Global Sports Technology Market By Technology (Devices, Smart Stadiums, Esports, and Sports Analytics), By Sports, By End User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Sports Technology Market size is expected to be worth around USD 79.2 Billion by 2032 from USD 15.9 Billion in 2022, growing at a CAGR of 17.90% during the forecast period from 2023 to 2032.

The demand for data-driven decision-making and operations, as well as the number of sports events, is expected to drive significant growth in the sports technology sector over the forecast period. The increased use of data analytics, the Internet of Things (IoT), and social media integration across a variety of sports are likely to be the driving forces behind the expansion.

Driving Factors:

The Rising Number of Sports Technology Events is the Key Factor Driving the Global Sports Technology Market Growth.

Online viewers are not the only ones who can attend sports technology events. It will also be held in a variety of physical locations, including homesteads, local sports-tech bars, and sports-tech arenas. The utilization of sports technology in actual settings raises the morale of sports technology players, actively promotes the idea of sports technology in the field, and broadens the target audience.

Physically hosting sports and technology events necessitates a significant investment. This makes it harder for teams or players from different parts of the world to participate. Numerous technologies, including high-density wireless, location-based services, and digital kiosks, are being installed and instrumented by stadium owners to improve the user experience.

To support its partnership with Manchester City FC (City Football Group), Cisco launched The Connected Scarf in August 2022. Cisco’s new scarf, which is made of wearable technology, lets fans keep track of how they feel during games and shows how connected the club’s fans are.

Restraining Factors:

High Initial Investments and Budget Constraints

Sports technology is pricey. To transform a stadium into a smart one, stadium operators must make significant investments. A traditional stadium’s renovation and incorporation of cutting-edge technologies necessitate millions of dollars.

However, stadium operators are being discouraged from making significant investments due to inconsistent footfall and low event frequency. The location of a stadium, such as in economically disadvantaged, industrial, or business districts, as well as compatibility with event hosting factors can explain the low number of events that take place there. Stadium operators must also take into account the teams participating in the hosted event, the anticipated attendance, and their returns before making such investments.

Growth Opportunities:

Increasing Adoption of AR and VR in Sports

AR and VR are utilized in stadiums to enhance player and spectator experiences, enhance sports broadcasting, enrich interactive advertisements, and enrich interactive advertisements. In May 2022, Star Sports and Quidich Innovation Labs worked together to create this amazing augmented reality exhibit.

Spatio, Quidich’s real-time drone tracking system, can be used with the powerful 3D game engine The Unreal Engine. VR live streaming was utilized to provide viewers who were unable to attend the Tokyo Olympics with 360-degree experiences. The first stadium in the metaverse will be built by Sony and Manchester City FC.

Trending Factors:

The Advent of Visual Technologies for Sports is the Primary Trend in the Global Sports Technology Market Growth.

Visual technologies such as VR and AI are becoming more popular in sports illustration and sports viewing. As a result, coaches, leagues, and clubs in sports are using VR to offer aspiring players real-time experiences. Virtual training sessions in virtual reality allow athletes to train in real-world conditions.

By feeding these data into sports analytics platforms and introducing various training sessions to boost player performance, these data can be used to gain insight into player performance. VR enables athletes to improve their techniques by giving them a better view of the game, increasing their endurance, and anticipating the actions of their opponents. The market focus is expected to expand during the forecast period as a result of these developments.

Type Analysis

In the year 2022, the smart stadium segment had the highest revenue share. It improves the experience of the audience, boosts profitability, and strengthens stadium security. It makes it possible for the organizer to keep up with stadium services like the live tracking of parking tickets, food concessions, and ticket lines. The market for sports technology expanded as a result of the incorporation of IoT devices into the design process, which made it possible to create interactive seats and wireless connections.

The rising demand for automation software for a secure and energy-efficient stadium accounted for the software industry’s highest market growth in 2022. The stadium’s significant requirements for asset management, ecological monitoring, and sanitation are driving the software technology market’s expansion.

Given the platform’s growing viewership, esports is expected to expand in the coming years. Due to the lockdown, the audience for the segment shifted significantly from live shows to virtual tournaments like PUBG Mobile World League 2020. This resulted in a year-over-year increase of nearly 500,000 viewers. Esports have established lucrative future opportunities by demonstrating their capability to a larger, more engaged virtual audience.

Sports Analysis:

In 2022, soccer dominated the market because the sport is increasingly incorporating smart technology for improved performance monitoring and accurate results. After receiving approval in 2015 from the International Football Association Board, the sector had a slow start. After the year 2018, FIFA made it possible to share crucial information about players’ stats with coaches through smart devices in real-time, which helped the market grow.

