Overview and Scope
Sports technology refers to technologies created by humans to further human interests or goals in or related to a specific sport. Sports technology connects the playing, or use, features of athletic equipment to the guiding principles of product design by combining the best aspects of engineering science, measurement, and analysis, as well as sports science. It supports this by offering up-to-date knowledge of production procedures and materials, enabling enhancements to the functionality and performance of sporting goods.
Sizing and Forecast
The sports technology market size has grown rapidly in recent years. It will grow from $17.93 billion in 2023 to $21.17 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The growth in the historic period can be attributed to globalization of sports, enhancements in sports broadcasting, emergence of smart stadiums, innovation in sports equipment, growing focus on athlete safety..
The sports technology market size is expected to see rapid growth in the next few years. It will grow to $38.87 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to development of smart sportswear, enhancements in fan engagement platforms, e-sports infrastructure development, regulatory changes and athlete empowerment, sustainability in sports facilities.. Major trends in the forecast period include biomechanics and motion analysis, digital broadcasting and streaming, robotics in training, social media integration, athlete tracking systems, e-sports and gaming integration..
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Segmentation & Regional Insights
The sports technology market covered in this report is segmented –
1) By Sports Type: Baseball, Basketball, Cricket, Ice Hockey, Tennis, Soccer, Rugby
2) By Technology: Device, Smart Stadium, Esports, Sports Analytics
3) By End-User: Sports Associations, Clubs, Leagues, Athletes, Coaches
Top 5 Major Players:
North America was the largest region in the sports technology market in 2023. The regions covered in the sports technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Growing penetration of eSports is significantly contributing to the growth of the sports technology market going forward. Esports refers to video gaming competitions held on an organized platform for spectators to see, mimicking the experience of a professional sporting event. Sports technology is used in Esports for broadcasting video game competitions digitally to a greater number of people by increasing internet speed and connectivity and for achieving better graphics good spectator experience. For instance, in May 2021, Free Fire World Series (FFWS) Singapore, an eSports event, reached 5.41 million peak viewers, which is a 168% increase compared to the previous FFWS Rio event, which reached 3.9 million peak viewers. Therefore, the growing penetration of eSports will drive the sports technology market.
Key Industry Players
Major companies operating in the sports technology market are adopting new technological solutions, such as virtual reality-based tools, to gain a competitive edge in the market. A VR-based sports technology tool is a tool that uses virtual reality technology to enhance sports training and decision-making. VR technology creates a simulated environment that allows athletes to experience game situations and scenarios, providing a more immersive and interactive training experience. For instance, in October 2022, Meta, a US-based technology company, launched the XTADIUM app on Meta Quest. By providing 180-degree virtual reality (VR) footage in up to 8K video resolution, XTADIUM brings the viewer closer to the action than ever before. Users can keep tabs on the game with real-time statistical overlays that you can toggle on or off, and you can get the best view by selecting from up to eight different camera angles. Viewers can host a private watch party for their friends or watch the event alone.
The sports technology market report table of contents includes:
1. Executive Summary
2. Sports Technology Market Characteristics
3. Sports Technology Market Trends And Strategies
4. Sports Technology Market – Macro Economic Scenario
5. Global Sports Technology Market Size and Growth
….
31. Global Sports Technology Market Competitive Benchmarking
32. Global Sports Technology Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Sports Technology Market
34. Sports Technology Market Future Outlook and Potential Analysis
35. Appendix
List of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Sports Technology Market, Segmentation By Sports Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Sports Technology Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Sports Technology Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…..
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