COVID-19 is a pandemic disease that has triggered significant outbreaks in all nations from China to almost every world. It has had an effect on human life, the global economy, the sports industry, the manufacturing sector and others, as a result of which a lockout is introduced to deter and reduce dissemination. To control the transmission of the disease, lockout has so far been the best option found in many countries but it has adversely affected the economy. It has had a positive and detrimental effect on the sports business as all athletic competitions, leagues and other activities have been delayed or cancelled which indirectly results in a sluggish development of the sports technology industry. On the other hand, it created an incentive for sports technology such as interactive devices and extended reality (virtual reality/augmented reality) markets through the continuous adoption of online gaming tournaments, competitions and others. Increasing demand or value of wearable time-tracking technology, heart rate and many other factors that can improve the productivity of a sportsman in the pandemic situation are helping the market to minimize losses indirectly. Demand in particular such as portable appliances and apparel with advanced technology, may not contribute to the sports technology market growth but may enable the market players to survive and produce sales to some degree.
COVID-19 has had a huge effect on the sports industry as nearly every country has delayed or cancelled athletic competitions and other gatherings that put the audience together. Any stringent steps have been taken to deter the dissemination of coronavirus disease government such as the closure of gyms, exercise clubs, organizations and others. Only companies concerned with critical services are required to be transparent and to perform more procedures. Sports are not known to be a big part of the critical facilities but the selling of exercise items also helps people to improve their health and fitness in order to increase their immunity. It has had a huge influence on the development of athletic activities as income production is halted due to no new sports being televised. COVID-19 has already reverted to the sports schedule with major leagues everywhere stopping their operations to restrict the transmission of the virus.
There is both a positive and a negative effect of COVID-19 on the sports technology industry as it lowered its intake while at the same time rising smart devices and virtual reality/augmented reality sports user base for indoor participation. It offered an incentive to improve their online content and solutions for fitness manuals, sports and others. The introduction of sports technology for clubs, associations, coaches and others is temporarily closed or shut down due to stringent government regulations. It has affected the growth of the industry as market leaders are faced with a substantial decline in profits due to poor or zero sales in the first quarter of 2020. Sports competitions, games, exhibits and others are either cancelled or delayed until next year which limits information exchange and the application of new technologies to the industry.
COVID-19 has had a serious impact on the sports technology industry by bringing an end to athletic competitions and practices. New technologies for augmented reality sports competitions and smart systems are generating prospects for the industry to raise some sales in the quarantine scenario.
The pandemic provided a clear incentive for sports technology to include innovative fitness devices, wearables or performance monitoring and control solutions as sports are revived or reorganized without an audience in the stadium. Sports technological progress intensified as the pandemic took place. In the U.S., a new face shield and label has been created for NFL players designed by Oakley using ballistic-grade materials to reduce the possibility of virus transmission between players. The companies have since created a range of devices for athletes such as the Lumin Sports software which is helpful for monitoring the athlete's attitude and knowing how it interacts with their results. New sports broadcasting applications, tools with additional views and the best video processing have a good commercial potential to make use of their approach and expand the viewer base. Sports activities are being resumed behind closed doors for spectators to access the facility but are allowed to link via live streaming.
Such new developments in the solution and rising sport events with enhanced precaution help lower the COVID-19 effect which is the major opportunity for the sports technology market.
The lockdown situation has arisen as a result of the COVID-19 situation which is allowing the eSports industry to expand at a rapid pace as young people become more attracted to eSports and video games. Business companies are creating new tech tools to support eSports tournaments.
The pandemic condition created by COVID-19 has a significant effect on the sports technology industry as it has reduced its consumption or use leading to a lockdown introduced by governments. On the other hand, the possibility of a solution to address the situation of wearable devices, eSports, online gaming and other better solutions is generating a potential for advancement but is currently in the development process.