USD 15.28 billion
Report ID:
SQMIG45E2167 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
96
|Figures:
76
Sports Technology Market size was valued at USD 18.35 Billion in 2023 and is poised to grow from USD 22.04 Billion in 2024 to USD 95.4 Billion by 2032, growing at a CAGR of 20.10% during the forecast period (2025-2032).
The global sports technology market is a rapidly growing industry that encompasses the use of technology to enhance various aspects of sports, from player performance and health to fan engagement and experience. This sports technology has become increasingly popular due to its ability to improve the accuracy, speed, and efficiency of sports-related activities. One of the key drivers of the sports technology market is the increasing demand for data-driven insights and analytics. The use of sensors and wearables in sports has made it possible to collect vast amounts of data on athlete performance and health, which can be analyzed to identify patterns and trends that can inform training and conditioning programs. Additionally, the growing popularity of e-sports has created a demand for advanced technology solutions that enhance the gaming experience for players and spectators alike. However, there are also some restraints to the growth of the sports technology market, such as the high cost of technology solutions and the lack of standardization in data collection and analysis.
The key trends in the market include the use of artificial intelligence and machine learning to improve player performance and the integration of virtual and augmented reality technologies to enhance fan engagement. There are also numerous opportunities for growth in the market, such as the development of smart stadium technology and the use of blockchain technology for ticketing and fan engagement.
US Sports Technology Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 15.28 billion
Largest Segment
Esports
Fastest Growth
Esports
Growth Rate
20.10% CAGR
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Metal Fabrication Service Market is segmented by material, service, end-users, and region. Based on material, the market can be segmented into steel, aluminum and others. Based on service, the market is segmented into metal welding, metal machining, metal forming, metal shearing, and others. Based on end-users, the market is segmented into construction, automotive, aerospace, manufacturing, energy & power, electronics, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Sports Technology Market Analysis By Technology
Esports dominated the global market. This segment is expected to grow at the highest CAGR during the forecast period, even though it currently contributes less than the devices and smart stadium segment. Popular esports games like PUBG: Battlegrounds, Fortnite, and League of Legends have witnessed a surge in demand in recent years. Twitch, a streaming platform that primarily focuses on live streaming esports events and video games, saw a 45% increase in viewership compared to 2020, with fans spending 24 million hours watching streamers in 2021.
The analytics and statistics segment are expected to record the second-highest CAGR during the forecast period. Digital analytics has many on-field uses in the sports world, such as managing team members and performance, and these are anticipated to expand as game patterns and athlete performance become more important to identify. The sports technology market's analytics and statistics segment is anticipated to increase as a result of this trend.
Sports Technology Market Analysis By Sports
As of 2021, soccer dominated the sports technology market, holding the largest revenue share. It is expected to continue its growth trajectory with a CAGR of more than 20% in the coming years, especially in countries such as the U.S., Russia, and Mexico. For instance, in December 2021, the Portland Timbers vs. New York City FC match on ESPN network witnessed an average of 1.14 million viewers, showing a 38% increase compared to views in 2019.
Furthermore, cricket is also anticipated to exhibit a significant CAGR of about 20% during the forecast period. The game is immensely popular in South Asian countries, including India, Pakistan, and Bangladesh. Numerous major cricket events are organized worldwide every year, such as the Indian Premier League, ICC Men's T20 World Cup, and England and Wales Cricket Board, which attract a large number of spectators and generate high revenues, thus contributing to the segment's growth.
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As of 2021, Europe held the largest revenue share in the global sports technology market, accounting for approximately 30% of the market. The region's dominance is expected to continue over the forecast period due to the presence of numerous popular sports leagues such as the Premier League, English Football League, and LaLiga. Football, tennis, and rugby are among the most popular sports in the European region, contributing to the market's growth.
The Middle East and Africa region is anticipated to witness significant growth and record the second-fastest CAGR of over 20% during the forecast period. Dubai, in particular, is expected to host various sports events like the Al Gaffal long-distance race and Emirates T20 League in 2022, which could further promote the growth of the industry in the region. This could be attributed to the increasing popularity of sports in the Middle East and Africa region, which is further supported by the significant investments in infrastructure and sports facilities. The rising interest in sports among the younger population and increasing disposable incomes are other factors contributing to the growth of the sports technology market in the region.
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Sports Technology Market Drivers
Growing demand for real-time data analytics
Rising fan engagement through technology
Sports Technology Market Restraints
High costs of implementing technology
Concerns over data privacy and security
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Global Sports Technology Market is highly competitive and fragmented, with a large number of players operating in the market. Some of the key players in the market are adopting various strategies such as partnerships, collaborations, and mergers and acquisitions to gain a competitive edge in the market. In addition, companies are also investing heavily in research and development to introduce innovative technologies to the market. For example, Catapult Group International Ltd has developed a wearable technology that uses GPS and accelerometers to track an athlete's performance during training and games. The market is also witnessing the entry of new players, especially startups that are introducing disruptive technologies in the market. These players are leveraging technologies such as artificial intelligence, machine learning, and blockchain to offer innovative solutions to sports organizations.
Top Player’s Company Profiles in Sports Technology Market
Sports Technology Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Sports Technology Market analysis, the market is experiencing substantial growth due to the increasing demand for real-time data analytics and insights among sports organizations, athletes, and fans. The emergence of advanced technologies such as wearable devices, virtual and augmented reality, artificial intelligence, and machine learning is driving market growth by enhancing the fan experience, improving athlete performance and safety, and streamlining sports operations. The market is also driven by the increasing popularity of esports, rising investments in sports technology, and the growing adoption of cloud-based solutions. However, high costs associated with sports technology and concerns over data privacy and security could hinder market growth in the coming years.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 15.28 billion |
Market size value in 2031 | USD 79.43 billion |
Growth Rate | 20.10% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Sports Technology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Sports Technology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Sports Technology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Sports Technology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45E2167
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