The rapid adoption of technology like mobile apps, data analytics, and heart rate sensors as well as wearable devices, is expected to drive significant growth in basketball between 2023 and 2032. All NBA teams were given an analytics department in 2020 to improve their game-day performance and optimize training sessions.

With the growing use of IoT sensors, Rugby has the potential to attract a market that has grown in recent years. During the game, it enables the players to measure the opponent’s collision impact and supports smart decision-making for improving strategy.

Key Market Segments:

Based on Technology

• Devices
  • Wearables
  • Digital Signage
  • Sports Cameras
• Smart Stadiums
  • Digital Content Management
  • Stadium and Public Security
  • Building Automation
  • Others
• Esports
  • Media Rights
  • Ticket Sales and Merchandise
  • Sponsorships and Advertisements
  • Publisher Fees (Downloadable Content, In-game Purchases)
• Sports Analytics
  • Player Analysis
  • Team Performance Analysis
  • Video Analysis
  • Others

Based on Sports

• American Football/Rugby
• Baseball
• Basketball
• Cricket
• Other Sports

Based on End-User

• Sports Associations
• Clubs
• Leagues
• Athletes
• Coaches
• Other Users

COVID-19 Impact Analysis

The world’s health, education, financial, and business sectors continue to feel the effects of COVID-19, and the sports industry is no exception. The virus’s outbreak and spread stopped all nonstop sporting events around the world. Due to Euro 2021, the conclusion of domestic leagues has been delayed.

Except for the French and Dutch leagues, which have been canceled, the majority of sports leagues and events, both national and international, have been postponed. Athletes and teams alike have all been affected by the sports value chain.

To increase fan engagement, various sports leagues and sports used various strategies. Live updates, social media updates, new camera angles, and the use of virtual reality headsets all enhanced the viewing experience and engagement of fans.

Regional Analysis

During the forecast period, Europe is expected to contribute 36% of the global market’s growth. The regional trends and drivers that will shape the market over the forecast period have been explained in great detail by Technavio’s analysts. Europe’s market for sports technology is expected to expand at a steady rate over the forecast period.

Western and central Europe had the highest demand for sports technology, making Europe the most important geographic region. Some of the major contributors include the United Kingdom, Germany, Spain, Italy, and Finland. The regional sports technology market is driven by factors such as the rising demand for IoT-operated connected fitness devices and the rising adoption of smart wearables.

Asia-Pacific is anticipated to be the region’s fastest-growing market. Due to a large number of market participants, China will dominate the APAC regional market in 2022. As the host of the Olympic Games in Tokyo in 2021, Japan is anticipated to significantly contribute to the prosperity of the region.

India has made significant progress in sports technology in recent years as a result of the growing popularity of sports and the resulting increase in the number of sports leagues. Other nations, such as Singapore and Australia, are renovating and building new stadiums that will encourage market expansion by incorporating smart technologies.

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share & Key Players Analysis:

Sports technology is scattered across the globe. Vendors are looking for ways to increase their market share and capitalize on growth opportunities. Top sports technology companies frequently use mergers and acquisitions as a major strategy to broaden their product range.

The sports technology market will have huge opportunities in untapped markets in the coming years. The major players in the global market for sports technology are Apple Inc., Cisco Systems, Inc., HCL Technologies Limited, IBM Corporation, Infosys Limited, Oracle Corporation, Panasonic Corporation, SAP SE, and Sony Corporation.

Market Key Players:

Listed below are some of the most prominent sports technology industry players.

• Apple Inc.
• ChyronHego Corporation
• Cisco Systems, Inc.
• HCL Technologies Limited
• IBM Corporation
• Infosys Limited
• Modern Times Group MTG
• Oracle Corporation
• Panasonic Corporation
• SAP SE
• Sony Corporation
• Stats LLC
• Telefonaktiebolaget LM Ericsson
• Other Key Players

Recent Developments:

• In April 2022, McLaren Racing’s official technology partner, Cisco System Inc., a market leader in enterprise networking, video collaboration, and security technology, expanded. McLaren will be able to connect with fans all over the world and improve McLaren’s technological infrastructure on race day by utilizing Cisco’s innovative solutions and expertise through the partnership.
• In May 2022, the most recent developments that would usher in a new era of technology-driven sports viewing and fan engagement were revealed by Infosys Limited, a global provider of next-generation digital services and consulting, and the French Tennis Federation (FFT).

Report Scope