Sports technology: booming market
Connexa Sports Technologies Inc. noted that the sports technology market, currently valued at $17.9 billion, is projected to grow to more than $40.2 billion by 2028, with more than 40% of that growth coming from North America.
In addition, the proliferation of 5G and enhanced camera technology is leading to widespread consumer adoption of artificial intelligence technologies and is expected to grow at a compound annual growth rate of 30.3% through 2030.
The company wants to be a complete/unique solution for ball sports, serving customers who play and teach sports, consume sports content, and manage sports facilities.
Overall, its goal is to enable users to consume sports content through PlaySight, participate in sports through its Slinger Ball Launcher, learn through analytics provided by Gameface, and assist in the management of tennis clubs through Foundation.
These diverse offerings form its Watch, Play, Learn platform.
From Connexa’s perspective, macro trends in sports and sports technology, artificial intelligence, sports betting and the growth of youth sports highlight the opportunity ahead.
Infrastructure on courts, fields and tracks around the world is expected to become “smart” (i.e., connected to the Internet with events, games and matches to be streamed over the Internet and using AI-based performance analytics) in the next few years.
Connexa also participates in the sports betting market in association with strategic partners such as Sportradar and Genius Sports by providing live streaming services through Sportradar and Genius Sports for betting companies.
These companies are rights holders that facilitate live streaming of events for betting companies.
They require a camera/data partner such as Connexa (or others) to deliver the live stream and provide interesting real-time data to be consumed by betting customers.
Sports betting is opening up in the U.S. and, by October 2021, online betting was recording $7 billion per month.
Youth sports (a $19 billion market today) is also a large market and is estimated to exceed $70 billion by 2026, and these younger consumers will become critical to the rise of sports technology applications and the growth of e-sports.