Global Sports Technology Market Grows at a Staggering CAGR of 16.62%

Sporting technologies are, by definition, techniques created by humans to further their interests or goals in a particular sport. Sports technology integrates measurement and analysis, engineering science, and sports science to link the performance characteristics of sporting equipment with product design principles. It facilitates this by providing current knowledge of manufacturing processes and materials, thereby enhancing the functionality and performance of sporting goods. In most professional sports, instant replay and other technological aids have long been utilized to assist officials in making the correct call. Market Dyamics Increasing Number of Sports Events Drives the Global Market The sports industry has experienced prominent growth in recent years due to rapid urbanization, the rising popularity of Esports, increased sports sponsorship, the emergence of multiple sports channels, and economic expansion. Combining technology and sports enables a data-driven sports culture and propels the next generation of viewing and stadium experiences. In response to an increase in sporting events in the region, nations such as India, China, Australia, Singapore, and Japan are constructing new and renovating stadiums. Furthermore, the expansion of Esports has increased the use of technology in the sports arena. The Esports industry has expanded from small tournaments in gaming cafes to international tournaments with increased viewership and centralized gaming teams. In 2018, game publishers debuted new Esports leagues, including the North American League of Legends Championship Series and, the NBA 2K League and Overmatch League. The Esports industry is exploding in the United States, South Korea, China, and other European nations, propelling the global market. Growing Number of Sports Leagues Create Tremendous Opportunities The franchise model revolutionized the sports industry by providing numerous advantages to players, fans, organizers, and investors. The expansion of the franchise model enables investors to acquire clubs together with exclusive territorial rights. A franchise can establish revenue-sharing models between games, events, merchandise, and players. As a result, the league franchise model fosters an expectation of longevity and expands revenue opportunities. Therefore, expanding prize pools and franchise models are anticipated to provide gaming companies and players with ample opportunities, thereby driving the growth of the sports technology market. Regional Analysis Europe is the most significant global sports technology market shareholder and is predicted to exhibit a CAGR of 16.3% during the forecast period. With more than 1,200 stadiums, Europe is anticipated to hold a sizable share of the smart stadiums market. Digitalization and social media integration are anticipated to create new business opportunities for smart stadium service providers. Europe's various football teams/clubs have built their stadiums and invested significant funds in integrating new technologies to create an unforgettable fan experience. The Manchester City Football Group collaborated with Cisco in 2019 to install Cisco technology throughout the Etihad Stadium in the United Kingdom. Manchester United also collaborated with HCL Technology to implement a digital solution at Old Trafford. Additionally, the legalization of sports betting in several regions, including the United States and Europe, is anticipated to influence the market positively. The adoption of advanced technologies in European stadiums due to increased sporting events is driving the expansion of the global sports technology market. The European market is booming because of the growing desire for a superior viewing experience and the increasing popularity of Bring-Your-Own-Device (BYOD) practices. Key Highlights The global sports technology market was valued at USD 15.89 billion in 2022. It is estimated to reach USD 63.30 billion by 2031, growing at a CAGR of 16.62% during the forecast period (2023–2031). Based on technology, the global sports technology market is segmented into devices, smart stadiums, analytics and statistics, and Esports. The smart stadium segment owns the highest market share and is estimated to exhibit a CAGR of 16.02% during the forecast period. Based on sports, the global sports technology market is bifurcated into American football/rugby, baseball, basketball, cricket, golf, ice hockey, tennis, soccer, and others. The soccer segment dominates the global market and is projected to exhibit a CAGR of 17.5% over the forecast period. Europe is the most significant global sports technology market shareholder and is predicted to exhibit a CAGR of 16.3% during the forecast period. Competitive Players The key global sports technology market players are Apple Inc., Cisco Systems, Inc. Telefonaktiebolaget LM Ericsson, Fitbit, Inc., Fujitsu, Garmin Ltd., IBM Corporation, Modern Times Group MTG, Oracle, Panasonic Corporation, Samsung, SAP SE, and Sony Corporation. Market News In June 2023, CBS Sports announced their collaboration with the Israeli sports technology ecosystem Hype Sports Innovation to find new methods to enhance the US broadcaster's sports coverage. In August 2023, Indian cricket sensation Dinesh Karthik and squash champion Dipika Pallikal joined as strategic partners with Bengaluru-based Sports Tech startup Fanplay IoT. They will help enhance Fanplay's products and plans, guide product development, and increase Fanplay's global exposure. Global Sports Technology Market: Segmentation By Technology Devices Smart Stadium Sports Analytics Esports By Sports American Football/Rugby Baseball Basketball Cricket Golf Ice Hockey Tennis Soccer Others By Regions North America Europe Asia-Pacific Latin America The Middle East and Africa