Sports Technology Market Size, Share, Opportunities, COVID-19 Impact, 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 2022 To 2027

The sports technology market is expected to grow at a CAGR of 24.33% from an initial evaluated value of US$16.196 billion in 2020 to reach US$74.390 billion in 2027. 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. For instance, Prism Neuro conducted a launch event in July 2022 to coincide with the rollout of their revolutionary ground-breaking technology that evaluates elite athletes' movement control. The technique assesses the function of brain circuits that control movement. The testing is carried out utilizing a portable device created and built in Canberra, as well as VR and cloud-based technology. The Prism Neuro cloud-based data analytics will enable hardware to be placed all over the world, while the data is sent back to Prism Neuro to be employed in AI models, allowing the product to be continuously improved.

Based on sport, the sports technology market is segmented as soccer, basketball, baseball, tennis, cricket, and others. Soccer is estimated to hold a significant share in the market owing to its high popularity and substantially large investments. Soccer or Football is the most popular sport around the world and is projected to keep a hold on this popularity for the years to come. According to the FIFA 2.0 report, by the Fédération Internationale de Football Association (FIFA), by the 2026 World Cup, the sport will have the participation of more than 60% of the world’s population. The sport, due to its nature, popularity, and higher investments has led to the early adoption of sports technology. Moreover, according to the same aforementioned report, FIFA will invest more than US$4 billion in developing the sport by 2026. Some of the new technologies introduced in football include the usage of EPTS (Electronic Performance and Tracking System), which was provided to all the teams participating in the 2018 FIFA World Cup. The technology allowed coaches to evaluate key data in terms of passing, tackles, and more, possible through the usage of smarter wearable technology and integration of multiple cameras and sensors across the stadiums and pitch.

Also, technologies like artificial intelligence in sports like soccer for tracking athletes’ activities and reducing the chances of injuries are projected to prove to be beneficial in propelling the overall growth of the market in the coming years. For instance, according to the Sports Industry and the Digital Transformation upload by the Global Sports Innovation Center (GSIC) in August 2021, American soccer club Real Salt lake reduced the injuries to players by a major 57% as compared to the previous year by using Zone7, an AI-driven human performance platform. Also, in May 2022, Zone7 expanded its services to Liverpool Football Club.

The growing use of wearable devices for player performance analysis is boosting market growth. 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. For instance, cooperation between Catapult and PUSH, a Toronto-based provider of sports technology that aids coaches in the planning, monitoring, evaluation, and enhancement of athlete performance off the field, was announced in February 2021. This alliance aims to help create a comprehensive, objective perspective of an athlete's performance off the field because Catapult is the standard performance evaluation technology on the field. By measuring performance in the weight room or remotely, PUSH collaborates with numerous professional and Olympic sports franchises across the world to foster strong athlete 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.

COVID-19 Impact on the Sports Technology Market:

The COVID-19 pandemic negatively impacted the sports technology market during the pandemic as many prominent sports events were canceled such as the 2020 Tokyo Olympics, the football tournament Euro 2020 championship, the Tennis Championship Wimbledon, and so on. Government limitations to curb the spread of COVID-19 had a significant negative impact on the sports industry's revenue stream, forcing the shutdown of recreational facilities and the cancellation or delay of sporting events. In addition, the production of digital equipment used by athletes, such as wearables was affected negatively. As many countries, especially in the West, are on their recovery trajectory, with citizens getting vaccinated and lockdown restrictions getting lifted, the production in this market, as well as the organizing of many major sports events, have resumed. Some areas such as online gaming and fantasy leagues, which had no such prerequisite of a physical gathering, managed to cushion some share of the negative impact that this market observed.

However, in the audience engagement area, the pandemic has brought a surge as the companies are now aiming at enhancing the consumers’ viewing experience online which is expected to impact the market positively in the medium to long run, for instance, The English Premier League collaborated with Intel Sports True View. Further, to revolutionize the fan experience across all customer touchpoints and fill stadiums, smart venues are adopting technology. Connectivity and the use of big data are predicted to undergo rapid expansion to better comprehend the number of individuals entering the market.

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
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Others