Global Sports Technology Market
Global Sports Technology Market Size More Than Triples at Impressive CAGR of 19.7% to Touch USD 47.2 Billion by 2029
Published | 17 April 2023
Global sports technology market is flourishing because of an increasing number of sports events and a growing focus on delighting and engaging fans at stadiums.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global sports technology market size at USD 12.25 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global sports technology market size to grow at a robust CAGR of 19.73% reaching a value of USD 47.25 billion by 2029. Major growth drivers for global sports technology market include increasing use of data analytics, the integration of social media and IoT, and a growing interest in fitness and sports among consumers. The industry is expected to experience substantial growth due to the rising demand for data-driven decision-making, as well as the increase in the number of sporting events. There is also a growing demand for technology-based services in the sports industry, with a focus on entertainment activities and engaging audiences. This is due to a shift towards digital transformation in arenas and stadiums. Recent developments in sports technology have been driven by investments from organizations in adopting the latest technologies. These advancements have led to improved player performance tracking and more engaging fan experiences, which are expected to further drive the expansion of the global sports technology market in the forecast period. However, high initial investments and budget constraints are anticipated to hinder the overall market growth.
Global Sports Technology Market – Overview
Sports technology amalgamates engineering science, measurement and analysis, and sports science to establish a connection between the playing characteristics of sports equipment and product design principles. This is achieved by incorporating up-to-date knowledge of manufacturing processes and materials, which results in better performance and ease of use in sports products. However, the incorporation of new technology in sports has faced criticism for slowing down the pace of the game. Despite this, for many people, the use of technology to make correct decisions has made watching sports more enjoyable.
Using proven accurate technologies to make the best decisions is only fair to the players and teams. High-tech aids such as instant replay have long been used in professional sports to assist referees in making the correct call. For instance, video replay systems have been employed in gridiron and basketball to review referee decisions and ensure that players are shooting within the shot clock’s time limit, respectively. In international cricket, a third umpire has access to TV replays of certain situations such as disputed catches and boundaries, to advise the central umpires who sit off the ground. The use of wireless technology also allows the umpires on the field to communicate with each other. In soccer/football, replay technology has been resisted until recently. However, replays are now being used to determine whether a ball has crossed the goal line, as well as to clarify penalty decisions. A computer and camera system known as Hawk-eye, which tracks the trajectory of a ball, is currently used in international cricket and tennis, with many other sports considering adopting it. In soccer, it is being tested as part of the goal line evaluation.
Impact of COVID-19 on Global Sports Technology Market
COVID-19 pandemic adversely affected the global sports technology market. The pandemic caused the postponement or cancellation of numerous sporting events, leading to a decline in the demand for sports technology. Many sports technology companies have experienced a significant reduction in revenue due to the absence of live sports events and reduced sponsorship and advertising deals. However, the pandemic has also resulted in an increased focus on digital platforms and virtual experiences, as live events were not feasible during the height of the pandemic. This has led to the development of new technologies and innovations in areas such as live streaming, virtual reality, and esports. In addition, the pandemic has highlighted the importance of sports technology in providing remote training and performance analysis for athletes. As social distancing measures and restrictions on travel continue, sports technology companies are likely to continue to invest in developing and enhancing remote training and analysis tools.
Global Sports Technology Market – By Technology
By technology, the global sports technology market is divided into Devices, Smart Stadium, Analytics & Statistics, and Esports segments. The esports segment held the highest market share in 2022. Popular esports games, such as PUBG: Battlegrounds, Fortnite, and League of Legends, have witnessed an increasing demand in recent years. Additionally, Twitch, a streaming platform dedicated to esports and video game live streaming, experienced a 45% increase in viewership compared to 2020, with fans spending 24 million hours watching streamers in 2021. Meanwhile, the analytics and statistics segment are predicted to have the second-highest CAGR in the forecast period. In the sports industry, digital analytics has various on-field applications, including managing individual and team performance, which is expected to increase as there is a growing need to analyze game patterns and athlete performance.
Major players operating in the global sports technology market include Apple Inc., ChyronHego Corporation, Cisco Systems, Inc., HCL Technologies Limited, IBM Corporation, Infosys Limited, Modern Times Group MTG, Oracle, Panasonic Corporation, SAP SE, Sony Corporation, Stats LLC, Telefonaktiebolaget LM Ericsson, LG Electronics, Fitbit LLC, and SAMSUNG. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Sports Technology Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Sports Technology Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Sports Technology Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Technology (Devices, Smart Stadium, Analytics & Statistics, Esports); By Sports (American Football/Rugby, Baseball, Basketball, Cricket, Golf, Ice Hockey, Tennis, Soccer); By End User (Sport Associations, Clubs, Leagues, Athletes, Coaches); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: April 2023
An increasing focus on delighting and engaging fans at stadiums and growing number of sports events across countries are projected to propel the expansion of global sports technology market during the forecast period between 2023 and 2029.
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