The sports technology market is expected to grow at a CAGR of 15.32% to reach a market size of US$33,629.367 million in 2024 from US$14,296.632 million in 2018. The Sports Technology market will witness a sharp rise during the forecast period owing to the growing sports industry around the globe. Furthermore, the increasing penetration of eSports has further augmented the sports market and is also analyzed to have a considerable impact on the sports technology market in the coming years. Moreover, rapid technological innovations in the fields of hardware and software have further increased the accuracy and performance of the equipment used, resulting in even rapid adoption of these devices in the coming years. The regions of Europe and North America will witness considerable share in the market owing to their early adoption of the technology and high investment in the sports industry. Additionally, the Asia Pacific region is also poised to witness good growth during the coming years.
By type, the sports technology market is segmented as wearable devices, digital signage, smart stadium, sports analytics, and services. The smart stadium is expected to hold dominant share and is anticipated to be one of the fastest growing segments during the forecast period on account of rising investment in the sports industry and an increasing number of stadiums around the globe. In addition, the wearable devices segment is projected to grow at a significant rate owing to increasing product launches and rising adoption of wearable devices by sports players around the globe. Furthermore, recent advances in data collection and management technologies have broadened its scope of sports analytics market during the forecast period.
By sport, the sports technology market is segmented as soccer, basketball, baseball, tennis, cricket, and others. Soccer will hold the largest share in the market owing to the high popularity in the sports industry and substantially large investments throughout the forecast period. Additionally, cricket and other sports are projected to grow at a good pace during the coming years, with the other segment seeing an increase in the share to reach 38.56% by 2024. Tennis and Basketball will also see good growth owing to the increasing popularity of sports in multiple countries. Baseball will grow at the slowest rate owing to the limited popularity of the sport.
By geography, the sports technology market has been segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. The North America sports technology market is dominating the global market, constituting 45.38% share in 2018 on account of the presence of key players in the region and the continuous innovations enabling the development of products and solution that cater to the need of sports industry. Simultaneously, Asia Pacific is projected to grow at the highest CAGR of 19.43% as a number of key major events such as the Tokyo Olympics 2020, Beijing Winter Olympics 2022 among others will be held in the region resulting in growing investment in the development of stadium that is equipped with modern technologies. Moreover, the steady increase in the adoption of technologies in the major sports in Europe is driving the revenue generating opportunities while South America and the Middle East and Africa also provide significant growth opportunities during the forecast period.
The major players profiled in the Sports Technology market include IBM, CISCO, SAP SE, LG, Samsung, FITBIT, Ericsson, and NEC, among others.
The Sports Technology market has been analyzed through the following segments: