Sports Technology Market Analysis Europe, North America, APAC, South America, Middle East and Africa - US, China, Germany, France, Italy - Size and Forecast 2024-2028

Sports Technology Market Forecast 2024-2028 

The sports technology market size is projected to increase by USD 37.85 billion at a CAGR of 23.96% between 2023 and 2028. The market's growth hinges on several factors, notably the surge in sports technology events, a growing emphasis on IoT integration, and heightened demand for wearable devices and fitness trackers. With a rising number of sports technology events, innovation and adoption are propelled forward, while IoT integration enhances connectivity and data analysis capabilities. Moreover, the increased demand for wearable devices and fitness trackers reflects a broader trend toward health-conscious lifestyles, driving sustained market expansion.

Moreover, the market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 20 market companies, including Active Network LLC, Agile Sports Technologies Inc., Athlete Intelligence, CAM Solutions Ltd., Catapult Group International Ltd., Chetu Inc., Cisco Systems Inc., Epicor Software Corp., Garmin Ltd., International Business Machines Corp., Kinexon GmbH, Orreco, PlaySight Interactive Ltd., Salesforce Inc., Samsung Electronics Co. Ltd., SAP SE, SPay Inc., Sportradar Group AG, Upper Hand Inc., and Stats Perform group of companies. Additionally, Agile Sports Technologies Inc. provides sports technology solutions, including the high school student sports tracker, available through its app called Hudl App.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics 

The market is driven by a surge in demand for innovative solutions enhancing fan experiences and athlete performance. Trends include the integration of high-density Wi-Fi, location-based services, and cutting-edge technologies like AR and VR in stadiums and arenas. Challenges include ensuring seamless data analytics integration, maintaining cybersecurity in IoT devices, and harnessing AI for personalized experiences. As esports gains prominence alongside traditional sports, adapting technologies such as Unreal Engine becomes crucial. Overall, digital transformation reshapes sports engagement, offering immersive experiences across various athletic disciplines and entertainment activities. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Market  Driver

Increasing emphasis on IoT is notably driving market growth. Sports technology is revolutionizing how data is collected, analyzed, and utilized in various athletic disciplines. Equipment such as smartwatches, fitness trackers, and connected sports gear like footballs and basketballs enable the gathering of player performance metrics in real-time. Wilson X Connected Football and smart helmets equipped with impact sensors are examples of such innovations. These devices facilitate injury management by alerting coaches and medical teams to potential head injuries, exemplified by Riddell's InSite system.

Moreover, the integration of IoT technology allows for predictive maintenance of training equipment, enhancing operational efficiency in connected gyms. As the adoption of IoT continues to proliferate, driven by its utility in equipment management and athlete safety, the market is poised for significant growth during the forecast period.

Significant Market Trends

Increasing incorporation of smart stadiums and venue technologies is an emerging trend shaping market growth. This trend is being pushed by the growing demand for immersive and interactive experiences among sports fans at live events. Games arenas are utilizing technologies such as smart lighting, which enables dynamic lighting effects during games and events, resulting in an engaging ambiance for fans. Another innovation that offers fans personalized experiences is connected seating, which allows them to order concessions from their seats and access exclusive content via digital interfaces. Digital signage is critical to improving communication and engagement in sporting stadiums. These screens can offer real-time data, replays, and interactive material, keeping fans engaged and interested throughout the event.

Further, mobile apps are also essential to the modern fan experience, providing services such as tickets, navigation, live streaming, and interactive games or challenges to boost fan engagement and participation. For example, smart stadiums outfitted with IoT sensors can monitor crowd density and flow, ensuring that guests have a safe and comfortable experience. Digital ticketing and contactless payment alternatives enhance convenience and safety. Overall, the use of these advanced technologies in arenas demonstrates a growing emphasis on increasing fan pleasure, engagement, and safety, which is expected to drive the growth of the market during the forecast period.

Major Market Restrain

The increasing number of fatalities in hard adventure sports activities is a significant challenge hindering market growth. All hard adventure sports involve a degree of inherent risks associated with them. The possibility of physical injuries, including death, is high despite using safety precautions. A lot of sports enthusiasts, including those participating in hard adventure games 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. 

Moreover, countries in North America have regulations on commercial cyclists, whereby restaurant delivery persons or bike messengers are required to wear high-visibility clothing while riding. However, the surge in the number of fatalities in hard adventure games activities is expected to be a significant challenge for the growth of the market during the forecast period.

Market Segmentation 

The market is witnessing significant growth driven by the integration of cutting-edge technologies such as high-density Wi-Fi, ultra-high definition (UHD) cameras, and wearable technology in stadiums and arenas. Esports technology, AR (augmented reality), and VR (virtual reality) are revolutionizing the fan experience, offering immersive entertainment activities. Additionally, advancements in artificial intelligence (AI) and data analytics are enhancing athletic performance across various games, from badminton and chess to swimming and golf. The market's evolution towards digital transformation is evident through the adoption of location-based services, the Internet of Things (IoT), and Opta services for comprehensive sports event management and analysis.

