Sports Technology Market Outlook
According to the report by Expert Market Research (EMR), the Global Sports Technology Market Size reached a value of USD 18,225.4 million in 2022. Aided by the increasing adoption of technology in sports and the growing applications of data analytics and wearable devices in the industry, the market is projected to further grow at a CAGR of 11.21% between 2023 and 2028 to reach a value of USD 33,214.3 million by 2028.
Sports technology refers to the use of technology to improve athletic performance, training methods, and fan engagement. This may include wearable devices, data analytics, e-sports, and virtual reality (VR). Sports technology plays a vital role in injury prevention, performance improvement, and engaging spectators. Apart from its direct application in sports, it is also utilised in various sectors, such as sports marketing, broadcasting, and sports medicine.
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The increasing demand for data-driven decision-making in sports is propelling the global sports technology market growth. With a growing understanding of the benefits associated with data analytics, there has been a significant shift towards leveraging technology in sports. Data analytics can provide detailed player and game analysis, leading to a surge in demand for sports technology products. Additionally, the rising popularity of e-sports has further boosted the demand for sports technology, as it relies heavily on high-end gaming technology.
The expanding application of sports technology in various industries also plays a significant role in driving the sports technology market. In the sports medicine industry, wearable technology is used to track player health and fitness levels, enabling proactive healthcare decisions. The broadcasting industry utilises VR and augmented reality (AR) technologies to enhance viewer experience. Moreover, sports technology’s role in enhancing fan engagement, through apps and online platforms, makes it a key component in sports marketing and advertising.
Furthermore, the increasing demand for sports performance analysis has led to an increased focus on sports technology. With the rise of competitive sports and the growing importance of marginal gains, sports technology has become an integral component in evaluating and improving performance, thereby stimulating the sports technology market expansion. The media and entertainment industry extensively utilise sports technology for match broadcasting, enhancing the viewing experience with multi-angle replays, virtual reality, and real-time analytics. Moreover, technology’s role in sports gear and equipment, like smart shoes and equipment tracking systems, underscores its ubiquitous significance in the sports industry.
Sports Technology Market Segmentation
The market can be divided based on sport type, technology, sports, component, application, end use, and region.
Market Breakup by Sport Type
- Indoor Sports
- Outdoor Sports
Market Breakup by Technology
- Artificial Intelligence/Machine Learning (AI/ML)
- Internet of Things (IoT)
- Augmented Reality/Virtual Reality (AR/VR)
Market Breakup by Sports
- Soccer
- Baseball
- Basketball
- Hockey
- American Football/Rugby
- Tennis
- Cricket
- Golf
- E-Sports
- Others
Market Breakup by Component
- Software
- On-Premise
- Cloud
- Wearable Devices and Sports Equipment
- Services
Market Breakup by Application
- Tracking
- Decision Making and Team Analysis and Management
- Analytics and Statistics
- Tactics and Simulation
- Training
- Game Performance Analysis and Injury and Health Analysis
Market Breakup by End Use
- Coaches
- Clubs
- Leagues
- Sports Associations
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global sports technology companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- IBM Corporation
- Fujitsu Limited
- SAP SE
- Oracle Corporation
- NEC Corporation
- Fitbit LLC
- Apple Inc.
- Garmin Ltd.
- Sony Corporation
- Cisco Systems, Inc.
- Samsung Electronics Co., Ltd.
- Huawei Technologies Co., Ltd.
- Panasonic Corporation
- Catapult Group International Ltd
- Zebra Technologies Corporation
- Stats Perform
- Infosys Limited
- MicroTeam
- Pixellot Ltd.
- Miro AI
- Others
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