The global sports technology market is witnessing increasing demand and revenues. The market rise attributes to the growing uptake of various innovative sports technologies. Evolving IoT and wired & wireless technology drive the market. Besides, the growing popularity of eSports and the advantages that sports technologies offer, escalate the market demand.
With the rising demand to efficiently improve decision-making power and converging rate potential providing real-time data, the market is projected to generate more revenues and profit. According to Market Research Future (MRFR), the global Sports Tech Market is expected to grow at exponential CAGR during the forecast period (2020-2027). Growing penetration of cloud, IoT, and smart connected devices foster the market size.
Players leading the sports technology market include Apple Inc. (US), Catapult Sports (Australia), ChyronHego Corporation (US), Cisco Systems, Inc. (US), HCL Technologies Limited (India), IBM Corporation (US), Infosys Limited (India), Modern Times Group (MTG) (Sweden), Oracle Corporation (US), Panasonic Corporation (Japan), SAP SE (Germany), Sony Corporation (Japan), Stats LLC (US), and Telefonaktiebolaget LM Ericsson (Sweden), among others.
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Increasing population and rapid urbanization, industrialization, and economic growth contribute to the market growth exponentially. On the flip side, high costs associated with the development and deployment of sports technologies is the major factor estimated to obstruct the market growth. Nevertheless, increasing uses of digital campaign creation and fan engagement software by sports agencies and brands would support the market growth.
Global Sports Technology Market – Segments
The report is segmented into sports, technologies, and regions. The technology type segment is sub-segmented into devices, smart stadium, statistics & analytics, and e-sports. The sub-segment device is bifurcated into wearable, digital signage, and cameras.
The sub-segment smart stadium is bifurcated into stadiums & public security, building automation, and event management. The sub-segment e-sport is bifurcated into ticketing & merchandising, sponsorship, and advertising. Among these, the devices segment accounts for the largest market share, allowing players to wear devices and monitor the health and performance of players on the field in live events.
The sports segment is sub-segmented into baseball, basketball, cricket, ice hockey, tennis, soccer, rugby, and others. The region segment is sub-segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and rest-of-the-world.
Global Sports Technology Market – Regional Analysis
North America dominates the global sports technology market. The largest market share attributes to the vast technological advances and the rising demand for advanced technologies worldwide. Besides, increasing sales of cutting-edge sports systems that help collect accurate, real-time, and actionable data increases the regional market size.
In many places across the US, state governments have made stricter pandemic mandates for the limited numbers of visitors and occupants in stadiums. The North American sports technology market is projected to retain its dominance throughout the forecast period.
Sports Technology Market – Competitive Landscape
The sports technology market appears competitive due to the presence of several well-established players. To gain a larger competitive share, these players initiate strategic moves such as mergers & acquisitions, collaboration, innovation, and brand reinforcement. The market would witness intensified competition with innovations and an increase in R&D investments and M&A.
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Sep. 10, 2021 --- Vista Outdoor (VSTO) announced that its stocks have risen significantly following the acquisition of a leading sports technology company Foresight Sports. The acquisition would expand VSTO’s presence in the higher growth outdoor products markets, increasing its trajectory towards higher operating margins.
The addition of Foresight Sports would position Vista Outdoor as one of the top technology players in the golf industry. Foresight Sports designs and manufacturers golf performance analysis, entertainment, and game enhancement technologies, such as monitors, simulators, performance/ entertainment software, and smart mobility solutions for on- and off-course golf activities and other games.
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