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Sports Technology Market size is estimated to increase by USD 29.95 billion at a CAGR of 23.36% during the forecast period. The market's expansion hinges on several factors, notably the proliferation of sports technology events, a heightened focus on the Internet of Things (IoT), and a surge in demand for wearable devices and fitness trackers. As the number of sports technology events rises, so does the industry's visibility and innovation. The integration of IoT enhances data collection and analysis, revolutionizing performance monitoring and fan engagement. Additionally, the growing popularity of wearable devices and fitness trackers underscores a broader trend toward health-conscious lifestyles, driving market growth in the sports technology sector.
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The sports arena industry is experiencing a significant transformation with the integration of cutting-edge technologies like data analytics and the IoT (Internet of Things). Major sports leagues such as the United Soccer League and prominent organizations like Opta services are leveraging these advancements to enhance the fan experience through virtual entertainment and digital fan-engagement platforms. From soccer to cricket, stadiums are implementing innovations such as seat upgrades and crowd management systems, supported by robust Wi-Fi networks. Furthermore, the incorporation of smart lighting and integrated security systems ensures a safe and enjoyable environment for spectators. With ongoing technological developments and the emergence of esports technology, the industry continues to evolve, despite budget constraints faced by some organizations like the Golden State Warriors.
The integration of IoT in arenas/stadiums is transforming the landscape of sports technology. Toronto-based Sports organizations are embracing digital transformation to enhance audience engagement and operations. Sports technology facilitates data-driven decision-making, optimizing player and team performance. Esports technology, along with AR and VR, is revolutionizing the fan experience. Major players like Manchester City FC are leveraging AI and advanced analytics to overcome budget constraints and stay competitive. Companies like Catapult and NEC Corporation are leading innovators in sports analytics, pushing the boundaries of what's possible in sports technology. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising number of sports technology events is the key factor driving the global sports technology market growth. Events using sports technology are not limited to online audiences. It will also be held at various physical locations such as sports-tech arenas, local sports-tech bars, homesteads, and other locations. The use of sports technology in physical locations expands the target audience, actively promotes the concept of sports technology in the field, and enhances the morale of sports technology players. Hosting sports technology events physically The investment required to do so is relatively high. This restricts 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. Such factors will propel the growth of the market focus during the forecast period.
The advent of visual technologies for sports is the primary trend in the global sports technology market growth. Visual technologies such as VR and AI are gaining traction in general sports viewing and sports illustration. As a result, sports leagues, clubs, and coaches are increasingly using VR to deliver real-time experiences to aspiring players. VR allows athletes to train in real-world conditions using data collected during virtual training sessions.
These data can be used to generate insights on player performance by feeding the data into sports analytics platforms to improve the performance levels of players through the introduction of different training sessions. VR enables athletes to have a better vision of the game, increase endurance, and anticipate the actions of opponents, thus, allowing them to improve their techniques. Such developments are expected to continue, which will propel the growth of the market focus during the forecast period.
System integration and interoperability issues are major challenges to the global sports technology market growth. The adoption of advanced technology has increased significantly in many industries, including the sports industry, creating challenges for system integration and interoperability. Companies must provide IT solutions that integrate seamlessly with the end-of-the-sports industry's user's IT infrastructure.
Technical glitches during operations can incur costs to clubs and leagues and reduce operational efficiencies. The integration of multiple IT systems on traditional IT infrastructure can create a lot of cross-platform system integration issues, which may hinder the growth of the market in focus during the forecast period.
The market forecasting includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
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.
Ffirstbeat - The company offers sports technology solutions such as E-Sports. Also, the company offers advanced technology to balance stress and recovery for better health.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies , including:
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.
This report extensively covers market segmentation by end-user (sports associations, clubs, and leagues), technology (artificial intelligence or machine learning, internet of things, and augmented reality or virtual reality), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021. The market is undergoing a revolution with the integration of digital transformation and cutting-edge innovations. Arenas and stadiums are evolving into smart spaces, leveraging data-driven decision-making and analytics to enhance fan engagement and optimize operations. Technologies like IoT, social media integration, and streaming platforms are reshaping the landscape, providing immersive experiences for fans worldwide. Major sports events such as the FIFA World Cup and T20 World Cup are embracing smart stadium solutions for ticket management, crowd control, and Wi-Fi connectivity. With advancements in AR, VR, and AI technologies, sports clubs like Manchester City FC are enhancing player performance analysis and fan experiences. Additionally, partnerships and mergers with tech giants like IBM's Watson AI and NEC Corporation are driving further innovations in sports analytics and wearable standards.
The market share growth by the sports association segment will be significant during the forecast period. Sports association uses sports technology solutions such as sports plus to run their operations smoothly. The major uses of sports technology in a sports 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 was valued at USD 3.99 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.
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Europe is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. 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.
The sports technology market is witnessing significant advancements driven by digital transformation and technological innovations. With the rise of AR (Augmented Reality) and VR (Virtual Reality) technologies, fans can now experience immersive entertainment activities like never before. Major players in the industry, including IBM's Watson AI and NEC Corporation, are pushing the boundaries of innovation with their contributions to AI (Artificial Intelligence) and ML (Machine Learning). Wearable standards from brands like NormaTec, Rapid Reboot, and Air Relax are revolutionizing player and team performance analysis. Additionally, organizations like the BCCI and events such as Wimbledon and the IPL are embracing sports technology to enhance fan engagement and overall experience.
Sports arenas and stadiums are undergoing significant upgrades with the implementation of modern technologies. From seat upgradation to integrating Wi-Fi networks, venues are enhancing the fan experience. Attendees can now conveniently place food orders and purchase merchandise through digital platforms. Smart lighting systems are optimizing visibility during events, while advanced analytics provide valuable insights both on and off the field. Innovations like semi-automated offside technology are revolutionizing gameplay. Major leagues like the Premier League, English Football League, and LaLiga are at the forefront of adopting these advancements, ensuring an immersive and interactive experience for fans.
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.
Sports Technology Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelarate at a CAGR of 23.36% |
Market growth 2023-2027 |
USD 29.95 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
23.95 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 36% |
Key countries |
US, China, Germany, France, and Italy |
Competitive landscape |
Leading Companies , Market Positioning of Companies , Competitive Strategies, and Industry Risks |
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. |
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. |
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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