The global sports technology market size is expected to reach USD 41.33 billion by 2028 according to a new study by Polaris Market Research. The report “Sports Technology Market Share, Size, Trends, Industry Analysis Report, By Technology (Devices, Smart Stadiums, Analytic & Statistics, Esports); By Sport (American Football/Rugby, Baseball, Basketball, Cricket, Golf, Ice Hockey, Tennis, Soccer, Others); By Regions; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing integration of advanced technology and data analytics is projected to drive the market over the forecast period. Digital transformation aimed at better connectivity and audience engagement for the sports stadium is expected in immense adoption of the sports technology among the leagues across the globe. It aids the teams to monitor players' statistics such as heart rate, stamina, body temperature for better strategy and training purposes, further boosting the market demand from athletics organizations.
Esports was the dominating segment in the year 2020, owing to its rising viewership for the platform. It provides assistance to reach segmented users during offline and online events using posters, interactive advertising, freebies, and videos. Several brands such as Tinder, McDonald’s, Vivo communication technology, Daimler AG, etc. associated themselves with Esports as promotors.
The soccer segment was a leader in the market in the year 2020, owing to the increasing integration of smart technology in the sport for accurate results and better monitoring of player’s progress. Basketball is projected to witness growth over the forecast period considering the high pace adoption of new technologies in the sport.
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Asia Pacific is expected to show significant market growth over the forecast period with an increasing number of leagues in the region among the nations such as Japan, China, and India. Europe dominated the market in the year 2020, due to the presence of major leagues in the region and significant adoption of sports technology to compete in the market.
The key players operating in the market for Sports Technology are Cisco Systems, Inc., Apple Inc., Modern Times Group MTG, Panasonic Corporation, SAP SE, Sony Corporation, Oracle, HCL Technologies Limited, IBM Corporation, Infosys Limited, ChyronHego Corporation, Stats LLC, Telefonaktiebolaget LM Ericsson.
To achieve a competitive edge, major market players are focusing on mergers, collaborations, and acquisitions. In the year 2021, a Toronto- based sports technology company, PUSH entered into a partnership with Catapult to the enhanced players' performance. In the year 2019, Team Liquid collaborated with SAP SE to deliver live data analysis feedback to develop new gaming strategies.
Polaris Market Research has segmented the sports technology market report on the basis of technology, sport, and region:
Sports Technology, Technology Outlook (Revenue - USD Million, 2016 - 2028)
Sports Technology, Sport Outlook (Revenue - USD Million, 2016 - 2028)
Sports Technology, Regional Outlook (Revenue - USD Million, 2016 - 2028)