The global sports technology market is estimated to reach USD 43.6billion by 2027, registering a CAGR of 10.7% during the forecast period of 2021–2027.
The growing adoption of new & emerging technologies, including the Internet of Things (IoT) and Data Analytics, and the integration of social media across numerous sports segments, is projected to boost the Sports Technology Market over the forecast period. A strong focus on live audience engagement and entertainment programming and the digital transformation of sports arenas is predicted to drive the demand for technology-based services in sport. The industry is undergoing a shift owing to rising investments by numerous organizations in implementing newer technologies for examining and monitoring players’ performance and engaging with fans along with other activities.
Additionally, investments in sales, marketing, and operations are set to boost companies' revenues, which in turn is predicted to support market growth. Additionally, the adoption of Artificial Intelligence (AI), and Machine Learning (ML), and digitalization, are expected to proliferate the creation of advanced sports arenas. The increasing number of sports events and leagues globally creates significant business opportunities in infrastructural development and pushes advanced technological services. Professional sports unions and franchise-based models adopt newer and more innovative technologies, including data analytics, smart stadiums, digital wearables, and signages.
The prominent players in the global sports technology Market are Apple Inc. (US), Catapult Sports (Australia), ChyronHego Corporation (US), Cisco Systems, Inc. (US), HCL Technologies Limited (India), IBM Corporation (US), Infosys Limited (India), Modern Times Group (MTG) (Sweden), Oracle Corporation (US), Panasonic Corporation (Japan), SAP SE (Germany), Sony Corporation (Japan), Stats LLC (US), and Telefonaktiebolaget LM Ericsson (Sweden).
Sports Technology Market - Segmentation
According to Market Research Future, global sports technology market has been segmented based onsports, technology, and region.
Based on sporting events, the market has been categorized as Baseball, Basketball, Cricket, Ice Hockey, Tennis, Soccer, and Rugby. The basketball segment is expected to account for the largest share during the review period. Early adoption of the technology in the National Basketball Association (NBA) and the use in the season training for players and the staff has led to the growth of technologies in this segment. The advancement in movement sensing and defense tactic deployment in soccer is expected to revolutionize the sports technology market in the soccer segment as well, with new technologies being introduced, which will boost the reach and capacity of sports technologies globally. However, the Cricket segment is predicted to register the highest CAGR owing to the increasing adoption of this technology.
Based on the technology, the market has been categorized as Devices, Smart Stadiums, Statistics & Analytics, and E-sports. The Devices segment is further sub-segmented into Wearables, Digital Signages, and Cameras. The devices segment dominated the market in 2019owing mainly to the consumer preference as the technology and ease of adoption. Statistics & Analytics technology is also projected to witness increasing market share due to growing awareness regarding the technology coupled with growing tangible results presented through the extensive use of data analytics. The E-sports segment is expected to register the highest CAGR during the forecast period from 2020 to 2026, owing to the growing application of the technology in effective ticketing, merchandise sales, and advertising.
The sports technology market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
North America, followed by Europe, is expected to be the largest market in the forecast period owing to the high concentration of market players and the abundant availability of competent technical expertise. Additionally, the increasing demand for operative building automation and effective event management of large sporting events and the rising consumer interest in esports technologies in the region further drive the growth of the sports technology market. Additionally, the market in Asia-Pacific is projected to register a significant CAGR during the forecast period.
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