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Global Sports Technology Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report - Segmented By Technology (Device, Smart Stadium, Esports, Sports Analysis), Sports (Soccer, Baseball, Basketball, Ice Hockey, Rugby, Tennis, Cricket, Golf) and Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Analysis from 2023 to 2028

Published: March, 2023
ID: 12901
Pages: 175
Formats: report pdf report excel report power bi report ppt

Global Sports Technology Market Size (2023 to 2028)

The global sports technology market is expected to be worth 25.37 billion USD in 2023. It is expected to grow at a CAGR of 16.32% during the forecast period and reach a value of 54.02 billion USD by 2028.

Technological progress is a natural process with increasing relevance in every industry. Sport is currently adopting technological advancement to assist players in getting better and improving their training and competing environments by enhancing their overall performance. In sports, technology refers to man-made items that assist players in achieving their goals in a certain discipline. They are able to complete their tasks more effectively thanks to current technology and cutting-edge equipment. Because of its detailed information on games and players, performance monitoring devices help in collecting and analyzing sportsperson performance, replays of different shots, high-quality video telecasts, scoreboards, and other features, combining technology and games gives knowledge related to sports, which helps in growing the future of sports. With the advancement of technology, many judgments in sports contests may now be taken or reviewed off-field, with another official making choices based on immediate replays. In several sports, participants can now appeal referees' decisions. Goal-line technology determines whether or not a ball has crossed the goal line in American football.

MARKET DRIVERS:

The use of IoT in the sports business has a significant impact on player development, player and fan safety, and fan engagement. Fans, coaches, physiotherapists, and players may use the Internet of Things to examine data received from numerous devices. Users may communicate their game strategy as well as the state of their players' injuries. Customers will have a better experience with the platform. Furthermore, the integration of AI-enabled solutions in the sports sector aids in the automation and data analysis of business decisions, ticket sales, sponsorship activations, athlete training, and performance evaluation, consequently propelling the sports technology market.

Because of technological advancements and a large need for technology, technology in sports has grown, making duties easier and less time-consuming for better administration. Nowadays, the number of sports leagues is steadily expanding, resulting in huge market prospects for sports technology firms. Because of the data gathered by various sports sectors, there is a growth in the use of IoT technologies to assist in the management of stadium infrastructure, which is driving the Sports Technology market.

The rise of the Sports Technology Market is due to athletes' acceptance of wearable equipment and the usage of connected items in sports activities. Artificial Intelligence aids in the automation of ticket sales, as well as improving athlete performance, training, and analyzing overall performance, all of which contribute to the growth of the global sports technology industry.

MARKET RESTRAINTS:

High sports technology investment costs may stifle market expansion. This is owing to the fact that it is affordable to major sports teams with significant budgets. The market's profit margins may be harmed by a lack of a large skill pool of technicians and analysts for teams in Asia-Pacific and other emerging nations.

Impact of COVID-19 on the global sports technology market:

The completion of domestic leagues has been postponed due to Euro2020. The bulk of national and international sports leagues and events are postponed, with the exception of the French and Dutch leagues, which are canceled. Athletes, teams, and leagues have all been impacted, as have the media that broadcast and canopy games, similarly because of the businesses and sponsors who utilize these events for advertising. Finally, in late 2020, the sports sector restarted operations with certain changes, notably the absence of crowds in sporting venues. Athletes competed in empty arenas while COVID-19 was still in effect across the globe, and innovations were deployed to produce fans with a stronger viewing experience. Different leagues and sports employed various techniques to extend fan involvement. Fans' watching experience and engagement were improved as a result of a rise in live updates, social media updates, and new camera angles.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 to 2028

Base Year

2022

Forecast Period

2023 to 2028

CAGR

16.32%

Segments Covered

By Technology, Sports, & Region

Various Analyses Covered

Global, Regional, and Country Level Analysis; Segment-Level Analysis, DROC; PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the global sports technology market has been segmented and sub-segmented into the following categories.

Sports Technology Market - By Technology:

  • Device
  • Smart Stadium
  • Esports
  • Sports Analysis

Sports Analysis is expected to have a dominant share in the Global Sports Technology Market during the Forecast Period. Sports analytics are critical to the operation of sports organizations. Coaches and specialists used to do sports analysis during practice/training sessions, live events, and competitions in the past. Sports companies may now make better judgments about their teams and business operations because of advancements in sports technology. It is one of the most important factors in the evaluation of the sports industry. Fans' increased use of social media platforms for blogging and submitting reviews is likely to boost demand for sports analytics throughout the world.

Smart Stadium is expected to have a significant share and growth in the Global Sports Technology Market during the Forecast Period. A smart stadium connects wired and wireless networks, as well as servers, to a huge number of sensors, cameras, and digital signage. Empty parking places, waiting lines, the number of hot dogs available at concession booths, and other stadium data are all tracked by sensors.

