Sports Technology Market

Global Sports Technology Market Size (2024 to 2029):

The Global Sports Technology Market was worth USD 25.37 billion in 2023 and is anticipated to reach a valuation of USD 62.84 billion by 2029 from USD 29.51 billion in 2024, and it is predicted to register a CAGR of 16.32% during the forecast period 2024 to 2029.

MARKET SCENARIO

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.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Sports Technology Market Analysis 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.

Global Sports Technology Market Analysis 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.

REGIONAL ANALYSIS

• 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

Companies playing a prominent role in the global sports technology market include IBM, Ericsson, Cisco, Fujitsu, SAP, Oracle, NEC, LG, Sharp, Samsung, and Others.

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