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The Sports Technology Market size is forecast to increase by USD 29.95 billion between 2022 and 2027, decelerating at a CAGR of 23.36%. In 2017, the US dominated the market projecting an outstanding revenue of USD 1.38 billion. The report includes industry predictions for the Sports Technology Market, with segmentation based on End-user which include sports associations, clubs, and leagues, Technology types which include artificial intelligence or machine learning, internet of things, and augmented reality or virtual reality, and Regions which include Europe, North America, APAC, South America, and the Middle East and Africa. The market size, historical market size (2017-2021), and forecasts are provided on the basis of value (USD billion) for all the above segments.
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Owing to the COVID-19 pandemic, most clubs, basketball courts, golf courts, and others, which are major end-user segments in the market, witnessed challenges in 2020. All playgrounds in the UK and several other countries, including France, Denmark, and Germany, were closed in March 2020 to contain the spread of COVID-19. This led to a decline in the revenue generated by commercial users. However, the lifting of lockdowns and the ramping up of COVID-19 vaccination drives in 2021 slowly led to the revival and recovery of the regional market. With the resumption of operations by stadiums, sports facilities, and various sporting events such as league football matches, which resumed in 2021. Moreover, with the resumption of operations by retail outlets, health clubs, and playgrounds, the regional sports technology market is expected to witness considerable growth during the forecast period.
Increased emphasis on IoT is a key driver boosting market growth. The widespread adoption of IoT (Internet of Things) technology in sports is a key driver for the sports technology market. IoT devices like smartwatches, fitness trackers, and connected sports equipment are pivotal in gathering player performance and health data. For example, the Wilson X Connected Football tracks various metrics and communicates with smartphones. Smart helmets equipped with impact sensors are crucial for injury management, with systems like Riddell's InSite monitoring and alerting for potential head injuries. IoT is also used for predictive maintenance of fitness equipment in connected gyms. This increased IoT integration is expected to fuel growth in the global sports technology market.
The market share growth by the sports association segment will be significant during the forecast period.
The sports association was valued at USD 3.98 billion in 2017 and continue to grow by 2021. Sports associations also use sports technology for sports analytics and for publishing player ranking based on the analytics data available. They also use sports technology in promoting events and updating audiences and member clubs with the latest news. Thus, multiple benefits of sports technology will boost its demand from sports associations which, in turn, will propel the growth of the market in focus during the forecast period.
Sports Technology Market - Revenue Share by Sports Association Segment, 2017-2027
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Europe is Dominating the Market
Europe holds 36% of the global market share. The sports technology market in Europe is expected to record a steady growth rate during the forecast period. Europe was the leading geographical segment, with a high demand for sports technology in Western and central Europe. The UK, Germany, Spain, Italy, and Finland are some of the major contributors. Factors such as the increase in the adoption of smart wearables and the rising demand for IoT-operated connected fitness devices drive the regional sports technology market.
Sports Technology Market Size, By Region, Global, 2017-2027
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The Sports Technology Market is fragmented in nature. Some significant players include Catapult Group International Ltd., Chetu Inc., Cisco Systems Inc., Epicor Software Corp., Firstbeat Technologies Oy,
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Athlete Intelligence, International Business Machines Corp., Jonas Club Software, SAP SE, Kinexon GmbH, Orreco, PlaySight Interactive Ltd., Samsung Electronics Co. Ltd., Tableau Software LLC, Active Network LLC, Agile Sports Technologies Inc., Garmin Ltd, SPay Inc., Sportradar AG, and Upper Hand Inc.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Sports Technology Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017 - 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 23.36% |
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Market growth 2023-2027 |
USD 29.95 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
23.95 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 36% |
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Key countries |
US, China, Germany, France, and Italy |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Athlete Intelligence, Catapult Group International Ltd., Chetu Inc., Cisco Systems Inc., Epicor Software Corp., Firstbeat Technologies Oy, International Business Machines Corp., Jonas Club Software, SAP SE, Kinexon GmbH, Orreco, PlaySight Interactive Ltd., Samsung Electronics Co. Ltd., Tableau Software LLC, Active Network LLC, Agile Sports Technologies Inc., Garmin Ltd, SPay Inc., Sportradar AG, and Upper Hand Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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