Sports technology market to see value growth at 14.7% CAGR between 2019 and 2027, notes TMR study
Sports Technology Market
The sports technology market is expected to grow at a compound annual growth rate of 14.7% from 2019 to 2027, reaching US $ 93,825.5 million by the end of the forecast period
ALBANY, NY, United States, December 24, 2021 /EINPresswire.com/ – According to a new market report published by Transparency Market Research, the sports technology market was valued at US $ 21,609.1 million in 2016. It is expected to increase at a compound annual growth rate of 14.7% from 2019 to 2027, reaching US $ 93,825.5 million at the end of the period forecast. According to the report, North America was a significant contributor, by revenue, to the sports technology market in 2016. This is mainly due to strong technological advancements and considerable application of sports technology in various sports such as than football, basketball, etc. , throughout the region.
The increasing demand for advanced technologies such as analytics solutions and wearable devices for team management, athlete performance and team performance are creating opportunities for the global sports technology market.
Most companies are developing an advanced analysis solution for the sports industry. For example, in 2016, Agile Sports Analytics, LLC launched the Agile Sports Analytics app, a solution designed for players, coaches, and team analysts. Likewise, in 2018, Microsoft Corporation and Spektacom Technologies signed a strategic partnership to develop a “Power Bat” sports analysis platform, which provides information on players, coaches, commentators, and more. This in turn is expected to create a wide range of opportunities for the sports technology market during the forecast period.
The global sports technology market has been segmented on the basis of component, application, sport, end user and region. On the basis of components, the market was categorized into software, wearable devices and sports equipment, and services. The wearable device and sports equipment segment represents a key revenue share in the global sports technology market. This segment covers revenue generation from smart watches, wearable fitness devices, and healthcare trackers. However, the services segment (managed / outsourced) is expected to grow at a significantly higher CAGR of around 16.6% during the forecast period. Based on applications, the market has been categorized into active (tracking, decision-making) and passive (analysis and statistics, tactics and simulation, training, game performance analysis, team analysis and management, injury analysis and health). In terms of end user, the market has been divided into coaches, clubs, leagues, sports associations, others (athletes and sportsmen). In terms of sports, the market has been categorized into basketball, baseball, cricket, cycling, soccer, golf, rugby, and others (swimming, badminton, tennis).
On the basis of geography, the global sports technology market has been segmented into North America, Asia-Pacific, Europe, South America, Middle East, and Africa. North America dominated the global sports technology market with a substantial share in 2018, mainly due to an increase in the deployment of sports technology solutions for various applications such as game performance analysis and tactics and simulation during various sporting events organized in North America, in particular in the United States
Technology has an incredible influence on the course of the evolution of sport around the world across the entire continuum. Multiple aspects such as fan engagement and content consumption, sports training and injury management have come to testify to the vast potential of sports technology. The sports technology market has made remarkable strides in athlete performance and fan visualization. Esports and content platforms are gaining momentum among sports technology companies, as evidenced by the vast venture capital funding of recent years. Wearable technology is another promising area for companies in the sports technology market. The use of smart wearable devices in performance monitoring has been a boon to athletes and their coaches, without a doubt. Content-related platforms are also benefiting from significant investments.
The market in Asia-Pacific is expected to develop at a high growth rate in terms of adoption of sports technology solutions during the forecast period. The research and development departments of sporting goods companies have been very active in launching new products or integrating digital technology into their existing offer. This helps them to capitalize on the growth of the smart technology market in Asia-Pacific.
Global Sports Technology Market: Competitive Dynamics
Sports technology solutions providers are expanding their product portfolio through mergers and acquisitions, which provides them with a larger customer base with an improved and comprehensive suite of solutions and services. Companies are also focused on securing long-term contracts and providing full-service platforms to their customers.
The global sports technology market includes players such as Accenture, Catapult Group International Ltd., Chetu Inc., Firstbeat Technologies Ltd., IBM Corporation, Kinexon Precision Technologies GmbH, Krossover Intelligence Inc., Opta, Oracle Corporation, Orreco, SAP SE , SAS Institute Inc., SportRadar, STATS LLC. and Tableau Software Inc.
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