In this article, we will talk about the top 15 sports tech companies and startups in the world. We will also discuss the emerging trends and how the industry is evolving. If you wish to skip our detailed analysis, you can go directly to the Top 5 Sports Tech Companies And Startups In The World.
The Intersection of Sports and Tech
Technology impacts all aspects of our lives, including sports and athleticism. Sports tech has emerged as a significant market over time. At its core, sports technology is the intermingling of technology with various aspects of sports, including improving athletic performance, fan engagement, and coaching.
According to a report by Grand View Research, the global sports tech market was valued at $14.72 billion in 2023 and has been estimated to grow to $55.14 billion by 2030 at a compound annual growth rate (CAGR) of 20.8%. In 2022, Europe accounted for 30% of the total revenue share and is expected to grow persistently over the forecast period. The presence of leagues like the Premier League and English Football League was the prime contributor to this massive share.
The Middle East has been estimated to grow at a CAGR of 21% over the forecast period. There has been a rise in the popularity of sports tourism and hosting sports events, which is expected to fuel this growth.
Post-Pandemic Sports Tech Industry: An Overview
The pandemic led to a global lockdown. The world slowed down, people worked from home, and mobility was greatly compromised. The situation boosted the demand for sports tech including esports, virtual entertainment, and streaming platforms. Companies like Activision Blizzard, Inc. (NASDAQ:ATVI) became increasingly popular with regular launches of games like Call of Duty and Candy Crush.
Activision Blizzard, Inc. (NASDAQ:ATVI) is one of the best esports stocks to buy in 2023. The company has even gained the attention of the technology giant, Microsoft Corporation (NASDAQ:MSFT). Microsoft Corporation (NASDAQ:MSFT) has been in the process of acquiring Activision Blizzard, Inc. (NASDAQ:ATVI) for almost half a year now. The merger initially faced some regulatory issues, however, the companies seem hopeful that it will go through.
On September 1, Microsoft Corporation (NASDAQ:MSFT) announced its vision for this acquisition and how it would benefit the industry and players. The company will have a subscription option, Game Pass, that will enable users to access the large gaming library of Activision Blizzard, Inc. (NASDAQ:ATVI). The acquisition would also enable the company to develop and deliver more engaging games, especially for the mobile platform, that can be accessed using the cloud services.
The lockdown insidiously changed our lifestyle choices for almost two years, making it more sedentary. Regular exercise and sports are essential for our physical and mental health and play a vital role in community building. For a world recovering from the pandemic, sports tech presents an unmatched opportunity to reinvigorate a healthy lifestyle. The amalgamation of sports and tech has the potential to change the world for the better.
Apple Inc. (NASDAQ:AAPL) has multiple sports tech products specially designed to help users adopt a better lifestyle, including the Apple Watch, Apple Fitness+, and Apple Health App. The products help users keep track of their daily activities, follow fitness plans, and monitor changes respectively. They are enabling users to make conscious decisions based on actual data. On August 26, Forbes reported that the new Apple Watch Ultra is expected to be released on the 12th of September. The new Apple Watch Ultra has a rugged design, especially for people participating in hardcore sports. It has features to cater to the needs of athletes and adventurers.
Sports tech could be used to enhance athletes’ performance. Catapult Group International Ltd (ASX:CAT) is one of the most prominent names in this regard. The Australian company combines wearable technology with high-tech videos to yield optimal results. According to an article by Forbes, Catapult Group International Ltd (ASX:CAT) is very ambitious about the future of sports tech and is focused on providing ‘prescriptive analysis’ compared to the prevalent ‘descriptive analysis’ in sports. The prescriptive analysis focuses on what could be done to enhance performance in the future compared to a descriptive analysis which just gives information about the athlete’s performance in real time.
Sports tech companies also facilitate players to interact and nurture community building. The post-pandemic world is drowning in a mental health crisis. SportsEngine is a platform designed for the youth, facilitating them to find the right sports programs near them. The platform also has specific content for athletes, parents, coaches, administrators, and sports fans.
The short form sports videos have also caused an upsurge in the popularity of sports. Post-pandemic entertainment consumption heavily relies on shorter video content like YouTube shorts, TikTok, and Instagram reels. The younger population engages with sports primarily on their phones and wants to see specific sports covered. The users want to have more control over what they are watching. The changing audience preferences have led to the creation of platforms like CBS Sports Spectacular that cover different sports every week based on audience requests. It has a 73.6% higher demand than all factual titles in the US.
Going to a stadium might be traditional; however, even the best stadiums in the world are integrating sports tech. How fans interact with sports is also changing rapidly. The biggest tech companies are incorporating new cutting-edge technologies like augmented and virtual reality to enhance user experience. On June 6, Business Insider reported that Walt Disney Co (NYSE:DIS) is working on using Apple Vision Pro to view sports. The VR headset by Apple Inc. (NASDAQ:AAPL) would enable viewers to see 5 different sports at once.
