The global Sports Technology Market size is expected to reach USD 36.20 billion by 2028, registering a CAGR of 16.8% from 2021 to 2028, according to a new report by Grand View Research, Inc. The growth is attributed to the technological advancements that have improved the accuracy, engagement, and experience of both athletes and spectators. The technology is empowering a data-driven sports culture and providing a next-generation viewing experience.
The growing popularity of sports has triggered the need for improving operational efficiency and enhancing security in stadiums. Connected stadium technology can help in realizing a smart stadium leveraging crowd management solutions and advanced parking services, subsequently delivering a next-generation experience. A smart stadium can also provide wireless connectivity across the stadium for spectators, guests, vendors, and contractors.
Advanced technology has become more resilient and less burdensome, paving the way for new opportunities in athletics. Wearable technology is revolutionizing training by providing players’ real-time performance metrics, such as speed, distance covered, heart rate, and hydration level. Coaches and trainers can efficiently use this intricate data to design more effective training sessions and game tactics. For instance, a GPS player-tracking system can be used in soccer to record substantial data, such as distance, speed, pulse rate, acceleration rate, and impact from tackles, in real-time and can be used to prepare team strategies, assign players’ positions in the game, and make substitutions.
Innovative systems based on the latest technologies are being used in most professional sporting events to help referees in making the right call. For instance, basketball referee uses instant replay, the third umpire in cricket has full access to the TV replays for certain situations, such as catch, run out, and boundaries, Video Assistance Referee (VAR) in soccer for decision review, and hawk-eye technology in tennis for ball tracking. Several leading sporting leagues have also started adopting these technologies in various forms.
North America is expected to exhibit strong growth over the forecast period. The U.S. is home to several leagues, such as National Football League (NFL), National Basketball Association (NBA), National Hockey League (NHL), and Major League Baseball (MLB). Leading players, such as Cisco Systems, Inc., IBM Corp., and SAP SE, also have a strong presence in North America. At the same time, many industry participants in the U.S. are actively reshaping their revenue-generation models, particularly to offset the setback they received from the Covid-19 pandemic, which is expected to contribute to the growth of the regional market.
Related Press Release @ Sports Technology Market Report
Sports Technology Market Report Highlights
- The analytics & statistics segment is expected to grow at a substantial CAGR over the forecast period due to the rising demand for on-field analytics and data-driven decision-making
- The Esports segment is expected to register the highest CAGR over the forecast period. Esports has gained traction, especially during the lockdowns implemented in various nations to control the spread of the coronavirus
- Increasing Esports penetration, a growing number of live streaming of games, and heavy investments are expected to propel the segment growth
- Asia Pacific is estimated to be the fastest-growing regional market at a CAGR of over 18% during the forecast period owing to the rising adoption of internet of things (IoT), smart devices, and social media analytics in different sports