The global Sports Technology Market size is expected to reach USD 55.14 billion by 2030, expanding at a CAGR of 20.8% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The growing popularity of sports as a significant source of entertainment, coupled with the increasing need to engage the audience effectively, is driving the growth of the sports technology market. Professional sports organizations have been widely using new technologies such as wearable gadgets, sports data analytics, smart stadiums, and digital signage to engage spectators, create smart infrastructures, and improve team performances.
The
considerable rise in the number of sports events across the globe has provided
sports technology companies with ample opportunities to cater to the market by
thoroughly understanding the components related to sports by monitoring
athletes and events. Several innovative solutions are being employed to improve
sports performance. For instance, in March 2023, Catapult announced to launch
of the Vector T7, a new athlete monitoring solution. The new solution is 73%
smaller than the preceding offering. It is powered by the company’s ClearSky
Local Positioning System, which provides performance insights, helps mitigate
injury risk, and makes live in-game decisions.
The
prominent players operating in the sports technology market are also focusing
on employing stadium technologies to manage the crowd and provide an enhanced
fan experience. For instance, Nokia Corporation collaborated with Singtel Optus
Pty Limited to provide extensive coverage to indoor zones such as VIP areas or
corporate boxes using the 5G AirScale indoor Radio (ASiR) solution.
The
global outbreak of the COVID-19 pandemic made a severe impact on the sports
industry as competitions and matches were either postponed or canceled.
However, sports technology gained significant momentum during this period as
sports organizations and leagues employed several techniques to increase fan
engagement. While athletes competed in empty arenas, technology provided fans a
better viewing experience. The social media updates, live updates, new camera angles,
and the use of VR headsets further improved the viewing experience for the
fans, thereby positively influencing the sports technology market outlook.
Related Press
Release@ Sports
Technology Market
List of Key Players of Sports Technology
Market
·
Apple Inc.
·
Catapult Group
·
ChyronHego Corporation
·
Cisco Systems, Inc.
·
HCL Technologies Limited
·
IBM Corporation
·
Infosys Limited
·
Modern Times Group MTG
·
Oracle
·
Panasonic Corporation
·
SAP SE
·
Sony Corporation
·
Stats LLC
·
Telefonaktiebolaget LM Ericsson
Sports
Technology Market Report Highlights
·
In terms of type, smart stadium is predicted to record a
CAGR of over 20.0% between 2023 and 2030 owing to increased adoption of smart
technology in the stadiums to provide enhanced fan experience, increased
operational efficiency, and improved safety
·
The wearables sub-segment will register a CAGR of nearly
14.0% over the forecast period with increasing adoption of monitoring tools to
facilitate athletic training, recovery after an injury, and in-game performance
·
In terms of sport, cricket is expected to record a
notable growth rate by 2030. This can be credited to a considerable number of
cricket fans worldwide. The ICC Men’s T20 World Cup 2022 recorded 6.58 Bn video
views across all ICC platforms, a 65% rise as compared to that in 2021
·
In terms of end-user, the sports leagues segment
accounted for a revenue share of 45.8% in 2022 owing to increased adoption of
technological solutions in sports events to reach accurate decisions and
provide enhanced experience to fans
·
Europe accounted for a sizeable revenue share of 30.1% in
2022 owing to rising popularity of eSports in the region followed by increased
business investment in this domain
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About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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