Sports App Industry Overview
The global sports app market size was valued at USD 3.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.4% from 2022 to 2028.
This can be credited to the growing demand for video streaming-based sports apps in the U.K.Surge in the adoption of cloud-based technology across the globe is anticipated to boost the market growth. Moreover, the growing demand for smartphone devices in the Asia Pacific is aiding the market growth.
Soaring demand for user-friendly digital sports platforms in the U.S. is projected to bolster market growth. Moreover, highly interactive software applications for sports apps with high-definition live streaming are supporting the market growth. However, higher subscription renewal cost of the sports app is hindering the market growth. At present, key players are focusing to adopt multiple access enabled sports apps. Hence the market is expected to perform significant market growth during the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Sports App Market
Growing investment from ESPN to provide instant updates about live sports matches is propelling the market growth. Rapidly growing demand for offline streaming access of the past matches is further bolstering the market growth. This tool is majorly used to provide folder browsing along with a downloadable feature. The growing demand for easy-to-use quick sports apps in the U.S. is set to drive the market.
The financial year 2020-2021 was a disaster for the global sports industry owing to the coronavirus outbreak. The global supply chain of several industries was hampered due to the strict regulation implemented across the globe. The international ban for the sports event and the postponed schedule of the Olympic Games slowed down the market growth. Smoother in-app purchasing services and growing demand for IoT-based smartphone devices had taken a dramatic boost for sports apps during the period of post-pandemic.
Must-have features of fantasy sports, advanced dashboards, loyalty programs, and gamification offered by the key players of the market. The rising concern for live Chatbots, GPS features, and AI-based winning prediction tools are refueling the market growth. The key players of the market are providing a compatible analytical approach for the sports app with the help of the android and iOS-based platform. Real-time analytics and multiple payment systems will turn to refuel the market growth.
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Key Companies profiled:
Some prominent players in the sports app market include
- 365 Scores
- beIN SPORTS
- Sony LIV
- Fubo TV
- NOW TV
- Bally Sports
Order a free sample PDF of the Sports App Market Intelligence Study, published by Grand View Research.