Sports technology market is expected to rise by registering a healthy CAGR 19.17%in the forecast period of 2020-2029. The major drivers of development in the market are expected to be a major prospect for companies operating in this industry due to the growing number of sports leagues around the world. The combination of technology and sport enhances the data-driven sports culture and drives the next generation of viewing, fitness tracking and stadium experience.
Improvement in public participation and upcoming sporting events worldwide is expected to increase the market for sport innovation over the forecast period. The growing use of IoT technology to boost stadium network management is projected to be a key driver for market growth during the forecast period. The development of new talent recruitment techniques, individual performance improvement, accident prevention etc. is using artificial intelligence-based sports research.
The Sport Technology Unit focuses mainly on the implementation of new systems and technology that promote testing and the creation of action approaches to enhance sport quality. Sports technology and sports data have now become an integral part of the development and performance of sport. The business sector of sport is also rising as innovation and information play a key role in improving player development and performance. Professional sports intuitions look for new ways to explore how a sportsman or a team can use new technology and sports data to gain state-of - the-art competitive skills.
Sports technology market Scope and Market Size
Sports technology market has been segmented on the basis of component, sports, application, and end-user.
- On the basis of component, the sports technology market is segmented into software, wearable devices & sports equipment, services. Software is further segmented into On-premise, Cloud and services is further segmented into Training & Implementation, Support & Maintenance, Managed/Outsourced Services
- On the basis of sports, the sports technology market is segmented into baseball, basketball, cricket, cycling, football, golf, rugby, swimming, badminton, tennis, and athletics.
- Based on application the sports technology market is segmented into active, passive. Active is further segmented into tracking, decision making and passive is further segmented into analytics and statistics, tactics and simulation, training, game performance analysis, team analysis & management, injury and health analysis.
- Based on end user the sports technology market is segmented into coaches, clubs, leagues, sports associations, others.
Country Level Analysis of Sports technology market
- On the basis of region, the Sports technology market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- Asia-Pacific to register highest growth throughout forecast amount because of web and cloud technology penetration, the emergence of skilled leagues, and medical aid of sports square measure driving the adoption of sports technology in Asia-Pacific India, China, Australia, Pakistan, Sri Lanka, and Asian country square measure home to major sports leagues and active participants in sports like cricket, hockey, badminton, athletics, and e-sports China is that the biggest marketplace for e-sports within the region the continual growth in web adoption, social media analytics, cloud computing, IoT, and good devices is that the major technological growth prospect within the region. This growth is absolutely impacting the adoption of sports technologies to boost spectator expertise and structure operations
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
Key Developments in the Market:
- In November 2019, Stack Sports announced the launch of his new youth sports networking application, Sports Connect, the world’s largest and fastest-growing supplier of sports technology. A large one-stop shop for sports organizations focused on the Blue Sombrero and Affinity Sport brands, acquired in August 2019 was Sports link, an integrated web provider of software-as - a-service (SaaS). Stack Sport's objective is to improve and expand the experience of young people in sports, making sports convenient for owners, participants, coaches and families. We have never been closer to this goal with our new Sports Connect update.
- In March 2019, HYPE Sports Innovation announced the launch of the first ever Blockchain accelerator for Sports Tech, a digital forum that promotes partnerships and innovations between the sports innovation ecosystem. The program will include 14 weeks of accelerators for 10 of the world's leading professional sports firms. The accelerators will run nationwide and chosen start-ups will take part in the two boot camps of the Preston Robert Tisch Institute for International Sports at New York City University and of the ISDE Senior Law and Economics Institute in Barcelona. With the opening of this latest accelerator, they will provide developers with unprecedented participation in our scheme, allowing their companies to transform into true game changers and market leaders.
Competitive Analysis and Sports technology market Share Analysis:
Sports technology market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Sports technology market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Sports technology market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated, and global presence. Sports technology market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in the Sports technology market are Blizzard Entertainment, Inc., Apple Inc., ARRI AG, Cisco, Telefonaktiebolaget LM Ericsson, Fitbit, Inc, Fujitsu, Garmin Ltd., IBM Corporation, LG Electronics, Modern Times Group MTG, NEC Corporation, Oracle, Panasonic Corporation, SAMSUNG, SAP SE, Sharp Corporation, Sony Corporation, Tencent, and many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved