Sports Technology Market by Technology and Geography - Forecast and Analysis 2022-2026

The sports technology market share is expected to increase by USD 24.56 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 23.09%.

This sports technology market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers sports technology market segmentation by technology (AI ML, IoT, and AR VR) and geography (North America, Europe, APAC, South America, and MEA). The sports technology market report also offers information on several market vendors, including Agile Sports Technologies Inc., Athlete Intelligence, Catapult Group International Ltd., Chetu Inc., Cisco Systems Inc., Epicor Software Corp., Firstbeat Technologies Oy, International Business Machines Corp., Jonas Club Software, and SAP SE among others.

What will the Sports Technology Market Size be During the Forecast Period?

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Sports Technology Market: Key Drivers and Trends

The rising number of sports technology events is notably driving the sports technology market growth, although factors such as the increasing number of fatalities in hard adventure sports activities may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the sports technology industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Sports Technology Market Driver

One of the key factors driving growth in the sports technology market is the rising number of sports technology events. Events using sports technology are not limited to an online audience only. They also take place at different physical locations, such as sports technology arenas, local sports technology bars, home venues, and other locations. Using sports technology at physical locations widens the audience base, as well as actively promotes the sports technology concept locally, and boosts the morale of sports technology players. The investments required for physically arranging a sports technology event are relatively high. This limits the participation of teams or players from different parts of the world. The organizations that conduct sports technology events at physical locations are popular, especially in China, where six cities are making efforts toward becoming key sports technology hubs in the country. These cities are introducing policies and signing partnership deals or agreements to promote sports technology events.

Key Sports Technology Market Challenge

The increasing number of fatalities in hard adventure sports activities will be a major challenge for the sports technology market during the forecast period. All hard adventure sports involve a degree of inherent risks associated with them. A lot of sports enthusiasts, including those participating in hard adventure sports like motorcycling and cycling, are involved in collisions, which can be fatal. There are many different factors that make a cyclist or a biker hard to spot, which include visual clutter beside the road or path, poor lighting conditions, and, very importantly, the visibility of the rider. Such incidents emphasize the need for using highly visible reflective sportswear, especially for the motorcycle and rider.

This sports technology market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Sports Technology Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Agile Sports Technologies Inc.
• 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

This statistical study of the sports technology market encompasses successful business strategies deployed by the key vendors. The sports technology market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The sports technology market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Sports Technology Market?

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43% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for sports technology in North America. Market growth in North America will be faster than the growth of the market in other regions.

The launch of innovative and improved sports technology products and platforms, growing Internet penetration, and the launch of advanced video game consoles will facilitate the sports technology market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Technology Segments in the Sports Technology Market?

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The sports technology market share growth by the AI ML segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the sports technology market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Sports Technology Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive sports technology market growth during the next five years
• Precise estimation of the sports technology market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the sports technology industry across North America, Europe, APAC, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of sports technology market vendors

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