$12T IoT Market Could Help Grow Sports, Fitness Companies

In early November, consulting firm McKinsey & Company released a study on the global Internet of Things — IoT — market. According to the report, the IoT industry could unlock up to $12.6 trillion in value by 2030. The IoT industry spans a wide array of verticals, including the sports and fitness industries.

Whether it’s smart stadiums, connected fitness, or commerce, IoT and the connectivity of devices has the ability to fundamentally change industries. From the Olympics to the Tour de France to Major League Baseball, new IoT technologies have helped enable interconnectivity and fan engagement.

Overall deal activity for IoT technologies has already reached $10.9 billion and 611 deals across various markets.

In September, the NFL signed a new 10-year deal with Verizon worth $1 billion. One of the key tenets of the deal was a shift in focus from content generated to technology utilized.

• The deal includes 5G Multi-View, which allows fans to see seven different live camera angles and AR overlays of Next Gen Stats.
• Last year, Verizon invested over $80 million to pilot the 5G Multi-View at Super Bowl LV in Tampa.

Wearables, fitness, and health monitoring are another significant use case. Companies such as Whoop, Oura, and Apple will likely see increased adoption and more use cases as 5G technology takes over.

If you want to learn more about the impact of IoT on the sports industry, check out Front Office Sports Insights.