Acumen research and consulting estimates that the global sports technology market is anticipated to reach market size of around US$ 35,000 Mn by 2027 and is anticipated to grow at a CAGR of around 20% in terms of revenue during the forecast period 2020 – 2027.
A number of uses have been found in sports science, such as cricket, baseball, soccer, etc. Due to rising indoor activities such as table tennis, chess etc., as well to outdoor events such as football, rugby, cricket and basketball, sports technology has been prominent over the past several years.
In sporting events like cricket, basketball, football, soccer & rugby sports equipment is mainly employed. The games dominate the sports technology market in terms of revenues. The Internet of Things (IoT) is a key factor behind sports technology demand development in the sport market. Furthermore, major increases in civic engagement and demand for data-driven decisions and operations further support the growth of the sector. In comparison, the expansion of sport technology markets grows in online and outdoor sports. However, strong capital expenditure and budget restrictions and cybersecurity concerns have constrained the development of the sector. The Internet of Things (IoT) in the sports industry, a substantial rise in the interaction of fans, an increase in demand for data-driven decisions and an increase in online and offline sporting activities are among the main factors driving the development of the sporting technology sector. However, the growth of the industry will be limited by high initial expenditure, budget constraints and rising information security issues.
Football Accounts for the Largest Share in the Sports Analytics Market
As a result of the expanded presence of football leagues such as Union of European Football Associations (UEFA) champions League, Multiple Listing Service (MLs), English Premier League (EPL), and Indian Super League (ISL), football is by itself the most significant sport research market segment. According to the World Soccer Association, 42.7 thousand spectators were counted by the Bundesliga League (Germany) in 2019 on an average. In fact, teams and groups that collaborate with strategic firms are a big industry phenomenon. For example, several soccer leagues and clubs collaborated together with Opta, the leading provider of football data. Opta analytics will assess each player action, whether or not a player has a pass, in a specific area. Finally, it is expected that the growing competition, the need for better decision-making to take advantage of their rivals and to enforce policy for field matches, as well as ticket inventories and the impact of social media on the ground, would encourage the implementation of research in the same markets.
Products of hardware and software and rising sports developments through countries such as China and India propel the sports technology industry in the Asia Pacific. Sports like cricket, basketball, baseball etc. have been more active in these economies. In addition, Asia Pacific is projected to grow significantly in the e-sport industry. The market in Asian countries is expected to drive factors such as high bandwidth and the advent of HD and 3D TV. The Asia-Pacific market is forecast to grow by 19.9% in 2019 to 2027 at a fast CAGR. It is projected that the demand in sports technology in Europe is expanding at a fast growth rate, largely due to the use of digital technology in various sports in Europe. The rise of blockchain technologies and artificial intelligence in Europe is expected to create new sports business models. European countries economies are increasing rapidly, leading to an ever rising amount of start-ups and an increasing momentum. Moreover, EU creditors tend to be more traditional, low-risk and demanding. Better connectivity between sports, investment and technology is therefore needed. The sport technology market should be driven by these factors.
Major players included in this report are Ericsson, IBM, Fitbit, Cisco, Fujitsu, Oracle, NEC, LG, Sharp, SAP, Apple, Garmin, Sony, Samsung, Panasonic, Tencent, Activision Blizzard, Modern Times Group, CJ Corporation, and others.
In two parts, IBM has been the leader: smart stage and sports analytics. By increasing its product range, IBM is focused on organic development. The organization has experience in large-scale data processing and application technologies that allows its customers to leverage the tremendous volume of data produced by network and Internet devices. IBM became a leading force in sophisticated stadium and in sports analytics with vast tools and experience.
The global sports technology market is segmented as below:
Sports Technology Market By Technology
Sports Technology Market By Sports
Others (Soccer, Swimming, Cycling)
Sports Technology Market By Geography
Middle East & Africa
The market value of sports technology is anticipated to be around US$ 35,000 Mn in 2027.
It is anticipated to grow around 20% CAGR amid the forecast period 2020-2027
Asia Pacific held maximum share in 2019.
North America is projected to grow at a fast pace during forecast period from 2020-2027.
Growing user awareness about the competitive advantage providing by these systems is expected to drive the growth of the sports technology market.
The high upfront costs required for employing the sports analytics systems is a major factor expected to restraint the growth of the market.
Ericsson, IBM, Fitbit, Cisco, Fujitsu, Oracle, NEC, LG, Sharp, SAP, Apple, Garmin, Sony, Samsung, Panasonic, Tencent, Activision Blizzard, Modern Times Group, CJ Corporation, and others are the prominent players in the sports technology market.