The sports technology market was valued at $8.9 billion in 2018 and is projected to reach $31.1 billion by 2024; it is expected to grow at a (CAGR) of 20.63 percent from 2019 to 2024, according to a report from ReportLinker.
In recent years, professional sports bodies have adopted new technologies such as sports data analytics, smart stadium, wearable devices, digital signage and esports. Smart stadium is reportedly one of the major trends worldwide due to the proliferation of sporting events. Technological innovations in the smart stadium market are driving the implementation of several projects worldwide. Market opportunities in Europe and Asia-Pacific are high, with favorable economic and sporting environment. esports is mainly driven by the increasing popularity of video games. Wearable technology refers to electronic technologies or devices worn by users either on their body or clothing. Wearable devices facilitate human-computer interaction by making use of small body-worn computers. These devices include activity trackers, smart clothing, smart glasses, smartwatches and virtual and augmented reality devices. Wearable devices allow hands-free operations, real-time data monitoring, network communication and data analytics. All these technological benefits are driving the overall sports technology market.
The sports analytics market is also expected to grow at a very high pace during the forecast period. Sports analytics plays an important role in the functioning of a sports organization.Till recent past, coaches and experts did sports analysis during practice/training sessions and live matches and tournaments. The advancements in technology have enabled sports organizations to take better decisions about their teams and business operations. It is reportedly one of the primary drivers for the sports industry revolution.
The increasing adoption of social media platforms by fans for blogging and posting reviews is expected to drive the demand for sports analytics solutions.
Smart stadium was the largest segment in sports technology market in 2018. Stadiums are competing with at-home experience. Stadium owners are betting high on investing digital technologies for creating unforgettable experience in stadiums.
Their need to increase operational efficiency, achieve sustainability and handle the changing business dynamics is driving the growing adoption of smart stadium services across all regions, according to the report. Service providers help implement intelligent automation technology for efficient operations and cost-effective maintenance of stadiums.
North America accounted for largest share in sports technology market in 2018. The wide-scale adoption of technology and a rising standard of living are driving the demand for advanced sports technologies in the region. The demand for comfortable sports viewing experience, growing popularity of BYOD and increasing social media integration with stadium technologies are some of the factors driving the growth of the sports technology market in North America.
This study covers the sports technology market. It aims at estimating the market size and growth potential of this market, across different segments, such as by technology, sports and region.
The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments and key market strategies.