Sports Technology Market Growth, Forecast

 

Sports Technology Market

The Sport Technology Market was valued at USD 15,200 Million in 2020 and projected to grow at a robust CAGR of 17.5% over the forecast period (2021-2028).

The factors driving the growth of Sports Technology Market includes growing use of smart wearables and connected devices by athletes, growing number of sporting events around the world and extensive application of sports technology in outdoor sports such as Cricket, Volleyball, Soccer and Hockey. As per the report published by Bloomberg, the Global Wearable Technology Market is anticipated to reach $184.4 Billion by the end of 2031, growing at a CAGR of 12.8% during the forecast period (2022-2031), which will boost the Global Sports Technology Market in the upcoming years. Moreover, the increasing technological advancements in software with the integration of Internet of Things and Artificial Intelligence, is expected to augment the Sports Technology Market size in the approaching years. In addition, the emerging need to monitor physical activities and Governments support to promote the sporting events, are some of the additional factors supplementing the market growth.

However, the growth of Sports Technology is hindered due to inadequate knowledge about wearable smart devices amongst consumers.

The major players operating in the market are Catapult Group International Ltd, ChyronHego Corporation, EON Reality, Strivr Labs, Inc., Zebra Technologies Corp., Hawk-Eye Innovations Ltd., STATSports Group, ATO-GEAR B.V., TrinityVR, Inc. and ROTXX, INC. among others.

Component – Segment Analysis

Based on the component, the software segment is projected to grow at a promising CAGR during the forecast period owing to increased application of data analytics and cloud-based technologies in the sports industry.

Technology – Segment Analysis

Based on technology, the broadcast segment is predicted to expand at a steady rate over the forecast period due to increasing application of digital signage and cameras in sports arenas and rising popularity of over-the-top (OTT) components.

Region: Segment Analysis

Based on region, the European region is projected to grow at a faster CAGR during the forecast period. The increasing broadcast of sporting tournaments, growing adoption of smart stadium technologies and the rise in security protection levels for the spectators inside the stadiums, have augmented the growth of Sports Technology Market in Europe.

Market Segmentation

Global Sports Technology Market by Component

  • Hardware
  • Software
  • Services

Global Sports Technology Market by Technology

  • Tracking System/Hawk-Eye Technology
  • Broadcast Technology
  • Virtual Reality
  • Wearable Technology
  • Other Technologies

Global Sports Technology Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE
    •  

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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