Press release
Phygital Sports Market Anticipated To Witness Robust Growth, Surpassing $5.62 Billion By 2029
Phygital Sports Market
What Is the Current Phygital Sports Market Size and Its Estimated Growth Rate?
The size of the phygital sports market has seen a significant increase in the recent past. The market that is expected to grow from $1.67 billion in 2024 to $2.14 billion in 2025, is likely to experience a compound annual growth rate (CAGR) of 27.6%. Factors such as the intensified use of augmented or virtual reality for a more immersive experience for fans, the surging demand for interactive and hybrid forms of sports engagement, the expanding applications of AI in performance analysis and coaching, the increasing trend of connected fitness and intelligent wearables, and the growing investments in blockchain and NFTs for sports assets are all contributing to this historical growth.
Expectations are currently high for the phygital sports market size, with predictions of impressive growth in the coming years. Forecasts suggest it will expand to a value of $5.62 billion by 2029, growing at a compound annual growth rate (CAGR) of 27.4%. This anticipated growth can be connected to a rise in funding and innovative practices in sports technology startups, an increased consumer interest in personalized sports experiences, a growing use of gamification in sports and fitness, an upward trend in using biometric data for athlete performance optimization, and progressive development in smart stadiums with digital enhancements. Key trends to watch in this forecast period include heightened fan engagement, the rise of smart stadiums, the adoption of wearable tech and biometric analytics, the use of AI in training and coaching, increased involvement in esports, and the integration of conventional sports.
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How Are Emerging Segments Shaping the Phygital Sports Market Landscape?
The phygital sports market covered in this report is segmented -
1) By Sport Type: Football, Basketball, Hockey, Dancing, Racing, Cycling, Shooter
2) By Technology: Virtual Reality, Mixed Reality, Augmented Reality, Internet Of Things, Artificial Intelligence
3) By End-User: Individual Consumers, Sports Teams And Clubs, Enterprises And Event Organizers
Subsegments:
1) By Football: Fantasy Football Platforms, Augmented Reality (AR) Training Tools, Gamified Match Simulations
2) By Basketball: Virtual Coaching Systems, Motion-Tracking Training Apps, eSports Basketball Tournaments
3) By Hockey: AR/VR Training Equipment, Virtual Team Management Platforms, Phygital Hockey Simulators
4) By Dancing: Dance Fitness Gamification Apps, VR Dance Classes, Interactive Dance Competitions
5) By Racing: eRacing Tournaments, AR Racing Simulators, Phygital Motorsport Experiences
6) By Cycling: Virtual Cycling Races, Smart Training Apps, AR Cycling Tours
7) By Shooter: AR Shooter Games, Virtual Target Practice Tools, Shooter eSports Platforms
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Which Growth Factors Are Influencing Phygital Sports Market Expansion?
The burgeoning interest in e-sports is anticipated to fuel the expansion of the phygital sports market in the future. E-sports, essentially competitive video gaming where participants and teams vie in regimented digital contests, is experiencing growth due to swift technological progress and the worldwide increase in digital connectivity, fostering a vibrant and competitive gaming community. Phygital sports take e-sports to another level by adding real-world athletic components to digital gaming, ensuring a more comprehensive experience. For example, as per Fusion CPA, an American consulting firm, in December 2023, e-sports drew the attention of 530 million viewers using platforms like Twitch, a number forecasted to climb to 577 million by 2024. Hence, the ever-increasing popularity of e-sports is promoting the growth of the phygital sports market.
Who Are the Dominant Players Across Different Phygital Sports Market Segments?
Major companies operating in the phygital sports market are Samsung Group, Meta Platforms Inc., Sony Corporation, EON Reality Inc., PICO Immersive Pte.ltd., Vection Technologies Ltd, ArborXR, Sense Arena, Rezzil Co, Xtadium, Simbott, VR Sport Tv, Visualise Creative Ltd, HQSoftware, Nsocial Enriched Experimental Agency, BrandXR, SPORTZCHAIN, ProYuga, Phygital Sports USA Inc., VR Esports.
What Are the Latest Developing Trends in the Phygital Sports Market?
Prominent firms active in the phygital sports market are concentrating on enhancing their fan engagement platforms, such as phygital sports non-fungible tokens. These advancements aim to boost fan involvement, produce digital collectibles, and generate new streams of revenue. Phygital sports non-fungible tokens (NFTs) are blockchain-based digital assets tied to physical sports memorabilia, which heightens fan engagement and ownership levels. For example, in May 2022, Sportzchain, a sports fan engagement platform based in India, unveiled India's first phygital sports Non-Fungible Token (NFT). This NFT, a framed match day memento honoring a notable sporting accomplishment, merged tangible memorabilia with digital ownership backed by blockchain, marking a revolutionary shift in fan engagement. To mark this achievement, the Sportzchain team personally presented the exclusive NFT to its recipient, demonstrating their dedication to crafting engaging and immersive fan experiences. This effort perfectly demonstrates the transformative power of phygital assets in redefining traditional sports engagement.
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Which Geographic Regions Are Expected to Dominate the Phygital Sports Market in the Coming Years?
North America was the largest region in the phygital sports market in 2024. The regions covered in the phygital sports market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Phygital Sports Market?
2. What is the CAGR expected in the Phygital Sports Market?
3. What Are the Key Innovations Transforming the Phygital Sports Industry?
4. Which Region Is Leading the Phygital Sports Market?
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