Press release
Sports technology Market Growth by 2027: Industry Trends, Future of Sports technologies
The sport technology unit is mainly focused in the designing of innovative application and technologies to facilitate research and the development of intervention strategies to improve sport performance. Nowadays, sports technology and sports data have become an integral part of sports development and performances. As the technology and data play a major role in enhancing player development and sporting performances, the business side of sports is also undergoing growth in the revenue. Professional sports intuitions are looking for new paths to find out how an athlete or a team can utilize new technologies and sports performance data to gain the cutting-edge competitive ability.
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Sports technology is mainly been adopted in outdoor sports activities such as cricket, football, soccer, and rugby. The games are dominating in terms of revenue to the sports technology market. The adoption of Internet of Things (IoT) in the sports industry is the key factor that drive the growth of the sports technology market. In addition, significant improvement in audience engagement and growth in demand for data-driven decisions and operations also fuel the market growth. Furthermore, increase in online and offline sports events boost the growth of the sports technology market. However, high initial investment and budget constraints and rise in cybersecurity concerns restrain the market growth.
Some of the major factors that drive the growth of the sports technology market include adoption of Internet of Things (IoT) in the sports industry, significant improvement in audience engagement, growth in demand for data-driven decisions and operations, and increase in online and offline sports events. However, high initial investment and budget constraints and rise in cybersecurity concerns are expected to restrain the market growth. Each of these factors is anticipated to have a definite impact on the sports technology market during the forecast period.
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The sports technology market is highly competitive and the strategies adopted by the key players include new product launch, product development, business expansion, merger, and acquisition. Fujitsu is one of the key players in sports technology market. For instance, in June 2018, Fujitsu has expanded its sports analytics business through RUN.EDGE in Japan. RUN.EDGE is a Fujitsu subsidiary that is established through a company split. RUN.EDGE combines the core technologies developed by Fujitsu and Skylight Consulting Inc. for image search and image analysis in sports. By focusing on sports analytics, Fujitsu raises the dynamism of the business and expands the use of ICT in the sports sector.
The sports technology market is segmented based on technology, sports, and region. Based on technology, the market is categorized into device, smart stadium, esports, and sports analytics. Based on sports, it is divided into soccer, baseball, basketball, ice hockey, American football/ rugby, tennis, cricket, golf, and esports. Based on region, the market is analyzed across Europe, Asia-Pacific, North America, and LAMEA.
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The major companies in the global sports technology industry include IBM, Ericsson, Cisco, Fujitsu, SAP, Oracle, NEC, LG, Sharp, Samsung, and others.
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