Sports Technology Industry Highlights
The Sports Technology Industry is estimated to reach USD 43.6 billion 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, andthe integration of social media across numerous sports segments, is projected to boost the market over the forecast period. A strongfocus 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 implementingnewer 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 boostcompanies' 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 globallycreates significant business opportunities in infrastructural development and pushesadvanced technological services. Professional sports unions and franchise-based models adopt newer and more innovative technologies, including data analytics, smart stadiums, digital wearables, and signages.
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Sports Technology Industry Key Players
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).
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Segment Overview
By technology type, the global Sports Technology Market has been segmented into devices, smart stadium, statistics analytics, and e-sports. The devices segment is further divided into wearables, digital signages, and cameras. The smart stadium segment is further classified into stadium public security, building automation, and event management. The e-sports segment is classified into ticketing merchandising, sponsorship, and advertising. Among these, the devices segment dominated the market in 2020 and is projected to dominate over the review period. International sporting leagues and associations are increasingly allowing players to wear devices that monitor the health and performance of players on the field in live events.
By sports, the Sports Technology Market has been segmented into Baseball, Basketball, Cricket, Ice Hockey, Tennis, Soccer, Rugby. Major leagues such as FIFA, NBA, and MBL are adopting emerging technologies to captivate the viewers’ attention and live tracking and analyzing players' performance in live events. By region, the sports technology market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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Regional Analysis
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 esportstechnologies in the region further drive the growth of the sports technology market. Additionally, the market in Asia-Pacificis projected to register a significant CAGR during the forecast period.
