Market Trends of Sports Team And Clubs Industry
Technological Innovation is Driving the Growth of the Market
The first use of technology in the sports industry is to support the continued growth and development of the teams. The coaches and players are using the latest technologies to enhance their physical fitness and mental fortitude. The clubs are investing in new technology to enhance the fan experience. Virtual Reality (VR) is a technology used by sports organizers to enhance the spectator experience at sporting events.
Virtual Reality allows athletes to practice and hone their skills in an environment that is both realistic and controlled. Virtual Reality in sports training helps athletes stay competitive while recovering from an injury. This allows them to learn new skills faster, build muscle memory, and make better decisions under pressure. Stadium owners are installing and configuring a wide range of technologies, including high density, Wi-Fi, Location Services, Digital Kiosks, 360 Degree Ultra High Definition Cameras, and Digital Signage, to improve the fan experience in stadiums.
Rise of E-Sports is dominating the market
Pop culture has played a huge role in the explosion of esports investments and revenue. This is largely due to the social aspect of esports. Live streaming and gaming platforms dedicated to video games, such as Twitch or YouTube Gaming, provide fans with direct access to players and teams. More mainstream social media platforms have enabled these connections to thrive. Some esports organizations, such as FaZe Clan and Team SoloMid, are also aggressively expanding into other areas, such as merchandise, which lend their brands more exposure than if they were solely focused on esports.
Streaming platforms such as Twitch have enabled viewers to watch esports and gaming. E-sports tournaments have captivated athletes and celebrities and have captured the attention of a wide audience. Esports and gaming also make it easy to attract enthusiastic and young audiences that are difficult to reach via traditional media channels. This ability to attract the attention of the youth and enthusiastic audience has encouraged many brands to invest in esports events in terms of sponsorship and advertising. Investors are increasingly interested in investing in esports teams due to the centralization of the Esports team, the growing audience, and the launch of a more franchised-style league. This growing interest of brands to connect with potential customers is projected to drive market growth over the forecast period.
