According to a new market report published by Transparency Market Research the global sports technology market was valued at US$ 21,609.1 Mn in 2016. It is estimated to expand at a compound annual growth rate of 14.7% from 2019 to 2027, reaching US$ 93,825.5 Mn by the end of the forecast period. According to the report, North America was a prominent contributor, in terms of revenue, to the sports technology market in 2016. This is primarily due to strong technological advancements and considerable application of sports technology in various sports such as football, basketball, etc., across the region.
Sports technology has been significantly adopted in outdoor sports activities such as cricket, football, soccer, rugby, etc. The games are contributing significantly in terms of revenue to the sports technology market. Moreover, indoor sports activities are also contributing prominently to the market due to an increase in the adoption of sports technology in games such as badminton, chess, swimming, etc.
Currently, the adoption of sports technology is lower in indood sports compared to outdoor sports. However, it is expected to increase in the near future. A rise in the adoption of wearable devices by athletes across regions is expected to drive the sport technology market. The clubs segment is expected to account for a significant share of the sport technology market over the forecast period.
A rise in demand for advanced technologies such as analytics solutions and wearable devices for team management, athlete performance, and team performance, are creating opportunities for the global sports technology market.
Most companies are developing advance analytics solution for the sports industry. For instance, in 2016, Agile Sports Analytics, LLC launched Agile Sports Analytics application, a solution designed for players, coaches, and team analysts. Similarly, in 2018, Microsoft Corporation and Spektacom Technologies signed a strategic partnership to develop a sports analytics platform ‘Power Bat,’ which provides insights related to players, coaches, commentators, etc.. This, in turn, is expected to create a wide range of opportunities for the sports technology market during the forecast period.
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Sports technology has been significantly adopted in outdoor sports activities such as cricket, football, soccer, rugby, etc. The games are contributing significantly in terms of revenue to the sports technology market. Moreover, indoor sports activities are also contributing prominently to the market due to an increase in the adoption of sports technology in games such as badminton, chess, swimming, etc. Currently, the adoption of sports technology is lower in indood sports compared to outdoor sports. However, it is expected to increase in the near future.
A rise in the adoption of wearable devices by athletes across regions is expected to drive the sport technology market. The clubs segment is expected to account for a significant share of the sport technology market over the forecast period.
The adoption of Internet of Things (IoT) in the sports industry plays a major role in the development of players, player and fan safety, and fan engagement. IoT provides a platform to fans, coaches, physiotherapists, and players to analyze the collected data from various devices. Users can share game strategy and players’ injury status. The platform provides enhanced customer experience. Additionally, the integration of Artificial Intelligence (AI)-enabled solutions in the sports industry helps bring automation and data analysis for business decisions, ticket sales, sponsorship activations, athlete training, and performance evaluation, thereby accelerating the sports technology market.
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Market Segmentation: Global Sports Technology Market
By Component
- Wearable Devices & Sports Equipment
- Software
- Cloud-based
- On-premise
- Services
- Training & Implementation
- Support & Maintenance
- Managed/Outsourced Services
By Application
- Active
- Tracking
- Decision Making
- Passive
- Analytics and Statistics
- Tactics and Simulation
- Training
- Game Performance Analysis
- Team Analysis & Management
- Injury and Health Analysis
By End-user
- Coaches
- Clubs
- Leagues
- Sports Associations
- Others (Athletes & Sports Person)
By Sports
- Baseball
- Basketball
- Cricket
- Cycling
- Football
- Golf
- Rugby
- Others (Swimming, Badminton, Tennis, Athletics)
