase profitability. Choosing quick fixes that reduce expenses, such as redundancies, can often decrease quality, and also impede the company’s reputation.
Upgrading technology and how the company use it can improve the business, although it may require an upfront investment, it will help save money in the long run. We take a look at some of the different ways that technology can help improve business costs.
Time is precious when you have a business, every hour counts, and the budget accounts for each hour, whether that be operating costs or paying employees. Implementing efficient processes is a way to decrease delays, and make sure the business runs smoothly.
Technology can help to quicken everyday duties such as:
- Communicating with team members
- Accessing and locating files
- Scheduling meetings and tasks
- Monitoring progress and results
- Managing annual leave and absences
Going paperless is becoming more common, and there are many advantages of paperless environments in the digital age. It eliminates the need for physical storage solutions, so you don’t need to pay for using an off-site storage facility. If you usually keep files in the office, storing them digitally will create more space so that you can grow your team.
With a paperless system filing documents no longer means printing them out, then having to search for them manually later on. Digital storage can be done in seconds, and retrieval involves a quick computer search. The reduction in employee work hours spent on menial tasks is significant.
Moving to the cloud
The 2021 Flexera State of the Cloud Report shows that COVID-19 has had a significant impact on cloud adoption in 2020. The report found that multi-cloud continues to be the dominant strategy, adopted by nearly all surveyed enterprises, 92% of respondents reported having a multi-cloud strategy. 82% are taking a hybrid approach, combining the use of both public and private clouds.
With cloud computing, businesses can store and access data over the internet no matter where they are. It helps employees who are located in different areas to collaborate in a highly convenient and secure manner. Cost saving is one of the biggest Cloud Computing benefits. It helps you to save substantial capital cost as it does not need any physical hardware investments. Also, you do not need trained personnel to maintain the hardware. The buying and managing of equipment is done by the cloud service provider.
Running your business digitally gives you the option to operate remotely, full or part-time. With employees working from home, it enables businesses to downsize or remove the office altogether, to save on rent costs. With minimal staff onsite there will be other savings such as electricity and cleaning. Having remote employees could also reduce the cost of serving refreshments/catering, which some companies offer.
Ensuring your staff members can operate efficiently and safely from home is extremely important. Providing equipment such as laptops, monitors and mobile phones is essential, but to also make sure these devices are secure and have sufficient security measures.
The past year forced businesses to adapt quickly to remote working, and video calls become the norm. Zoom, a popular video call app, generated $2.6 billion revenue in 2020, a 317% increase year-on-year. Instead of paying for travel for client meetings, you can conduct them for free through a video conference tool. You can also access or host webinars through video conferences.