Esports is predicted to work out the rise within the Global Sports Technology Market during the Forecast Period. Esports are usually organized multiplayer game events between professional players, either individually or in teams, despite the actual fact that structured tournaments are a feature of game culture for an extended time. Many game creators actively designed and provided money for tournaments and other events, making esports a prominent element within the computer game business.

Sports Technology Market - By Sports:

  • Soccer
  • Baseball
  • Basketball
  • Ice Hockey
  • Rugby
  • Tennis
  • Cricket
  • Golf

Cricket is expected to have a dominant share in the Global Sports Technology Market during the Forecast Period. Lasers are used to supplement run-out judgments. Sensors in the bails and the boundary rope are used to assess if the batter is out or has struck a four. A stump camera is used to make near-catching judgments. Yellow and red cards are used to remove participants from the game if they frequently break the rules. From bowling machines, Hawkeye, and Hot-spot to the modern-day Decision Review System, cricket has embraced technology.

Rugby is expected to have a high CAGR in the Global Sports Technology Market during the Forecast Period. In rugby games, the integration of IoT-enabled devices allows coaches and players to make judgments based on real-time game information, construct training sessions suited to specific player needs, and apply clever plans against each opponent. Sensible Wearable’s also provides Live Skin for rugby players. These are sophisticated sensors that are attached to players' shoulder pads that capture collision data during training and games. They provide a better knowledge of how players approach their opponents and how it affects their performance and health.

Golf is expected to have a significant share in the Global Sports Technology Market during the Forecast Period. Golfers have benefited from sensor technology in a number of ways. With a simple point and click, distance-measuring lasers instantaneously notify golfers of the distance necessary for every shot. Swing sensors can potentially be used as a teaching tool for golfers. Swing sensors are small sensors that may be attached to gloves or clubs to track swing speed, tempo, and angle.

Soccer is expected to have a prominent share in the Global Sports Technology Market during the Forecast Period. Technology has improved the spectator experience, broadened game analysis for not just fans but also coaches, players, and the media, and enabled live refereeing. Injury detection and recovery can be aided by technology, making the game more enjoyable for both players and spectators.

Sports Technology Market - By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

North America is expected to have the dominant share in the Global Sports Technology Market during the Forecast Period as a result of the increasing presence of software businesses and data analytics service providers in this region. Furthermore, a well-developed league sports culture and the development of the technology industry would accelerate the market's growth rate in this area.

Asia-Pacific is expected to have a significant share and a noticeable CAGR growth in the global sports technology market during the forecast period. The sale of hardware and software, as well as increased investment in sports in countries like China and India, are driving the sports technology industry in Asia Pacific. Sports like cricket, basketball, and baseball have seen increased participation in these economies. In addition, the e-sports business in Asia Pacific is expected to grow significantly. In order to compete with worldwide leagues and generate new revenue streams, the region's new sports leagues are pushing demand for smart stadium infrastructure.

Europe is expected to have rapid growth in the Global Sports Technology Market during the Forecast Period, mainly as a result of improved technology being used in a variety of sports in European countries. Due to the growth of blockchain technology and artificial intelligence in Europe, new business models in sports are expected to emerge. The economies of European nations are rapidly improving, resulting in a steady increase in the number of start-ups and growing momentum. Furthermore, European investors are still more conservative, risk-averse, and demanding. As a result, more linkage between the sports, investment, and technology worlds is required. The sports technology market is predicted to increase as a result of these factors.

KEY MARKET PLAYERS:

IBM, Ericsson, Cisco, Fujitsu, SAP, Oracle, NEC, LG, Sharp, Samsung

RECENT HAPPENINGS IN THE MARKET:

  • LA Liga will screen for pirated book activity online using monitoring techniques developed for use in sports and technology content.
  • In an undisclosed cash and stock deal, digital health and fitness business WHOOP announced the purchase of sports technology start-up PUSH.

 

 

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FAQ's

In the forecast period, which technology is projected to fuel the growth of the sports technology market?

The sports technology market is projected to be driven by sports analytics. Sports analytics are critical to the operation of sports organizations. Coaches and specialists used to do sports analysis during practice/training sessions, live events, and competitions in the past.

Which regions are the greatest to invest in for this market?

The need for sports technologies in APAC is driven by the adoption of the Internet and cloud technology, the growth of professional leagues, and the digitization of the sports industry.

Which sport is predicted to be the most influential in the sports technology market?

Soccer adopts sports technology more quickly than tennis, golf, and other sports. Sports wearables, for example, are a rapidly expanding sector for technology companies.

Who are the most important participants in the sports technology industry?

Apple Inc., Cisco Systems, Inc., LM Ericsson, Fitbit, Inc., Fujitsu, and others are significant competitors in the sports technology industry.

What factors are propelling the sports technology market?

The rising number of sports leagues worldwide is one of the key drivers driving the sports technology industry. Other key aspects include considerable improvements in audience engagement and impending sports events.

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