New York, April 13, 2023 (GLOBE NEWSWIRE) -- The Global Sports Technology Market size is expected to be worth around USD 79.2 Billion by 2032 from USD 15.9 Billion in 2022, growing at a CAGR of 17.9% during the forecast period from 2023 to 2032.
Sports technology refers to man-made tools that are used to aid people in achieving their goals or interests. Globally, the key trends in sports technology are the significant improvement in audience engagement, the increasing number of sports events online and offline, as well as the rising demand for data-driven operations and decisions.
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Key Takeaway:
- By Technology, in 2022, the smart stadium segment has generated a revenue share of 39.4% 2022.
- Sports, the soccer segment has dominated the market.
- In 2022, Europe dominated the market with the highest revenue share of 36%. It held a revenue share of USD 5.7 billion.
- Asia-Pacific is expected to grow at the highest CAGR during the forecast period from 2023-2032.
The main focus of the sports technology market is the creation of new applications and technologies that can be used to support research and the development and implementation of interventions to improve athletic performance. In recent years, data and sports technology have been a key part of athletic performance and growth. The income side of sports is growing because technology and data are so important in player development and sports performances.
The increased use of data analytics, the Internet of Things (IoT), and social media integration across a variety of sports are likely to be the driving force behind the expansion. The demand for data-driven decision-making and operations, as well as the number of sports events, is expected to drive significant growth in the sports technology sector over the forecast period.
Factors affecting the growth of the Sports Technology Market
There are several factors that can affect the growth of the sports technology market. Some of these factors include:
- Rise in the adoption of emerging technologies: The market will be driven by the growing adoption of emerging technologies like the Internet of Things (IoT), data analytics, and social media integration across many sports. This will further accelerate the growth of the market for sports technology.
- Growing investments by various organizations: The market is experiencing a paradigm shift due to the increased investment by many organizations in the latest technologies to track players' performances and engage fans, among other activities.
- Growing adoption of esports technology: The adoption rate of sports technology in soccer is higher than that of tennis and golf. This will further propel the market for sports technology.
- Increase in worldwide viewers: Technology in the sports industry will be fueled by a focus on entertainment and audience participation.
- COVID-19 Impact: A limited number of spectators were allowed to attend sporting events during the COVID-19 pandemic. Ticket sellers, clubs, and sports facilities suffered significant losses.
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Top Trends in Global Sports Technology Market
Sponsors are seeking granular data on fans to improve products and services based on audience demand. It is anticipated that the arrival of 5G will further fuel growth, replacing satellite distribution as well as transforming streaming, augmented reality, and fan experiences associated with stadiums. Recent trade in the market has been attributed to increased investments by numerous organizations in adopting the latest technologies. Technology-based services in sports arenas will be driven by the involvement of audiences and entertainment activities and the digital transformation of stadiums. Wearable gadgets like watches and heart rate monitors are equipped with artificial intelligence to keep track of players' whereabouts off the field and ensure their safety while exercising. The sports tech market is growing as a result of such developments.
Market Growth
Online viewers are not the only ones who can attend sports technology events as they will also be held in various physical locations, including homes, local sports-tech bars, and sports-tech arenas. Hosting sports technology events in actual settings can boost the morale of sports technology players, promote the idea of sports technology in the field, and expand the target audience. However, physically hosting such events requires significant investment, making it difficult for teams or players from different parts of the world to participate.
Regional Analysis
Europe dominated the sports technology market with the highest revenue share of 36%, in 2022. The regional trends and drivers are likely to shape the market over the forecast period. Europe's market for sports technology is expected to expand at a steady rate over the forecast period. The regional sports technology market is driven by factors such as the rising demand for IoT-operated connected fitness devices and the rising adoption of smart wearables. Some of the major contributors include in the region are the United Kingdom, Germany, Spain, Italy, and Finland.
Asia-Pacific is anticipated to be the fastest-growing region for the sports technology market. Due to a large number of market participants, China is expected to dominate the APAC regional market in 2022. As the host of the Olympic Games in Tokyo, Japan is anticipated to significantly contribute to the prosperity of the region. India has made significant progress in sports technology in recent years as a result of the growing popularity of sports and the resulting increase in the number of sports leagues.
Competitive Landscape
Emerging key players are focused on a variety of strategic policies to develop their respective businesses in foreign markets. Sports technology is scattered across the globe. Vendors are looking for ways to increase their market share and capitalize on growth opportunities. Top sport technology companies frequently use mergers and acquisitions as a major strategy to broaden their product range. The sports technology market will have huge opportunities in untapped markets in the coming years.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 15.9 Billion |
| Market Size (2032) | USD 79.2 Billion |
| CAGR (from 2023 to 2032) | 17.9% |
| Europe Revenue Share | 36% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The adoption of technological gadgets like smart stadium aids, wearables, digital signage, and wearables is increasing. this allows for better performance evaluation and greater market demand for technology in sports. there is a growing number of international sports associations, which means that new technology and infrastructure development are essential to ensure new market opportunities.
Market Restraints
High Initial Investments are required for transforming a traditional stadium into a smart one, stadium operators must make significant investments. A traditional stadium's renovation and incorporation of cutting-edge technologies necessitate millions of dollars. Stadium operators must also take into account the teams participating in the hosted event, the anticipated attendance, and their returns before making such investments.
Market Opportunities
AR and VR are utilized in stadiums to enhance player and spectator experiences, enhance sports broadcasting, enrich interactive advertisements, and enrich interactive advertisements. In May 2022, Star Sports and Quidich Innovation Labs worked together to create this amazing augmented reality exhibit. Spatio, Quidich's real-time drone tracking system, can be used with the powerful 3D game engine The Unreal Engine. VR live streaming was utilized to provide viewers who were unable to attend the Tokyo Olympics with 360-degree experiences. The first stadium in the metaverse will be built by Sony and Manchester City FC.
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Report Segmentation of the Sports Technology Market
Product Type Insight
The sports technology market, based on technology is segmented into Smart Stadiums, Devices, Esports, and Sports Analytics. The smart stadium segment dominated the market with the highest revenue share. Smart stadium improves the experience of the audience, boosts profitability, and strengthens stadium security. The rising demand for automation software for a secure and energy-efficient stadium accounted for the software industry's highest market growth in 2022. The stadium's significant requirements for asset management, ecological monitoring, and sanitation are driving the software technology market's expansion.
Application Insight
Based on sports, the market is segmented into American Football/Rugby, Baseball, Basketball, Cricket, Golf, Ice Hockey, Tennis, Soccer, and Other Sports. The soccer sports segment dominated the market with help of increasingly incorporating smart technology for improved performance monitoring and accurate results. The rapid adoption of technology like mobile apps, data analytics, and heart rate sensors as well as wearable devices, is expected to drive significant growth in basketball between 2023-2032. With the growing use of IoT sensors, Rugby has the potential to attract a market that has grown in recent years. During the game, it enables the players to measure the opponent's collision impact and supports smart decision-making for improving strategy.
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Market Segmentation
By Product Type
- Devices
- Wearables
- Digital Signage
- Sports Cameras
- Smart Stadiums
- Digital Content Management
- Stadium and Public Security
- Building Automation
- Others
- Esports
- Media Rights
- Ticket Sales and Merchandise
- Sponsorships and Advertisements
- Publisher Fees (Downloadable Content, In-game Purchases)
- Sports Analytics
- Player Analysis
- Team Performance Analysis
- Video Analysis
- Others
Based on Sports
- American Football/Rugby
- Baseball
- Basketball
- Cricket
- Other Sports
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Apple Inc.
- ChyronHego Corporation
- Cisco Systems, Inc.
- HCL Technologies Limited
- IBM Corporation
- Infosys Limited
- Modern Times Group MTG
- Oracle Corporation
- Panasonic Corporation
- SAP SE
- Sony Corporation
- Stats LLC
- Telefonaktiebolaget LM Ericsson
- Other Key Players
Recent Development of the Sports Technology Market
- SAP merges with Jan Frodeno (an Olympic gold medalist in triathlon, and Ironman World Champion) in March 2021. SAP became Frodeno’s official data and analysis provider.
- In May 2022, The most recent developments that would usher in a new era of technology-driven sports viewing and fan engagement were revealed by Infosys Limited, a global provider of next-generation digital services and consulting, and the French Tennis Federation (FFT).
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