Sports Technology Market

Sports Technology Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Information & Communications Technology | Author Name: Mohit

Registering an approximate value of US$19 Bn in the year 2021, global sports technology market may possibly see doubled growth in revenue toward the end of the year 2027.

Increasing Boom Around Predictive Analytics to Favour Sports Technology Market Growth

With technological advancements, analytics have been gaining significant attention since past decade. Their adoption in the sports domain has transformed the sector by providing different platforms such as esports, content platforms, live streaming, and smart stadiums among other engagement technologies. Increasing competitiveness backed with advancements in sports has pushed organizations and players to use sports analytics. By adopting such analytics, critical solutions and key observations can be obtained that can be further leveraged to comprehend data, improve performance, and engage customers and fans more efficiently. Increasing demand for several advanced technologies such as AI, IoT, big data analytics, ML, advanced wireless connectivity, and computer vision is expected to drive the growth of the sports technology market.

Moreover, AI-enabled enabled predictive analytics can be used to monitor, improve, and maintain fitness and overall health of athletes. With the support of AI, detection of patterns in strategies, tactics, and weaknesses can become possible. Apart from health monitoring of athletes and pattern identification, the AI-powered analytics platform can be used to decipher huge volumes of data thus supporting in making accurate predictions. In addition, advancements in the predictive analytics field have resulted in the development of augmented and virtual reality models that can provide performance assessments of players, overall player analysis, past player record assessment and computation on the possibilities apropos to win or loss scenarios. In this backdrop, as predictive analytics gain traction, the prospects of sports technology market continue to remain strong, thus driving growth. 

Wearable Technology in Sports to Score and Present Numerous Opportunities for Sports Technology Market

As technology progresses, industries are overwhelmed with the introduction of new innovations and developments. Wearable technology is one such development that has re-shaped the sports industry. By using wearable technology in sports, athlete training along with their performance can be improved drastically. Wearables can be used to monitor all critical aspects of athletes including vitals, injury recovery rate, in-game performance and body performance and fatigue during and after training. That said, this technology has been revolutionizing the sports sector by reducing potential risks associated with injuries such as damaged tendons, concussion, and exhaustion. With advances in wearable technology, apart from enhancing sporting performance, team administrators, trainers and coaches can reduce sports related sickness. For instance, according to OHIO University, in 2020, wearables developed by Catapult were used by athletes. Approximately 9500 professional athletes on 500 teams in 25 countries and 35 sports used these GPS sport trackers to monitor injuries and enhance team and personal performance simultaneously.

Technology organisations are making massive strides by marketing wearable devices for athletes. Companies such as Viperpod, Zephyr Technology, Catapult, miCoach, and Smartlife are transforming the way coaches make decisions, the way sports could be played and also providing real-time analytics on health, performance and safety of athletes. Being an innovative and developing technological niche, wearable sports technology has been witnessing an upswing since its advent in 2009. With availability of a wide range of wearable devices and their efficacy in reducing athlete injuries alongside monitoring performance, the sports technology market is likely to witness an opportunistic global scenario in the coming years.

North America Likely to Slate Dominance in Global Sports Technology Market

The use of different sports technologies across developed nations in North America has been on an upswing backed by several functional and macro specific aspects. The region has remained a major hub for technology companies owing to superior infrastructure, growing inclination towards adoption of technology in various fields and stable economic growth. Higher investments in the development of technology and associated devices have transformed the sports industry in North America. This has also encouraged new start-ups to establish their base in the region. As of 2022, around 2700 sports tech start-ups are present in the United States alone providing different solutions such as analytics, smart stadiums, and wearables. Robust economic backbone, increasing research and development activities and favourable government support have attracted new companies in the region, thus contributing towards growth of the sports technology market in North America.

Sports Technology Market: Competition Landscape

Major players in the sports technology market have remained focused on entering partnerships to consolidate and strengthen their position in the market and acquire new customer base. Some of the major players in sports technology market include IBM, CJ Corporation, Fitbit, Activision Blizzard, Garmin, Fujitsu, Ericsson, SAP, Cisco, Oracle, Panasonic, Tencent, Apple, Samsung, and Catapult Sports.

Recent Notable Developments

  • In 2021, a partnership was signed between SAP, and Jan Frodeno, one of the most successful and renowned triathletes. With this partnership, SAP would be the official analytics provider for Jan through its SAP Business Technology Platform that now plays a vital role in triathlon training and providing analysis on performance, athlete health and competition results

  • In 2021, new additions were introduced by Garmin International in its GPS Golf products. The Approach S12watch, Approach G12GPS rangefinder, and Approach S42 smartwatch were the new inclusions that were integrate with 42,000 preloaded courses.

  • In 2021, PUSH, and Catapult entered a partnership to close the off-field and on-field performance analysis gap and drive performance on and off the arena

The Global Sports Technology Market Is Segmented As Below:

By Technology

  • Devices
    • Wearables
    • Digital Signage
  • Smart Stadium
    • Software
      • Stadium and Public Security
      • Event Management
      • Building Automation
      • Others
    • Services
  • Analytics and Statistics
  • Esports
    • Tickets & Merchandise
    • Sponsorship & Advertisement
    • Others

By Sports

  • American Football/Rugby
  • Baseball
  • Basketball
  • Cricket
  • Golf
  • Ice Hockey
  • Tennis
  • Soccer
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Sports Technology Market

  • Sports Technology Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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Disclaimer:

  • The segmentation/company profiles/countries depicted above may vary in the actual report.

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