New York, US, Sept. 23, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Sports Technology Market information by Sports Type, Technology and Region – forecast to 2027” the market size estimated to reach USD 43.6 billion by 2027, registering a CAGR of 10.7%.
Sports Technology Market Scope:
Sports technologies contain an array of new digital technologies aimed at improving performance of athletes and results of games through accurate umpiring. Market Research Future’s (MRFR) report on the sports technology market contains predictions on the industry for the forecast period (2021-2027) while taking into consideration the effects of the COVID-19 pandemic. Adoption of technologies such as artificial intelligence, big data, cloud, drones, and wearables are likely to create new opportunities for the market.
Dominant Key Players on Sports Technology Market Covered Are:
- IBM Corporation (US)
- Panasonic Corporation (Japan)
- Apple Inc. (US)
- ChyronHego Corporation (US)
- SAP SE (Germany)
- Telefonaktiebolaget LM Ericsson (Sweden)
- Oracle Corporation (US)
- Sony Corporation (Japan)
- Modern Times Group (MTG) (Sweden)
- Cisco Systems, Inc. (US)
- HCL Technologies Limited (India)
- Infosys Limited (India)
- Stats LLC (US)
- Catapult Sports (Australia)
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Sports Technology Market Drivers
Rise in Data-driven Decision Making to Drive Market Demand
Advent of machine learning and artificial intelligence has led to sports teams investing in accumulation of sports footage to take sound decisions. Endorsement deals and sponsorships by brands are bets undertaken by sports teams to gain additional revenue and procure valuable players. Adoption of wearables for engaging fans and monitoring of players performances can net the market huge opportunities.
Popularity of Sports Events to Spur Market Demand
Popularity of sports events and establishment of separate divisions dedicated to technology can drive the market demand. Recently, NBC Sports’ Digital & Consumer Businesses division has spun off a new division, namely NBC Sports Next. It aims to create immersive experiences for recreational sports, golf, and gaming. Modern athletes are turning to computer simulations for breaking down human motions into components. This can assist coaches to identify flaws in plays and devise new strategies for training and live plays.
High Initial Investment Costs to Hamper Market Growth
High investments costs of sports technology can hamper market growth. This is due to its affordability by prominent sports teams with a large spending expenditure. Lack of a sizeable talent pool of technicians and analysts for teams in Asia-Pacific and other developing countries can hit the profit margins of the market.
Browse In-depth Market Research Report (99 Pages) on Sports Technology Market:
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Segmentation of Market Covered in the Research:
Devices to Gain Major Market Share by Technology
By technology type, the global market has been segmented into smart stadium, statistics & analytics, devices, and e-sports. Among these, the devices segment dominated the market in 2020 and predicted to dominate over the review period. International sport leagues and associations are increasingly allowing players to wear devices for monitoring health and performance of athletes in live events. Use of wearables such as sensor embedded equipment, smart clothing, and wristband devices can contribute to revenue of the market. The devices are able to prevent injuries from exacerbation and analyze metrics of performance and physical conditioning.
Basketball to be Leading Application of Sports Technology
By sports, the sports technology market has been segmented into soccer, basketball, rugby, cricket, ice hockey, baseball, and tennis. Basketball is expected to account for a large market share owing to adoption of the technology by National Basketball Association (NBA) and use in formulating new defensive and offensive strategies. The association had provided smart rings to all players for measuring parameters such as heart rate, body temperature, and respiratory functions.
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Regional Analysis
North America to Lead Global Sports Technology Market
North America is deemed to dominate the global market owing to investments in sports teams and presence of various health-obsessed software companies. Implementation of artificial intelligence and machine learning coupled with use of data for decision making can drive regional market growth. Establishment of Wi-Fi in all sports stadiums for providing immersive experiences to fans as well as need to improve fair play in all sports can lead to heavy investments of sports technologies.
COVID-19 Analysis
The COVID-19 pandemic has affected the sports technology market due to cancellation of various sports tournaments and refunding of tickets. Social distancing norms adapted in stadiums have impacted revenue bottomlines and led to a decline in attendance. Limited working hours and low numbers of working staff has reduced work in research and development and impact the sale of devices in the coming years.
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Industry Updates
The University of Washington has partnered with Digital Seat Media for implementing QR codes in seats in the Husky Stadium. Fans of the sport can use the code for ordering food and beverages using contactless methods and utilize readily available Instagram filters.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
