Sports Technology Market:
Growth opportunities in the Sports Technology Market look promising over the next six years. This is mainly due to the rising number of sports events along with the growing adoption of connected devices in sports technology and the ability to wearable products to offer in-depth analysis into the data-driven.
Sports Technology Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The major key drivers that are contributing to the growth of the global sports technology market include the rising number of sports events taking place at the global level. The government of India launched the scheme including “Khelo India”, which address issued such as infrastructure, technology which is helping the market to expand. Moreover, the rising acceptance of wearable equipment by athletes is further surging the growth of the sports technology market over the coming years. The increasing adoption of connected devices in sports activities is playing a crucial role in influencing the expansion of sports technology.
Wearable devices help to analyze the players’ injury status and enable the coaches and physiotherapists to decrease the amount of pain. Numerous wearable products on the basis of fitness, such as fitness bands, smartwatches, and fitness patches, are becoming popular and are increasing the sports technology market growth. The ability of wearable devices to offer in-depth analysis into data-driven analysis has allowed business owners to form effective workplace policies and adopt practices among the athletes to avoid fatigue or exhaustion. Therefore, the growing acceptance of wearable equipment by athletes is further helping the market to grow. On the other hand, the high cost of wearables is hindering the market growth over the coming years.
Technology Segment Drivers
Based on the technology, the broadcast is projected to grow at a faster CAGR during the forecast period. The significant growth of the broadcast technology segment due to the rising penetration of digital technologies, including digital signage and cameras, followed by the increasing popularity of over-the-top (OTT) based components.
Regional Drivers
Based on the region, Europe has experienced a faster CAGR in the market during the forecast period. Europe is the home to various football leagues and most of these leagues have adopted technology in different forms. Europe is also considered as a home to several tier-2 and tier-3 football clubs. Smart stadium technology is bringing 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 related to the parking spaces and 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. This has further surged the growth of the market.
Sports Technology Market’s leading Manufacturers:
- 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.
Sports Technology Market Segmentation:
Segmentation by Component
- Hardware
- Software
- Services
Segmentation by Technology
- Tracking System/Hawk-Eye Technology
- Broadcast Technology
- Virtual Reality
- Wearable Technology
- Other Technologies
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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