The global sports technology market is witnessing increasing demand and revenues. The market rise attributes to the growing uptake of various innovative sports technologies. Evolving IoT and wired & wireless technology drive the market. Besides, the growing popularity of eSports and the advantages that sports technologies offer, escalate the market demand.
With the rising demand to efficiently improve decision-making
power and converging rate potential providing real-time data, the market is
projected to generate more revenues and profit. According to Market Research
Future (MRFR), the global Sports
Tech Market is expected to grow at exponential CAGR during the forecast
period (2020-2027). Growing penetration of cloud, IoT, and smart connected
devices foster the market size.
Major Players:
Players leading the sports technology market
include Apple Inc. (US), Catapult Sports (Australia), ChyronHego Corporation
(US), Cisco Systems, Inc. (US), HCL Technologies Limited (India), IBM
Corporation (US), Infosys Limited (India), Modern Times Group (MTG) (Sweden),
Oracle Corporation (US), Panasonic Corporation (Japan), SAP SE (Germany), Sony
Corporation (Japan), Stats LLC (US), and Telefonaktiebolaget LM Ericsson
(Sweden), among others.
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Increasing population and rapid urbanization,
industrialization, and economic growth contribute to the market growth
exponentially. On the flip side, high costs associated with the development and
deployment of sports technologies is the major factor estimated to obstruct the
market growth. Nevertheless, increasing uses of digital campaign creation and
fan engagement software by sports agencies and brands would support the market
growth.
Global Sports Technology Market – Segments
The report is segmented into sports, technologies, and
regions. The technology type segment is sub-segmented into devices, smart
stadium, statistics & analytics, and e-sports. The sub-segment device is
bifurcated into wearable, digital signage, and cameras.
The sub-segment smart stadium is bifurcated into stadiums
& public security, building automation, and event management. The
sub-segment e-sport is bifurcated into ticketing & merchandising,
sponsorship, and advertising. Among these, the devices segment accounts for the
largest market share, allowing players to wear devices and monitor the health
and performance of players on the field in live events.
The sports segment is sub-segmented into baseball, basketball,
cricket, ice hockey, tennis, soccer, rugby, and others. The region segment is
sub-segmented into North America, Europe, Asia-Pacific, Middle East &
Africa, and rest-of-the-world.
Global Sports Technology Market – Regional
Analysis
North America dominates the global sports technology market.
The largest market share attributes to the vast technological advances and the
rising demand for advanced technologies worldwide. Besides, increasing sales of
cutting-edge sports systems that help collect accurate, real-time, and
actionable data increases the regional market size.
In many places across the US, state governments have made
stricter pandemic mandates for the limited numbers of visitors and occupants in
stadiums. The North American sports technology market is projected to retain
its dominance throughout the forecast period.
Sports Technology Market – Competitive
Landscape
The sports technology market appears competitive due to the
presence of several well-established players. To gain a larger competitive
share, these players initiate strategic moves such as mergers &
acquisitions, collaboration, innovation, and brand reinforcement. The market
would witness intensified competition with innovations and an increase in
R&D investments and M&A.
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Industry/Innovation/Related News:
Sep. 10, 2021 --- Vista
Outdoor (VSTO) announced that its stocks have risen significantly following the
acquisition of a leading sports technology company Foresight Sports. The
acquisition would expand VSTO’s presence in the higher growth outdoor products
markets, increasing its trajectory towards higher operating margins.
The addition of Foresight Sports would position Vista Outdoor
as one of the top technology players in the golf industry. Foresight Sports
designs and manufacturers golf performance analysis, entertainment, and game
enhancement technologies, such as monitors, simulators, performance/
entertainment software, and smart mobility solutions for on- and off-course
golf activities and other games.
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