The sports tech industry is constantly growing. The sports tech arena is full of players ranging from big technology companies to budding startups. We have made a list of some of the top sports tech companies and startups in the world which include Cisco Systems, Inc. (NASDAQ:CSCO), Apple Inc. (NASDAQ:AAPL), and Samsung Electronics Co., Ltd. (KRX:005930). Let’s see how these companies are leading the sports tech sector.
Our Methodology
To make our list of the top 15 sports tech companies and startups in the world, we sifted through various sources to find the top companies and startups in the industry. We used a consensus method to form our list, sourcing data from Grand View Research, Markets and Markets, Data Bridge Market Research, Tracxn, and Failory. We have used the market cap for public companies, as of September 4, and the total funding raised for the startups as the metrics to quantify them as ‘top’ in the world. We have arranged the list in ascending order. Please note we put a threshold on startups and therefore only included startups that have raised at least $400 million.
Top 15 Sports Tech Companies And Startups In The World
15. OneFootball
Total Funding Raised: $442 Million
Country: Germany
OneFootball is a one-stop destination for football fans. It enables users to stream matches and watch highlights. The company allows users to buy sports products and collectibles. OneFootball also has a mobile-first monetization and distribution platform.
14. ONE Championship
Total Funding Raised: $515 Million
Country: Singapore
ONE Championship is a combat sports company that regularly holds sports events. The online platform provides updates about the events and coverage of the latest combat sports news. The users can also stream video highlights using the platform.
Samsung Electronics Co., Ltd. (KRX:005930), Apple Inc. (NASDAQ:AAPL), and Cisco Systems, Inc. (NASDAQ:CSCO) are among the top tech companies developing innovative sports tech solutions and products.
13. DraftKings Inc. (NASDAQ:DKNG)
Market Cap: $14 Billion
Country: US
DraftKings Inc. (NASDAQ:DKNG) operates daily fantasy sports and provides real-time data for sporting events. Drive by DraftKings Inc. (NASDAQ:DKNG) is a multi-stage venture capital firm that invests in SportsTech. The company is using technology to make sports more accessible and engaging.
12. SHARP CORPORATION (TYO:6753)
Market Cap: $3.96 Billion
Country: Japan
SHARP CORPORATION (TYO:6753) is one of the top sports tech companies in the world. The company manufactures electronic products, including projectors, digital multifunction machines, and information displays. Plasmacluster by SHARP CORPORATION (TYO:6753) creates a more pleasant environment at sports facilities. The company also manufactures sports watches and fitness trackers.
11. NEC Corporation (TYO:6701)
Market Cap: $14.14 Billion
Country: Japan
NEC Corporation (TYO:6701) is one of the top sports tech companies and startups in the world. NEC Corporation (TYO:6701) has a variety of sports tech products including a video analytics system that provides insights into athlete’s performance. The company also provides infrastructure solutions for sports facilities.
10. FUJITSU (TYO:6702)
Market Cap: $23.59 Billion
Country: Japan
FUJITSU (TYO:6702) is working to create a world where sports are accessible to everyone. The company is advancing innovative sports tech solutions. Studio Automated by FUJITSU (TYO:6702) is developing fully automated video production for live sports. The product would also enable the users to control their game-viewing experience.
9. Panasonic Corporation (TYO:6752)
Market Cap: $26.55 Billion
Country: Japan
Panasonic Corporation (TYO:6752) is focused on developing innovative tech solutions for various domains, including sports. The 3D tracking system by Panasonic Corporation (TYO:6752) uses cameras to track the movements of athletes in real-time. It provides information about the athlete’s performance and identifies recurring patterns. It also manufactures sports wearables and broadcasting equipment.
8. Sony Group Corp (NYSE:SONY)
Market Cap: $106.385 Billion
Country: Japan
Sony Group Corp (NYSE:SONY) is one of the top sports tech companies in the world. Sony Group Corp (NYSE:SONY) has various sports tech products, including Hawk Eye. Hawk Eye is a visualization technology that enables officials to make decisions during sports matches. The officials can closely observe the significant moments and make more informed decisions.
7. IBM (NYSE:IBM)
Market Cap: $134.774 Billion
Country: US
IBM (NYSE:IBM) is one of the most prominent companies in sports tech. IBM’s (NYSE:IBM) IBM Consulting enables sports companies to enhance their customer experiences and provides useful insights by incorporating hybrid cloud and AI. Massive amounts of the data can be processed to deliver useful insights. The AI-generated insights facilitate decision-making in sports.
6. SAP SE (NYSE:SAP)
Market Cap: $164.76 Billion
Country: Germany
SAP SE (NYSE:SAP) is one of the top sports tech companies in the world. SAP Sports One enables clients to get insights based on real-time analytics about their favorite players and teams. SAP Sports One clients include sports clubs and associations. Another notable sports tech product by SAP SE (NYSE:SAP) is SAP S/4HANA Cloud, which provides useful insights that help make better strategies in sports.
Some of the most notable companies actively involved in the sports tech industry include Samsung Electronics Co., Ltd. (KRX:005930), Apple Inc. (NASDAQ:AAPL), and Cisco Systems, Inc. (NASDAQ:CSCO).
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Disclosure: None. Top 15 Sports Tech Companies And Startups In The World is originally published on Insider Monkey.