The sports technology market is estimated to reach $33,629.367 million by 2024 as a result of the growing demand for data-driven operations and focus on improving fans engagement: Knowledge Sourcing Intelligence.
The recent study on the Sports Technology Market covers an in-depth analysis of the market by type, sport, and geography. The report also covers the country-level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period. According to the report titled “Sports Technology Market – Forecast from 2019 to 2024,” the market is estimated to grow at a CAGR of 15.32% to reach a market size of US$33,629.367 million in 2024 from US$14,296.632 million in 2018.
The report has segmented the sports technology market by type (wearable devices, digital signage, smart stadium, sports analytics, services), sport (soccer, basketball, baseball, tennis, cricket, others) and geography into North America (United States, Canada, Mexico, others), South America (Brazil, Argentina, Others), Europe (Germany, France, United Kingdom, Spain, others), Middle East and Africa (Saudi Arabia, Israel, others), and Asia Pacific (China, Japan, South Korea, India, others).
The penetration of technology has led to an improvement in efficiency and performance in sports. Technology in sports is being used for multiple purposes from sports regulation, to fitness tracking, to performance analysis and improvement. The growing popularity of sports and sporting events across the globe is one of the driving factors of the market. Furthermore, the increasing demand for data-driven operations will also expand the sports technology market in the coming years.
Sports Analytics is projected to grow at the highest CAGR of 28.31% during the forecast period
Sports analytics has been into practice from a decade now, but recent advances in data collection and management technologies have broadened its scope. Furthermore, the demand for precise exercise and nutrition programs for athletes have also increased the demand for sports analytics in all kinds of sports. Additionally, growing audience engagement, the attraction of major sponsors and budding prize pools are also leading multiple clubs and players to improve their performance, thus leading to an increase in the demand for sports analytics.
Soccer is estimated to dominate the sports technology market throughout the forecast period
Soccer is projected to dominate the market and also show promising growth during the forecast period owing to the staggering popularity of the sport and increasing investments by multiple clubs and leagues. Furthermore, the usage of newer technology, such as Video Assistance Referees (VARs), which was approved for use by FIFA Board in March 2018 to assist the officials in case of any disputes or misjudgments, will further accelerate this growth in the coming years.
North America provides significant revenue generation opportunity for the manufacturers
North America sports technology market holds 45.48% of the market share on account of the presence of key players in the region and the continuous innovations enabling the development of products and solution that cater to the need of sports industry. Furthermore, the growing focus on broadcasting, increasing fan engagement, and more will snowball the demand for sports analytics in the market. Moreover, a steep rise in the number of athletes and sports participation in the region will further augment the demand for sports technology in the region during the next five years.
Some of the major players discussed in the reports are FITBIT, Inc., Samsung, SAP SE, Playsight Interactive Ltd., and CISCO, among others.