Sports Technology Market Size, Share, Growth Analysis, By Material(Steel, Aluminum, and Others), By Service(Metal Welding, Metal Machining, Metal Forming, Metal Shearing), By End-Users(Construction, Automotive, Aerospace, Manufacturing), By Region - Industry Forecast 2024-2031

Sports Technology Market size was valued at USD 15.28 billion in 2022 and is poised to grow from USD 18.35 billion in 2023 to USD 79.43 billion by 2031, growing at a CAGR of 20.10% during the forecast period (2024-2031).

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. 'IBM Corporation (US)', 'SAP SE (Germany)', 'Catapult Sports Pty Ltd (Australia)', 'Stats Perform (US)', 'Opta Sports (UK)', 'Sportradar AG (Switzerland)', 'Deltatre (Italy)', 'Hawk-Eye Innovations Ltd (UK)', 'ChyronHego Corporation (US)', 'PlayerMaker (Israel)', 'Genius Sports Limited (UK)', 'Kinexon GmbH (Germany)', 'Zebra Technologies Corporation (US)', 'Exos (US)', 'STRIVR Labs, Inc. (US)', 'Pixellot Ltd. (Israel)', 'ShotTracker (US)', 'PlaySight Interactive Ltd. (Israel)', 'Spiideo AB (Sweden)', 'Vixlet LLC (US)'

The sports industry is increasingly relying on data analytics to enhance player performance, monitor their health and fitness, and make informed decisions on game strategy. The use of real-time data analytics helps teams gain a competitive advantage by identifying strengths and weaknesses in the team and opposing teams. For example, Major League Baseball uses Statcast to track every movement on the field, enabling teams to optimize their game strategies and player performance.

Use of AI and machine learning: Sports organizations are increasingly using AI and machine learning to analyze large volumes of data and improve athlete performance. For example, the NFL uses computer vision and machine learning to analyze player movements and identify patterns that can help teams optimize their game strategies.

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.