The global sports technology market
was valued at USD 17.9 billion in 2021 and is expected to reach USD 40.2
billion by 2026, at a CAGR of 17.5% between 2021 and 2026. In the recent years,
professional sports bodies have adopted new technologies such as sports data
analytics, smart stadiums, wearable devices, and digital signage to enhance
their team performance, engage fans, and provide smart infrastructures. Smart
stadiums are among the key global trends owing to the increase in the number of
sports events being held worldwide.
Impact of COVID-19 on sports technology market
As the
effects of the COVID-19 continue to ripple through the health, educational,
financial, and commercial sectors of the world, the sports ecosystem is no
different. The nonstop sports activities worldwide came to a halt owing to the
outbreak and the spread of the virus. Euro2020 postponed the completion of
domestic leagues. Most national/international sports leagues and competitions
were postponed, with the French and Dutch leagues canceled. Every stage of the
sports value chain has been affected, right from athletes, teams, and leagues
to the media that broadcast and cover games and brands and sponsors that use
these events for advertising. Eventually, the sports industry resumed its
activities in late 2020 with some alterations, including the non-participation
of fans in sports arenas. With the COVID-19 still prevailing across the world,
athletes played in empty arenas, and technologies were used for offering an
enhanced viewing experience to fans. Different leagues and sports used
different methods to enhance the engagement of fans. An increase in live
updates, social media updates, additional camera angles, and use of VR headsets
led to enhanced viewing experience and engagement for fans.
“The market for sports analytics is expected
to grow at the highest CAGR from 2021 to 2026.”
Sports
analytics play an important role in the functioning of sports organizations. In
the recent past, sports analysis was carried out by coaches and experts during
practice/training sessions and live matches and tournaments. Advancements in
sports technologies have enabled sports organizations to take improved
decisions related to their teams and business operations. It is one of the
primary drivers for the evaluation of the sports sector. The increasing
adoption of social media platforms by fans for blogging and posting reviews is
also expected to drive the demand for sports analytics across the world.
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“American Football/ Rugby market expected to
grow at the highest CAGR during the forecast period.”
The use of
IoT-enabled devices in rugby games allows coaches and players to make decisions
based on real-time game insights, design training sessions tailored to cater to
the individual requirements of players, and enable them to implement
intelligent strategies against each opponent. Moreover, Sansible Wearables
offers LiveSkin for rugby players. These are intelligent sensors, which are
fitted to the shoulder pads of players to collect collision metrics during both
training sessions and games. They offer an improved understanding of the way
players tackle their opponents and their effect on the performance and health
of players
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