Market Segmentation By End-user

The market share growth by the sports association segment will be significant during the forecast period.  Sports associations use sports technology solutions such as Sports Plus to run their operations smoothly. The major uses of sports technology in a games association are publishing program information to member clubs and individuals, selecting event venues, generating registration forms, and overviewing member activities. 

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The sports association segment was the largest and was valued at USD 4.93 billion in 2018. Sports associations also use sports technology for sports analytics and for publishing player rankings based on the analytics data available. They also use sports technology to promote events and update audiences and member clubs with the latest news. Thus, multiple benefits of technology will boost its demand from sports associations, which, in turn, will propel the growth of the segment, which in turn is expected to drive the growth of the market during the forecast period.

Market Segmentation By Technology

Artificial intelligence can perform automated tasks, help do things better and more quickly, assist with better decision-making, and ultimately automate decision-making processes so that they can be done entirely without the involvement of people. Any activity-related data obtained from wearables and games equipment; the data from peripheral devices such as videos and images from games (previous or in real-time) or training, speech, and text analysis from stakeholders (fans, employees, customers, suppliers, etc.) and the data from other internal/external systems will be analyzed and coupled with machine and deep learning algorithms, based on the subject matter expertise to enable the AI application to assist coaches, players, and the management to make better decisions more efficiently and in some areas, automate the entire decision-making process. Major tournaments like Wimbledon have overlayed Augmented Reality (AR) features in their chatbot technology to help fans identify players, key statistics, and hotspots in real-time. Such factors are expected to drive the segment's growth, which in turn will propel the growth of the market during the forecast period.

Regional Overview

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Europe is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The region is expected to grow slower than the overall market during the forecast period. Its position will remain the same as that of the largest market. The 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 such 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 market.  

In addition, IoT-operated games technology is extensively being used by football teams, such as the Norwegian Rosenborg and Italian AC Milan, to monitor the performance, health, and well-being of their team members. The increased demand for connected gyms in Germany is expected to have a positive influence on the regional market. Wearable devices are used with connected technologies to digitize fitness training. Such technological innovations are expected to drive market trends and analysis during the forecast period.

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.

Global Market Customer Landscape

Market Companies

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Athlete Intelligence - The company offers sports technology solutions, such as real time head impact data monitoring tracker, through its app called Vector Mouthguard.

Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• End-user Outlook
  • Sports association
  • Clubs
  • leagues

• Technology Outlook
  • Artificial intelligence/machine learning
  • Internet of Things (IoT)
  • Augmented reality/virtual reality

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is experiencing remarkable growth with the integration of hardware, network elements, and smart stadium solutions in sports arenas and stadiums worldwide. This evolution has enabled in-depth player and team performance analysis through video analysis and health assessment tools, revolutionizing data interpretation in management. Additionally, hospitality and marketing management have been optimized through innovative solutions, including Opta Vision data feeds and digital fan-engagement platforms. Sporting events like soccer and cricket have witnessed significant advancements with the implementation of technologies like Video Assistant Referee (VAR) and Semi-Automated Offside Technology (SAOT). Moreover, ticket management, Wi-Fi networks, and smart lightning have enhanced the audience experience, while analytics and statistics derived from machine learning and wearable performance tracking devices have revolutionized on-field and off-field decision-making. This transformative landscape extends to a wide array of sports, including outdoor sports like rugby and indoor activities like tennis.

Market Scope
Report Coverage	Details
Page number	165
Base year	2023
Historic period	2018 - 2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 23.96%
Market growth 2024-2028	USD 37.85 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	23.56
Regional analysis	Europe, North America, APAC, South America, and Middle East and Africa
Performing market contribution	Europe at 37%
Key countries	US, China, Germany, France, and Italy
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Active Network LLC, Agile Sports Technologies Inc., Athlete Intelligence, CAM Solutions Ltd., Catapult Group International Ltd., Chetu Inc., Cisco Systems Inc., Epicor Software Corp., Garmin Ltd., International Business Machines Corp., Jonas Club Software, Kinexon GmbH, Orreco, PlaySight Interactive Ltd., Salesforce Inc., Samsung Electronics Co. Ltd., SAP SE, SPay Inc., Sportradar Group AG, Upper Hand Inc., and Stats Perform group of companies
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 the forecast period.
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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What are the Key Data Covered in this Market Research Report?

• CAGR of the market report forecast during the forecast period
• Detailed information on factors that will drive the growth of the market  between 2024 and 2028
• Precise estimation of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Industry companies

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