The Global Sports Technology Market size is expected to reach $48.7 billion by 2028, rising at a market growth of 16.8% CAGR during the forecast period.
The sports industry uses technologies to accomplish human objectives or aims within or connected to certain sports. In sports, technology is a technological tool that athletes use to improve their practice and competition environments so that they can perform better. Performance monitors are useful tools for coaches and athletes. These tools can gather statistics on player effectiveness, analyze them, and offer feedback to aid in formulating more effective tactics.
Technology-wise, sensors can monitor vital signs and cameras can document exercise. Both video and sensor data are stored and processed in the cloud. In turn, AI aids in producing quick and precise insights. Sporting accessories that monitor vitals are known as trackers. Custom sensing equipment comes in a variety of forms, including smart wristbands, vests, and headsets. All of these enable coaches to monitor and evaluate athlete performance throughout workouts.
Wearables make it possible to do more than just monitor vital signs. Coaches and players may now communicate better due to smart headsets. Particularly in-helmet headsets enable coaches to communicate with football players standing on the sidelines. However, it's a one-way audio device without the need for a microphone, as already seen in the NFL. The productivity of entire teams can be improved using clever video analytics solutions.
Software that is fed game logs can provide information on each player's movements. These analytics also assist in developing superior strategies based on the play of rivals. The sports industry is still expanding quickly. Numerous amateur sports are being played by an increasing number of people, while professional sports are expanding their worldwide reach and engaging with supporters everywhere. More than ever, sports are bringing people together from all walks of life in a manner that no other activity can.
The majority of national and international sporting leagues and events were postponed, except the French and Dutch leagues. The entire sports value chain has been impacted, from players, teams, and leagues to the media outlets that cover and broadcast games as well as the sponsors and marketers that utilize these occasions to promote their products. In the end, the sports sector resumed operations in late 2020 with minor modifications, such as the absence of spectator involvement in sporting arenas. Athletes competed in vacant arenas due to COVID-19, while fans were given a better viewing experience due to technology.
The significance of sports has been rising rapidly in emerging countries, which has raised government expenditure on the growth of the sports industry, particularly on establishing sports infrastructure, creating sports teams, and luring big investments. For instance, large-scale investments in sports activities, such as venues, teams, leagues, tournaments, and other programs, are being made as a result of the Chinese government's ambition to grow the value of the nation's sports business to a billion by 2025.
Sports equipment using wearable technology can help athletes train better and perform better. Sports-related wearable devices can be used to track physical preparation, game performance, and injury recovery. The use of wearable technology is quickly altering sports by lowering the danger of accidents including tiredness, tendons injury, and concussions. Additionally, team managers, coaches, trainers, and players can track athletes' performance more effectively while also lowering the incidence of sports-related illness due to technological advancements in this quickly growing field.
Given the initial expenditures and service provider contracts, which can be pricey, further acceptance and widespread usage of sports technology are only commercially viable for the more well-known teams with larger budgets. A substantial portion of unorganized or smaller leagues and federations are unable to make the necessary initial investments, shutting them out of the market and preventing them from utilizing the technology. Technological advances are affecting all aspects of life, including businesses and industries.
On the basis of Technology, the Sports Technology Market is divided into Devices, Smart Stadium, eSports, and Sports Analytics. The smart stadium segment acquired the highest revenue share in the sports technology market in 2021. A smart stadium is equipped with a number of sensors, cameras, and digital signage that are wired and wirelessly connected to servers, networks, and other devices. The number of hot dogs available at participating merchants, the number of open parking spaces, waiting for lines, and other stadium data are all provided via sensors.
Based on the Sports, the Sports Technology Market is segmented into Introduction Soccer, Baseball, Basketball, Ice Hockey, American Football/Rugby, Tennis, Cricket, Golf, Esports, and Others. The cricket segment witnessed a significant revenue share in the sports technology market in 2021. Match results may be accurately predicted using machine learning. Additionally, run-out analysis, Duckworth Lewis, and the Umpire Decision Review System (UDRS) are currently using AI. AI can also be used to construct enclosed or indoor stadiums, allowing games to go in inclement weather.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 17.2 Billion |
| Market size forecast in 2028 | USD 48.7 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 16.8% from 2022 to 2028 |
| Number of Pages | 297 |
| Number of Tables | 484 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Technology, Sports Type, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Australia, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the Sports Technology Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment acquired a promising revenue share in the sports technology market in 2021. To compete with worldwide leagues and develop new revenue streams, the region's emerging sports leagues are fueling the demand for smart stadium infrastructure. Major international and domestic sporting events are hosted by organizations like Sahara Force India, the Indian Premier League (IPL), and the Board of Control for Cricket in India (BCCI) that utilize smart technologies.
Free Valuable Insights: Global Sports Technology Market size to reach USD 48.7 Billion by 2028
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Samsung Electronics Co., Ltd. is the forerunners in the Sports Technology Market. Companies such as Cisco Systems, Inc., IBM Corporation and SAP SE are some of the key innovators in Sports Technology Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Fujitsu Limited, LG Electronics, Inc. (LG Corporation), Sharp Corporation, Oracle Corporation, IBM Corporation, Cisco Systems, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Ericsson AB , NEC Corporation, and SAP SE.
By Technology
By Sports Type
By Geography
The global Sports Technology size is expected to reach $48.7 billion by 2028.
Investments In The Sports Industry Are Growing that is driving the market in coming years, however, Initiation Costs Are High, And Budgets Are Limited restraints the growth of the market.
Fujitsu Limited, LG Electronics, Inc. (LG Corporation), Sharp Corporation, Oracle Corporation, IBM Corporation, Cisco Systems, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Ericsson AB , NEC Corporation, and SAP SE.
The expected CAGR of the Sports Technology is 16.8% from 2022 to 2028.
The Soccer segment is leading the Global Sports Technology Market by Sports Type in 2021 thereby, achieving a market value of $15.3 billion by 2028.
The North America market dominated the Global Sports Technology Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $16.9 billion by 2028.
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