Sports Technology Market Size, Share, Opportunities, And Trends By Type (Wearable Devices, Digital Signage, Smart Stadium, Sports Analytics, Services), By Sport (Soccer, Basketball, Tennis, Cricket, Others), And By Geography - Forecasts From 2024 To 2029

The sports technology market is expected to grow at a CAGR of 15.69% from an initial evaluated value of US$32.823 billion in 2022 to reach US$91.017 billion in 2029.

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 the competition, to performance-enhancing machines, substances, and methods used outside of the competitive setting. 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. As a result, large corporations have expanded their technological breakthroughs to improve their market share in the upcoming years.

Further, due to increased investments by many organizations in implementing the newest technologies for tracking players' performance and interacting with fans, the sports technology market has seen advancements recently. For example, STATS LLC extended its partnership with the United Soccer League in February 2023. The company is providing Opta services to fan-facing platforms, on-field performance, and broadcasting tools of USL through this initiative.

Increasing number of sports events

The rapid urbanization of the population, the rising popularity of Esports, the rise in sports sponsorship, the emergence of numerous sports channels, and economic growth have all contributed to the sports industry's notable expansion in recent years. Technology and sports go hand in hand, enabling a data-driven sports culture that shapes the next wave of spectator sports and stadium experiences. As the number of sporting events in the region rises, nations including Singapore, Japan, China, India, and Australia are constructing new stadiums and remodelling the ones that already exist.

Furthermore, the rise of Esport has encouraged the use of technology in sports. From modest competitions held in gaming cafes, the Esports industry has expanded to include worldwide events with larger audiences and centralized gaming teams.

Growing demand for data-driven decisions and operations

Sports have been using GPS technology for training and competition for a while now. With the aid of the Electronic Performance and Tracking System (EPTS) devices, players can be followed around the field while a plethora of performance-based data, including body conditions, running distance, and speed, is gathered.

Additionally, as connected stadium technologies advanced quickly, spectators could now access information while watching live sporting events. Sports managers have also benefited from wearable sports technology by seeing an increase in team performance and a reduction in player sickness and injury. Athletes, for example, use OptimEye, a Catapult Sports device that accurately tracks athletes' vitals and enables coaches to monitor vitals in real-time. The sports technology market is expanding due to the need for the aforementioned technologies and the requirement to analyze large amounts of data.

Growing use of wearable devices

The increasing use of sports technology products like wearable devices for tracking player performance both during live games and in training is expected to boost the growth of the sports technology market during the forecast period. Using sensors placed on the body or in “smart clothing” (activewear with sensing fibers woven in), allows the trainers and athlete to measure and track performance in real-time. Furthermore, the widespread adoption of the Internet of Things in the sports industry has significantly impacted player development and spectator engagement.

Real-time individual performance measures help establish a more accurate and consistent baseline because every athlete is different. Identifying more intricate data leads to improved performance with less stress and a chance of injury. Moreover, considering the various benefits wearables offer in tracking player performance, teams like Bison Athletics, make use of wearable monitors provided by Zephyr system, which is a privately owned manufacturer of advanced heart rate monitors, and remote physiological monitoring among other tracking devices that allows coaches to monitor athletes for heat exhaustion as well as alter them of the athlete’s rising core temperature, and others, which is expected to boost the demand for wearables and as well the demand for sports technology solutions.

North America is witnessing exponential growth during the forecast period

One of the main reasons for the market success is the thriving sports industry environment in North America which includes professional leagues collegiate athletics and grassroots involvement. Sports managers require state-of-the-art technological solutions because data-driven analytics and decision-making offer real-time player performance and strategic planning insights. The vibrant sports technology ecosystem in the region which consists of startups established companies and research institutions fosters innovation and entrepreneurship. Because of a strong sports culture and widespread access to digital devices wearables virtual reality and augmented reality are a few examples of cutting-edge technology that are being adopted in sports training and fan engagement.

The tech-savvy populace in North America expedites the assimilation of sports technology into diverse facets of sports entertainment and performance optimization. The future of sports on the continent and throughout the world is anticipated to be shaped by this convergence of drivers, which establishes North America as a premier hub for sports technology innovation and investment.

Market key launches

• In March 2024, STATSports launched New AI-Driven Innovation Users will benefit from unmatched positional accuracy in both indoor and outdoor settings thanks to a double sampling rate of 20 Hz, six times faster processing power, and four times more memory capacity. Advanced AI capabilities will also enable deeper analysis tools. Upgrades to BLE technology will enable better charging and connectivity. Practitioners will have access to the most potent monitoring and analysis tool the industry has ever seen by using STATSports.
• In November 2023, Tech Mahindra, a prominent supplier of corporate re-engineering, digital transformation, and consulting services and solutions, announced that it has partnered with Amazon Web Services (AWS) to develop a sports cloud platform. The product is designed to help sports organizations develop next-generation digital capabilities and to provide global sports fans with individualized, immersive experiences.
• In July 2023, NTT DATA announced that The 151st Open, which was held at Royal Liverpool from July 16–23, marked the introduction of its ShotView technology, which is supported by digital twins. NTT DATA has expanded on its success after ShotView's positive response with global fans in 2022 to offer more data points, insights, and analysis that will set new standards for the Championship.

Sports Technology Market Scope:

Segmentation:

• By Type
  • Wearable Device
  • Digital Signage
  • Smart Stadium
  • Sports Analytics
  • Services
• By Sports
  • Soccer
  • Basketball
  • Tennis
  • Cricket
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others