Taiwanese athletes have made their greatest efforts and completed their participations in 2020 Tokyo Olympic Games. They brought home with a record medal haul, two golds, four silvers and six bronzes, twelve medals in all, ranking 34th on the medal table. Their outstanding performance and the total number of medals have edge out the previous records of Taiwanese teams in the history of Olympic Games. Our national team did win the honor for Taiwan. In the development of sporting goods industry in Taiwan, it truly relies on the process of cultivating the sports-talented. Particularly at the international sports games, if Taiwanese athletes have great performance, as expected, their performances always attracts a lot of attention. In addition the media influences of all the relevant reports, they create another waves of sports fashion. Therefore, all the countries around the globe are committed in promoting national health, a higher level of sports participation. What is more, all government strive to get the opportunity to hold international sports games. Then, they can make good use of the sports event to enhance the international images of the cities. As a result, by hosting the sports event is expected to boost a higher industrial value of the domestic sports industry. In the meanwhile, there will be more sports population who could bring immense business opportunities. The so-called physical strength is the power of the nation. And it is obvious to see how huge impacts international sports event can make upon the sports markets and industry in the hosting country.
The year of 2021, for most small-and-medium enterprises, is such a period of time full of hardships. Apart from the impacts which the virus COVID-19 has made, all nations are gradually take diversely protective measures to carry out lock-downs. Going with these, the economy becomes sluggish and weakened. Now people face not only the US-China trade conflicts but to the imminent threat of DELTA, the virus variant of COVID-19. Thus, the epidemic situations in the southeastern Asian countries are not good and life threatening. The production sectors are in face of challenges. As the New Norm of living has turned all people to change their consumption behaviors as well as online business models. All entrepreneurs need to keep on trying to expand international markets by all means.
In 2021 due to the lasting impacts of COVID-19, various face-to-face events or meetings are turned to distance one way communication, trade fairs, online meetings or conferences. And this is the current situation how the epidemic has fundamentally changed life. With regard to the global sports industry, COVID-19 has make huge downward impacts upon the industrial value. It also forces many enterprises to change or adjust business modes. All the business leaders need to think how to find ways out of the current challenges or to find great business opportunities from the crisis. For examples, Peloton, Tonal as well as the Canadian brand Luluemon all merges with sports tech companies and create an innovative sports business model, that is, to sell fitness equipment and subscription services of sports programs. Under the stringent epidemic environment and rising awareness of health, they succeed in enhancing the modern tech and create new market values within a short period of time.
According to the survey of MarketsandMarkets, the market value of the global sports tech in 2018, 8.9 billion US dollars, is estimated to grow up to 31.1 billion US dollars in 2024. People are requested not to go to fitness clubs. Self-motivated home exercise is the new trend. Under the impacts of COVID-19, people need to adjust themselves to the new living habits to work and do sports at-home. Such a new wave speeds up the demands of sports science. Sports entrepreneurs need to infuse the three fundamental factors of sports science into their products, including sports physiology, sports prescription and sports nutrition, etc. The core concept of sports technology combine various innovative techs, intelligent devices as well as smart sports facilities in the sports industry. In application of intelligent sports management platform to connect sports industry, silver-hair health industry, etc. so as to create values and new business models as well as potential markets.
From this, we can see no matter from the perspectives of the user, from the market concept, viewing from the angles of high-tech manufacturers, there is immense market potential. Breaking the restrictions of time and space, sports technology stands out during the seemingly long-battle pandemic era. Together with the steady progress of IoT, AI, AR/VR, Cloud techs as well as 5G booming development and the widespread usage of smart phones, sports techs moves towards intelligence, systemization, professional services and social community management. The application scopes of sports tech could cover intelligent gymnasium, online watching of sports games, sports performance efficiency, sports data management, sports social media management and so on. On the other hand, while facing the impacts of COVID-19, the key to open the future for sports entrepreneurs is to cooperate with other industries; only then, their companies could have a chance to grow and strengthen core competiveness. In the pandemic period, all business people have to learn to create multiple channels of business and opportunities via internet. Therefore, the sports industry can enter another era with a brand-new look. The future shall be worthy of great attention.
The whole team of TSMA, with all the sports family, will keep on expanding international markets and help them upgrading in the digitization era. And we also encourage all people around the globe to do regular sports in applying the concept and principles of sports science. And the governments could make health-enhancement policies to promote all people to exercise, particularly the silver-hair group who deserve more guidance to develop good sports habits with proper sports knowledge. Accordingly, the domestic sports market will be growing and the demands for sports product and services will be rising. We believe the sports products will be more user friendly. The big sports data could be analyzed and applied to improve sports product and services. Promisingly, the export value of sports industry will create a record and in the meantime, we can shine the excellent images of MIT sports products. Taiwan could be a model of LOHAS and keeps the sports industry as a key player in the global sports markets.