Sports Technology Market Research Report - Forecast till 2032

Sports Technology Market Research Report Information by Technology (Devices, Smart Stadium, Analytic & Statistics, E-sports), Sports Type (Soccer, Basketball, Cricket, Tennis, Ice Hockey, Rugby, and Baseball), and By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) 鈥揑ndustry Forecast Till 2032

ID: MRFR/SEM/9098-CR | 188 Pages | Author: Aarti Dhapte | February 2024         

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Global Sports Technology Market Overview

Sports Technology Market Size was valued at USD 16,598.5 Million in 2022. The Sports Technology Market industry is projected to grow from USD 18,598.9 Million in 2023 to USD 60,515.3 million by 2032, exhibiting a compound annual growth rate (CAGR) of 14.0% during the forecast period (2023 - 2032).

Sports technology is a broad word that includes a variety of components such as equipment, facilities, and infrastructure. Medical care, training methods, and coaching is all part of sports technology. Sports technology should thus be regarded as an integral component of athletic performance, rather than solely as a feature of the playing environment. The advancement of sports technology has played an important role in the evolution of modern sport.

Sport is a key platform for achieving development outcomes. Sport can contribute significantly to societal integration and economic growth in various geographical, cultural, and political instances. Sport can contribute significantly as a proponent of societal integration and economic growth in a variety of geographical, cultural, and political instances.. For children, playing sports may help build friendships based on positive, fun and enjoyable activities. Adults who participate in sports will have the ability to build friendships based on an active lifestyle.

As per Analyst at MRFR, “Sports can further promote capital accumulation, facilitate the functioning of markets, and reinforce institutions through their impact on social capital, trust, culture, and crime. Those certain results are mutually reinforcing. Furthermore, playing a sport helps the player live longer and healthier and leads to lower obesity rates. Healthy people appear to have lower rates of diabetes and higher blood pressure. Practicing regularly through sports programs may lead to improved heart and lung function.”

Sports Technology Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Sports Technology Market Opportunity

  • Increasing Adoption Of AI/ML Technology

The increasing adoption of AI/ML technology has brought about significant opportunities in the sports technology market, and this is evident in various aspects of the industry. AI/ML technologies are being used to analyze player performance data to help coaches and trainers identify areas for improvement. With the help of AI-powered cameras, players can be tracked and analyzed to measure their movement, speed, accuracy, and other performance metrics. This data can then be used to create personalized training plans for players to improve their skills.

The increasing adoption of AI/ML technology has created significant opportunities in the sports technology market such as in February 2021, the NHL's Vegas Golden Knights partnered with the AI company Clear Sight to develop a machine learning model that can predict a player's likelihood of scoring a goal. In April 2021, the English Premier League's Manchester City partnered with the AI company Satisfi Labs to develop a virtual assistant that can answer fan questions and provide personalized recommendations. In August 2021, the NFL's Pittsburgh Steelers announced a partnership with the AI company Pylon to use machine learning to analyze game footage and improve player performance. Such rising adoption by the users are driving market growth.

Sports Technology Market Segment Insights

Sports Technology - Technology Insights

Based on LED Type, the Sports Technology Market segmentation includes Indicator- Devices, Smart Stadium, Analytic & Statistics, E-sports. The Smart Stadium technology segment is holding the largest share in 2022 and is expected to grow at 14.5% CAGR during the forecast period. In 2022, the Smart Stadium technology segment held 42.59% of the Sports Technology Market.

The Smart stadium segment encompasses the infrastructure and technologies that are used to transform traditional stadiums into intelligent, connected venues. Smart stadiums utilize sensors, networks, and advanced software to provide real-time data and insights for various stakeholders, including fans, players, coaches, and stadium operators. This data can be used to improve the fan experience, optimize stadium operations, and enhance player performance. Some of the key technologies that are used in smart stadiums include Distributed Antenna Systems (DAS), Wi-Fi Networks, Security Cameras, Sensor Networks, Building Management Systems, and many others.



Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Sports Technology Market Sports Type Segment Insights:

Based on Sports Type, the Sports Technology Market has been segmented into Soccer, Basketball, Cricket, Tennis, Ice Hockey, Rugby, and Baseball. The Smart Stadium Sports Type segment is holding the largest share in 2022 and is expected to grow at 14.0% CAGR during the forecast period. In 2022, the Smart Stadium technology segment held 27.0% of the Sports Technology Market.

Soccer, also known as football, is the world’s most popular sport, with a massive global fan base and significant revenue generation. This immense popularity translates into a significant market for sports technology, as teams, leagues, and broadcasters seek innovative solutions to enhance the game, engage fans, and optimize operations. Technology plays a pivotal role in enhancing soccer performance, enabling players, coaches, and analysts to gain deeper insights into individual and team performance. Wearable devices provide real-time data on player movement, biomechanics, and physiological parameters. Allowing for personalized training programs and injury prevention strategies.

Sports Technology Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In terms of revenue, North America held the largest share of 32.9% in the Sports Technology Market in 2022 and is expected to maintain its dominance during the forecast period. The presence of key players and a focus on infrastructure development in the region contribute to market growth. The North America sports technology market is a growing industry that includes various technologies used in sports and fitness. These include cameras for video analysis, sports performance tracking devices, wearables for tracking fitness levels, and virtual reality systems for training and simulation.



Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil and others.

Europe held the second largest market share of the Sports Technology market during the forecast period. The European sports technology market encompasses a range of innovative products, systems, and solutions designed to enhance the sports experience for athletes, coaches, teams, and fans. It is a rapidly growing industry driven by advancements in technology, increasing demand for data-driven insights, and efforts to improve sports performance and safety.

The Asia Pacific sports technology market is experiencing robust growth, driven largely by the increasing integration of technology in sports and fitness activities. Key industry players like Nike, Adidas, and Under Armour, alongside emerging startups and SMEs, are contributing to the market's dynamism by leveraging innovation and capitalizing on growth opportunities. This confluence of factors positions the Asia Pacific sports technology market as an arena ripe with potential for further expansion and advancement.

The sports technology market in the Middle East and Africa (MEA) and South America is witnessing strong growth dynamics. The rise can be attributed to an increasing interest in sports and fitness activities along with the progressive integration of advanced technologies. Various market applications are making headway in these regions, including wearable technology, sports analytics, sports performance tracking, and innovative enhancements to gym experiences. As adoption of these applications grows, it is creating a substantial impact on the regional sports technology markets.

South America's sports technology market is seeing an uptick due to a surge in smartphone penetration and internet accessibility. Reports also suggest an increase in public interest in personal health and fitness and a growing sports culture, which, aided by government initiatives promoting sports, contribute to a growing demand for sports technology.

Sports Technology Market Key Players & Competitive Insights

The Sports Technology Market is characterized by the presence of many regional and local vendors. The regional market is highly competitive, with all the players competing to gain a larger market share. The vendors compete based on cost, product quality, reliability, and aftermarket services. Therefore, vendors globally provide cost-effective and efficient products to survive and succeed in a competitive market.

JKL Components Corporation, Samsung Electronics, Nichia Corporation, Marelli Automotive Lighting, Robert Bosch GmbH, Valeo, Cree Inc., Osram Licht Ag, Philips Lighting Holding B.V., General Electric Co., are the major players in the market, competing in terms of a variety of applications of global Sports Technology and their components, as well as efficiency, reliability, affordability, and advanced technology. The primary focus of global players is to provide advanced products to aid in increasing adoption, which could help strengthen a country's growth with advanced products. Although global players dominate the market, a few other local players with a limited market share also have a prominent presence in this market.

