According to the new market research report "Sports Technology Market by Technology (Devices, Smart Stadiums, Sports Analytics, Esports), by Sport (Soccer, Baseball, Basketball, Ice Hockey, Rugby, Tennis, Cricket), End User (Sports Associations, Clubs, Leagues) and Region - Global Forecast to 2027" The sports technology market is estimated to grow from USD 21.9 billion in 2022 to reach USD 41.8 billion by 2027; it is expected to grow at a CAGR of 13.8% from 2022 to 2027. The growth of the sports technology market can be attributed to increasing focus on delighting and engaging fans at stadiums, growing pressure to improve player and team performance, and surging adoption of esports technology.
The sports technology market for devices is expected
to hold largest share in 2023.
The high market share is expected to be driven by
the increasing adoption of smartwatches and smart wristbands for tracking the
performance of athletes. The sale of smartwatches continued at a higher rate
through online retail channels, as many consumers have been using smartwatches
to monitor their health and fitness during the lockdown, leading to higher
adoption in sports as well. For instance, in July 2022, Garmin launched the
world’s first dedicated GPS-running smartwatch with solar charging, the
Forerunner 955 Solar, with up to 49 hours of battery life in GPS mode.
The sports technology market for sports athletes is
expected to grow at the highest CAGR during the forecast period.
Advancement in sports technology is booming as teams
are becoming more concerned about athlete performance and health. Athlete
performance technologies, such as wearable devices and sensors, are being used
to optimize training, game-day decision-making, and recovery. Companies such as
NormaTec, Rapid Reboot, and Air Relax are offering pneumatic recovery units to
help athletes enhance blood flow and circulation, improving recovery after a
hard workout or big game.
The sports technology market in North America is
expected to hold the largest size during the forecast period.
The sports technology market in North America is
expected to hold the largest share during the forecast period. The US is the
home of many leagues and teams, leading to increased demand for technologically
advanced stadiums. For instance, Sofi stadium in the US has over 2,500 Wi-Fi 6
access points which offer faster speeds for immersive-experience applications.
Numerous smart stadium vendors have their presence in the US and are leveraging
advanced technology to provide a better and more connected stadium for their
spectators. For instance, Cisco and Hollywood Park entered a partnership that
forms the technology leader as the IT network services partner of SoFi Stadium
and Hollywood Park.
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Key players in the sports technology market include
IBM (US), Ericsson (Sweden), Cisco (US), Fujitsu (Japan), Huawei (China), Intel
(US), SAS Institute (US), SAP (Germany), Oracle (US), NEC Corp.(Japan), Sharp
Corp. (Japan), Samsung Electronics (South Korea), Fitbit (US), Apple Inc. (US),
Garmin Ltd. (US), Xiaomi Corp. (China) Sony Group Corp. (Japan), Panasonic
Corp. (Japan), Modern Times Group (Sweden), Activision Blizzard (US), Tencent
Holdings Ltd. (China), Catapult (Australia), and Zebra Technologies (US). Most
of the leading companies have adopted partnerships and acquisitions as key
strategies to boost their revenues in the sports technology market.
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