New York, United States , April 28, 2023 (GLOBE NEWSWIRE) -- The Global Sports Technology Market Size is to grow from USD 20.13 billion in 2022 to USD 76.39 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 14.27% during the projected period.
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Sports science technology has progressed to the point that high-end workout equipment can measure steps, assess heart rates, and even relay ECG results through Bluetooth. Manufacturers are continually pushing product development to satisfy emerging trends and consumer demand. The commercial sports sector has seen a growth in gross revenues as technology and data play an important role in improving player development and athletic performance. The increasing need for technology-based services in athletic events is projected to be driven by a focus on audience involvement and entertainment-related activities, as well as technological advancements in venues and stadiums. Furthermore, athletic event organizers have invested in digital technologies to provide an unrivaled game-viewing experience in stadiums and on electronic devices. Furthermore, the increasing usage of artificial intelligence (AI), data analytics, the Internet of Things (IoT), wearables, drones, and social networking site interaction across a number of sports is likely to drive the expansion of the sports technology market.
Browse key industry insights spread across 212 pages with 124 market data tables and figures & charts from the report on "Global Sports Technology Market Size, Share, and COVID-19 Impact Analysis, By Sports (Cricket, Soccer, Esports, Golf, Baseball, Basketball, Ice Hockey, Rugby, Tennis, and Others), By Technology (Devices, Sports Analytics, Esports, Smart Stadiums, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032 ” Get Detailed Report Description Here:
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The soccer segment is witnessing significant CAGR growth over the forecast period.
On the basis of sports, the global sports technology market is segmented into cricket, soccer, e-sports, golf, baseball, basketball, ice hockey, rugby, tennis, and others. Among these, the soccer segment is witnessing significant CAGR growth over the forecast period. Soccer has grown in popularity in countries such as the United States, Russia, Mexico, and Europe. Cricket is anticipated to increase at the highest rate after soccer during the forecast period. Cricket is extremely popular in South Asian countries such as India, Australia, Pakistan, and Bangladesh.
The Esports segment is dominating the market with the largest revenue share over the forecast period.
On the basis of technology, the global sports technology market is segmented into devices, sports analytics, Esports, smart stadiums, and others. Among these, the Esports segment is dominating the market with the largest revenue share of 13.6% over the forecast period. Esports have shown the ability to draw a larger audience on virtual platforms, resulting in considerable growth opportunities for the sports technology market during the projection period.
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Europe dominates the market with the largest market share over the forecast period.
Europe is dominating the market with more than 35.7% market share over the forecast period, due to the increased adoption of advanced technology across different sports in countries, such as the U.K., Germany, and France. The presence of several sporting events such as the Premier League, English Football League, and La Liga is the key element propelling the demand for sports technology market development in the region. Asia Pacific, on the contrary, is expected to grow the fastest during the forecast period. The Asia Pacific region is predicted to have a high demand for sports technology, with various opportunities for creative technology development and deployment. New stadiums are being built and existing ones are being refurbished in China, Japan, India, Pakistan, Australia, and Singapore, increasing demand for cutting-edge sports technologies.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Sports Technology Market include Fujitsu, SAS Institute, SAP, IBM, Ericsson, Cisco Systems, Inc., Oracle, Samsung Electronics, Fitbit, Apple Inc., Garmin Ltd., NEC Corp., Sharp Corp., Activision Blizzard, Tencent Holdings Ltd., HCL Technologies Ltd., ChyronHego Corporation, Panasonic Corp., Modern Times Group, Xiaomi Corp., Sony Group Corp., Catapult, and among others.
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Recent Developments
On March 2023, Garmin introduced the Forerunner® 265 and 965 series, its first dedicated GPS running smartwatches with brilliant AMOLED displays. Forerunner 265 offers performance monitoring technologies from Garmin Firstbeat AnalyticsTM like as VO2 max, performance condition, training effect, and more to help athletes become better, faster, and more efficient on race day. Forerunner 265 features a wrist-based Pulse Ox sensor2, Body BatteryTM energy monitoring, sophisticated sleep monitoring and sleep score, stress tracking, menstrual cycle and pregnancy tracking, and more.
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