Sports Technology Market

Sport Technology Market was valued at USD 20,985 Million in 2022 and is expected to touch USD 76,247 Million in 2030 and is predicted to grow at a 17.5% CAGR during the forecast period.

Sport Technology Market Overview

Sport technology represents a certain type of means to realize human interests and goals in sport. Such technology ranges from body techniques, via traditional sport equipment used by athletes within competition, to performance-enhancing machines, substances, and methods used outside of the competitive setting.

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Major Sport Technology Market Drivers

Increasing adoption of advanced technologies such as the Internet of Things, cloud services, big data analytics, and Artificial Intelligence in the sports industry is one of the major factors projected to expand the sports technology market size. Rising number of sports leagues worldwide have increased the adoption of innovative technologies, which include, wearables, smart stadium, and digital signage by professional sports bodies to improve the performance, engage fans, driving the market growth. For example, in 2018, FIFA mandated the usage of wearables during the live game to monitor the performance of players. Factors such as emerging need for data-driven decisions, growing demand for improved safety, and increasing adoption of e-sports technology will bolster the sports technology market share over the upcoming years.

Moreover, the integration of Artificial Intelligence-driven solutions in the sports industry has automated various business process such as sponsorship activities, athlete training, and performance monitoring, which will strengthen the market growth. The emerging need to make training more effective without the need for opponents and competitors has augmented the demand for sports technology solutions. However, insufficient knowledge about the benefits of sports analytics solutions and the high initial investment will impede the market growth over the upcoming years.

Restraint in the Sports Technology Market

However, high cost of the wearables is a factor which is likely to hamper the growth of the market.

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Component – Segment Analysis

Based on the component, software is witnessed to grow at a higher CAGR in the market over the forecast period. The growth of the software segment is attributed to the growing adoption of cloud-based technologies in the sports industry. Software helps in convenient access for all, saves time with better organized structure.

Technology – Segment Analysis

Based on the technology, broadcast is anticipated to grow at higher CAGR in the market over the forecast period. The growth of the broadcast technology segment is majorly driven by increasing penetration of digital technologies, such as digital signage and cameras, and the growing popularity of over-the-top (OTT) based components.

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Regional – Segment Analysis:

Based on the region, Europe is witnessed to grow at a higher CAGR in the market over the forecast period. Europe is home to several football leagues and most of these leagues have adopted technology in different forms. Europe is also home to several tier-2 and tier-3 football clubs. Smart stadium technology is gaining significant traction in Europe, The Wanda Metropolitan Stadium of Club Atlético de Madrid is one the smartest stadiums in Europe. The whole stadium has 1500 wifi points, 6000 network outlets, and the spectators can know about the parking spaces as well as their seats from the mobile itself. They can use their smartphones and access to cloud and watch the live video of the match then and there itself on their phone only, which has surged the growth of the market.

Top Market Players

Various notable players operating in the market, include, ATO-GEAR B.V., Catapult Group International Ltd, ChyronHego Corporation, EON Reality, TrinityVR, Inc., ROTXX, INC., Hawk-Eye Innovations Ltd., STATSports Group, Strivr Labs, Inc., Zebra Technologies Corp., among others. 

Key Developments:

• • In 2021, SAP Teams Up collaborated with Olympic Triathlon Gold Medalist and Ironman World Champion Jan Frodeno. The collaboration is intended to offer SAP the official data and analytics provider for Frodeno.
  • In 2021, Catapult entered into a strategi partnership with PUSH, a Toronto-based sports technology company which supports coaches plan, track, assess, and improve athlete performance off the field.
  • In 2021, Garmin International declared the new addition to its popular Approach series of GPS golf products—the Approach S42 smartwatch, the Approach S12 watch, and the Approach G12 GPS rangefinder with over 42,000 preloaded courses.
  • In 2020, STATSports, declared that Sporting CP has signed a contract for extension to current agreement.
  • In 2019, Chinese Football Association partnered with VAR technology provider Hawk-Eye Innovations by introducing a new revolutionary 3D Offside System to Chinese Super League.

Segments covered in the Report:

The global sports technology market has been segmented on the basis of component, technology, and regions. Based on component, the market is segmented into hardware, software and services. Based on technology, the market is segmented into tracking system/hawk-eye technology, broadcast technology, virtual reality, wearable technology, and other technologies. 

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Market Segmentation

Global Sports Technology Market by Component

• • Hardware
  • Software
  • Services

Global Sports Technology Market by Technology

• • Tracking System/Hawk-Eye Technology
  • Broadcast Technology
  • Virtual Reality
  • Wearable Technology
  • Other Technologies

Global Sports Technology Market by Region

• • North America Sports Technology Market (Option 1: As a part of the free 25% customization)

    • By Component
    • By Technology
    • US Market All-Up
    • Canada Market All-Up

  • Europe Sports Technology Market (Option 2: As a part of the free 25% customization)

    • By Component
    • By Technology
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Sports Technology Market (Option 3: As a part of the free 25% customization)

    • By Component
    • By Technology
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Sports Technology Market (Option 4: As a part of the free 25% customization)

    • By Component
    • By Technology
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Sports Technology (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • ATO-GEAR B.V.
  • Catapult Group International Ltd
  • ChyronHego Corporation
  • EON Reality
  • TrinityVR, Inc.
  • ROTXX, INC.
  • Hawk-Eye Innovations Ltd.
  • STATSports Group
  • Strivr Labs, Inc.
  • Zebra Technologies Corp.