Newark, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 22.51 Billion in 2022 sports technology market will reach USD 83.88 Billion by 2032. The growth in demand for technology-based services in the sports sector, fueled by a strong focus on audience engagement and entertainment activities and the digital transformation of arenas and stadiums, can be attributed to the expansion. The number of athletic events and the demand for data-driven decision-making and operations are expected to increase throughout the forecast period, leading to significant growth in the market.
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Key Insight of the Sports Technology Market
Middle East is anticipated to expand at the highest CAGR of 17.47% over the projection period.
Middle East is expected to grow at the highest CAGR of 17.47% over the forecast period. It is because the area is becoming a well-known sports tourism destination. The GCC nations, including the UAE, Qatar, and Saudi Arabia, are seeing a sharp increase in sports tourism as a result of their ability to host important sporting events and family-friendly activities, the abundance of hotels, social and personal security, adventure sports and leisure, improved retail experiences, and seamless connectivity.
Over the projected period, the cricket segment is expected to register the highest CAGR of 18.26% in the sports technology market.
In the sports technology market, the cricket segment is anticipated to experience the highest CAGR of 18.26% during the forecasted period. South Asian nations, including Bangladesh, Pakistan, and India, are huge cricket fans. Around the world, significant cricket competitions are organised every year, including the Indian Premier League, the ICC Men's T20 World Cup, the England and Wales Cricket Board, etc. These occasions attract sizable crowds and bring in large sums of money, assisting in the segment's expansion.
Over the projected period, the analytics & statistics segment is expected to register the highest CAGR of 18.75% in the sports technology market.
Over the forecasted period, the analytics & statistics segment is anticipated to grow at the highest CAGR of 18.75% in the sports technology market. The benefits of using analytics and statistics in sports are responsible for the growth. It offers teams, coaches, players, and viewers priceless insights into how to make decisions, increase performance, and enjoy the game as a whole. Numerous startups and well-known analytics firms are looking for ways to enter the sports industry and take significant steps.
Over the projected period, the sports clubs segment is expected to register the highest CAGR of 17.02% in the sports technology market.
Over the forecasted period, the sports clubs segment is anticipated to grow at the highest CAGR of 17.02% in the sports technology market. It is a result of the growing individual application of sports technology. A growing market trend involves teams and clubs working with analytics companies.
Advancement in Market
• For instance, in 2023, ReSpo.Vision is teamed with SIS, a well-known sports data and analytics business. Under the agreement, this company will give SIS advanced soccer analytics data using broadcast tracking technology. The companies will release new solutions to automate and enhance data gathering, tracking, and the creation of cutting-edge analytics for soccer.
• Opta, one of the top providers of football sports data, has cooperated with several football clubs and leagues. Regardless of whether a player has the ball in their possession, the analytics offered by Opta can track every move they make in a particular field area. This enables the clubs to concentrate on a specific area for progress and consistently work on their strong point, which is anticipated to increase demand.
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Market Dynamics
Driver: Effort towards entertaining and involving the stadium audience
Sports event organisers invest in digital technologies to create an incredible game-viewing experience in stadiums and digital devices. To enhance the viewing experience inside stadiums, stadium owners are installing various technology, including high-density Wi-Fi, location-based services, digital kiosks, 360-degree ultra-high definition (UHD) cameras, and digital signs.
Restraint: Budgetary restrictions and substantial initial costs
Sports technology is expensive. Stadium owners must make significant investments to make a stadium smart. Millions of dollars are required to renovate and adopt cutting-edge technology in a conventional stadium. Due to irregular and unexpected participation, stadium managers are reluctant to make substantial investments. The rare occurrence of events may be related to the stadium's location, such as in industrial districts, enterprise zones, or economically deprived areas, as well as event hosting compatibilities. Other elements that stadium operators need to consider before making such investments include the teams that would participate in the event, projected attendance, and returns.
Opportunity: AR and VR are becoming increasingly popular in sports
The fan and player experience, sports broadcasts, interactive advertising, etc., are all being improved using AR and VR in various venues.
Challenge: Difficulties in replacing and upgrading old systems
Many hardware, software, and network components—some of which can be tricky to set up—are included in sports technology. Over conventional infrastructure, combining automation software with a range of hardware might be challenging, such as proximity sensors, smart metres, smart thermostats, relays, network switches, gateways, and actuators. Additionally, due to protocol issues, older systems cannot be integrated with the most recent models of smart devices. As a result, outdated and inaccurate systems cannot efficiently interface with modern systems. Market growth is predicted to be restricted in the following years by integration issues.
Some of the major players operating in the sports technology market are:
• Catapult Group
• Cisco Systems, Inc.
• IBM Corporation
• Modern Times Group MTG
• Panasonic Corporation
• Sony Corporation
• Telefonaktiebolaget LM Ericsson
• DELTATRE
• Genius Sports Group
• SAS Institute Inc.
• Synergy Sports
• Draft Kings, Inc
• Dream Sports Group
• Apple Inc.
• HCL Technologies Limited
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Key Segments cover in the market:
By Sports:
• Baseball
• Cricket
• Ice Hockey
• Soccer
• American Football/Rugby
• Golf
• Basketball
• Tennis
• Others
By Type:
• Smart Stadium
• E-sports
• Devices
• Analytics & Statistics
By End-user:
• Sports Associations
• Sports Clubs
• Sports Leagues
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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