The European sports technology market is expected to grow at a CAGR of 18.60% from an initial evaluated value of US$5.423 billion in 2019 and is estimated to reach a market size of US$17.897 billion in 2026. Sports technology represents a certain type of means to realize human interests and goals in the sport. Such technology ranges from body techniques, via traditional sports equipment used by athletes within a competition, to performance-enhancing machines, substances, and methods used outside of the competitive setting. Any critical and systematic discussion of sports technology in competitive sport relates to some kind of interpretation of the main constituent of these practices: athletic performance. Using technology in sports makes watching it more enjoyable as one can see the correct decisions being made that may have a major effect on the performance of the teams.
The COVID-19 pandemic has hurt the European sports technology market as many prominent sports events were canceled due to the virus's rapid spread. Some of the events which were canceled were the football tournament Euro 2020 championship, the Tennis Championship Wimbledon, among others. As a result, the sports technology market, which heavily leverages these high-level tournaments to generate business, got adversely affected due to the pandemic. In addition to this, athletes' production of digital equipment, such as wearables, was severely affected.
As many countries in the European region are on their recovery trajectory, with many citizens getting vaccinated and lockdown restrictions getting lifted, the production in this market and the organizing of many major sports events have resumed. Some of these events have been postponed to be held in 2021. Due to these factors, the sports technology market witnessed a slump in 2020, recording around 5% negative growth. Some areas such as online gaming and fantasy leagues, that had no such prerequisite of a physical gathering, managed to cushion some share of the negative impact that this market observed.