The major players would look to strengthen their country's presence through mergers & acquisitions of local and regional players. They are expected to expand their presence and solutions in the above countries during the forecast period. Therefore, vendors globally develop new technologies to stay at par with emerging technology trends that could affect the competitiveness of their product lines in the market.

Key Companies in the Sports Technology Market include

  • Noraxon

  • Modern Times Group

  • Hudl

  • Catapult

  • Sport radar

  • Synergy Sports

  • Precision Sports Technology

  • Stats Perform

  • SAP SE

  • HCL Technologies Limited

  • Cisco Systems, Inc.

  • Panasonic Corporation

  • Sony Corporation

  • Telefonaktiebolaget LM Ericsson (Ericsson)

  • Other Players

Sports Technology Industry Developments

  • In January 2023- Panasonic Connect North America, Division of Panasonic Corporation of North America (Panasonic Connect), has launched the next generation of KAIROS, its state-of-the-art live production platform. With the release of the KC200 and KC2000, KAIROS' ecosystem expands to include two new Mainframes and software enhancements that will make the platform more scalable and capable of supporting larger and more complex productions.

  • In November 2022- Sportradar introduced "Sportradar Virtual Stadium," a social engagement tool powered by AI and machine learning that allows bookmakers to communicate with bettors on a deeper level and improve the customer experience during the world football tournament in Qatar.

  • In November 2022- Catapult launched a baseball performance analytics solution to help avoid injuries and speed up critical decision-making. The product includes a new algorithm to discern Swing, Pitch, and Throw actions specific to baseball players' motions.

  • In October 2021- Hudl released a new version of Hudl Sportscode. This latest release of Hudl Sportscode adds the ability to create a range of charts in Code Windows where every value can be linked to a video. This advanced feature makes it more efficient to create engaging reports to help coaches, analysts and players gain insight into performance.

Sports Technology Market Segmentation

Sports Technology Market by Technology Outlook

  • Devices

  • Smart Stadium

  • Analytic & Statistics

  • E-sports

Sports Technology Market Sports Type Outlook

  • Soccer

  • Basketball

  • Cricket

  • Tennis

  • Ice Hockey

  • Rugby

  • Baseball

Sports Technology Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Rest of Asia Pacific

  • Middle East & Africa

  • South America

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 16,598.5 Million
Market Size 2023 USD 10,998.5 Million
Market Size 2032 USD 60,515.3 million
Compound Annual Growth Rate (CAGR) 14% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2019- 2022
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Technology, Sports Type, and Region
Geographies Covered Europe, North America, Asia-Pacific, Middle East & Africa, and South America
Countries Covered The U.S, Germany, Canada, U.K., Italy, France, Spain, Japan, China, Australia, India, South Korea, Brazil, and others.
Key Companies Profiled Catapult Sports, Sony Corporation, SAP SE, HCL Technologies Limited, Panasonic Corporation.
Key Market Opportunities 路聽聽聽聽聽聽 Digital innovation 路聽聽聽聽聽聽 Revolutionized in designing apparel and equipment. 路聽聽聽聽聽聽 Increasing adoption of ai/ml technology 路聽聽聽聽聽聽 Introduction of newer sports leagues and events 路聽聽聽聽聽聽 Availability of cost-effective and high-end computing solutions 聽
Key Market Dynamics 路聽聽聽聽聽聽 Growing popularity of sports 路聽聽聽聽聽聽 Rising demand for technology in sport 路聽聽聽聽聽聽 Rising demand for esports technology

Frequently Asked Questions (FAQ) :

The Sports Technology Market size is expected to be valued at USD 16,598.5 Million in 2022.

The global market is projected to grow at a CAGR of 14% during the forecast period, 2023-2032.

North America had the largest share of the global market.

The key players in the market are Catapult Sports, Sony Corporation, SAP SE, HCL Technologies Limited, Panasonic Corporation. and Others.

The Smart Stadium category dominated the market in 2022.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players鈥 financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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