13+% CAGR for Sports Technology Market Share Worth Nearly $65 Bn by 2027 | Premium Research Study by The Insight Partners

The global sports technology market growth is fuelled by increasing investments in sports industry, rising acceptance of wearable equipment by athletes and onset of virtual reality (VR) and augmented reality (AR) in sports.

New York, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Sports Technology Market Size, Share, Trends and Growth Forecasts to 2027 - COVID-19 Impact and Global Analysis by Component (Hardware, Software, and Services) and Technology (Tracking System/Hawk-Eye Technology, Broadcast Technology, Virtual Reality, Wearable Technology, and Other Technologies)", The global sports technology market  was valued at USD 24.13 billion in 2019 and is projected to reach USD 65.41 billion by 2027; it is expected to grow at a CAGR of 13.5% during 2020–2027.

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Global Sports Technology Market - Report Scope:

Market Size Value in USD 24.13 Billion in 2019
Market Size Value by USD 65.41 Billion by 2027
Growth rate CAGR of 13.5% from 2020-2027
Forecast Period 2020-2027
Base Year 2020
No. of Pages 147
No. of Tables 56
No. of Charts & Figures 74
Historical data available Yes
Segments covered Component and Technology
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Global Sports Technology Market: Competitive Landscape and Key Developments

Zebra Technologies Corp., Catapult, Strivr Labs, Inc., EON Reality, and Hawk-Eye Innovations Ltd., are among the top leading players profiled in the sports technology market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments under sports technology market are mentioned below:

In 2019: Chinese Football Association (CFA) partnered with VAR technology provider Hawk-Eye Innovations by introducing a new revolutionary 3D Offside System to Chinese Super League (CSL). 

In 2017: Zebra Technologies Collaborated with NFL and Wilson Sporting Goods in which Zebra engineered and deployed RFID tagged footballs for every game during the 2017 NFL season.

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Global Sports Technology Market Growth Drivers:

Emergence of Artificial Intelligence (AI) and Internet of Things (IoT) To Provide Lucrative Opportunities for Sports Technology Market Growth During 2020–2027

AI revolutionizes sports industry by affecting the way games are strategized and played. This pattern is prevalent in baseball, tennis, soccer, basketball, and many other sports. The use of AI in sports has resulted in automated ticket sales, increased athlete performance in sports events, improved athlete training, and assessed athlete performance. For instance, AI can provide real-time feedback in weight training to maximize the results of a workout and create personalized training regimes that coaches may not be able to provide. Moreover, market players are also taking initiatives to popularize the use of AI in sports technology. Furthermore, with the help of AI, the cameras that now capture sporting events can also select the highlights of a game for distribution to TV outlets or mobile devices. A natural language component has been developed that transforms raw data from minor league baseball games into readable stories. Thus, use of AI and IoT is anticipated to provide lucrative opportunities for sports technology market growth during forecast period.

Increasing Investments in Sports Industry

In emerging economies, the importance of sports has been steadily increasing, leading to increased government spending on the development of the sports industry, specifically on setting up sports infrastructure, building sports teams, and attracting large-scale investments. For instance, the Chinese government's plan to increase the country's sports industry's value to US$ 813 billion by 2025 is leading to large-scale investments in sports activities, including facilities, teams, leagues, events, and other programs. National Football League, Major League Baseball, UEFA Champions League, Nippon Professional Baseball, National Basketball Association, English Premier League, National Hockey League, Kontinental Hockey League, Russian Premier League, and Indian Premier League are some of the major leagues across the world. Similarly, India's federal government has set aside budget of US$ 262 million for the 'Khelo Program' for 2018—2020, to promote sports industry. Since 2012, investment in sports-related start-ups has grown by almost 30% each year. Investors spent nearly US$ 1 billion on sports-tech start-ups in 2015 alone. Investors are actively looking for innovative and disruptive technologies to boost companies in the sports industry. Thus, increasing investments in emerging markets is one of the major factors driving the sports technology market's growth during the forecast period.

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Global Sports Technology Market: Industry Overview

The sports technology market has been segmented based on component, technology and geography. Based on component, the sports technology market is bifurcated into hardware, software, and services. In terms of technology, the sports technology market is bifurcated into tracking system/hawk-eye technology, broadcast technology, virtual reality, wearable technology, and other technologies. Based on geography, the sports technology market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

Factors such as growing digitalization, growing investment in sports infrastructure, rising interest in soccer among individuals in Europe are some of the factors surging the growth of the sports industry in the region. In Europe, people are highly involved in physical activities to keep their body fit and mind fresh. As per the 2018 Best Countries rankings, Sweden is the most health-conscious country globally, followed by Switzerland. Additionally, Denmark, Norway, and Finland are among the top 5 health-conscious countries respectively around the globe. Rising emphasis on physical activities is attracting people toward various sports wearables, such as swim trackers, smart socks, smart sweat bands, boxing wearable, and smartwatch. The new-gen sports technology is integrated with several training apps. Various sports platform providers in the region collaborate with health and fitness providers. Thus, increase in demand for sports wearables is one of the crucial factors that generate significant revenue for sports technology market in the European region.

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In North America, the US, Canada, and Mexico are the major economies that highly invest in advanced sports technologies, making the region a thoroughly competitive market for various companies. The sports industry is one of the top industries in the region, especially in the US, owing to huge investment in sports infrastructure; rise in interest of individuals; fitness-oriented people; increase in emphasis on e-Sports; and significance of sports field in schools, colleges, and universities. The companies operating in this region are continuously enhancing their overall business processes to meet the customer demand for high-quality products and provide services in the best possible way. The growing smartphones and social media platforms are empowering consumers to watch sports on-the-go, also various streaming channels and sponsorship in the region are dealing with big brands. Social media platforms in North America have transformed the fan relationship with athletes and brands as well as leagues. These factors are directly impacting the sports technology market and generating sports interest among individuals. In North America, the sports industry plays an important role in the socio-economic growth and benefits society with job creations, brand recognition, advertising of volunteerism, and development of sports facilities All these mentioned factors were contributing to the sports technology market growth in North America region.

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