Press release
Sports Technology Market Skyrocketing Revenue of US$ 65,419.5 Million by 2027 with ATO-GEAR B.V, Catapult Group, ChyronHego, EON Reality
Sports Technology Market
Increasing popularity of esports, rising demand for a comfortable sport viewing experience, and growing integration of social media with stadium technology are the major factors driving the growth of North American sports technology market. Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. The adoption of sports technology in APAC is majorly driven by penetration of internet and cloud technology, emergence of professional leagues, and sports digitalization.
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According to our latest market study on “Sports Technology Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Hardware, Software, and Services) and Technology (Tracking System/Hawk-Eye Technology, Broadcast Technology, Virtual Reality, Wearable Technology, and Other Technologies),” the market was valued at US$24,135.2million in 2019 and is projected to reach US$ 65,419.5million by 2027; it is expected to grow at a CAGR of 13.5% from 2020 to 2027.
The reports cover key developments in the Sports Technology market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market payers from Sports Technology market are anticipated to lucrative growth opportunities in the future with the rising demand for Sports Technology market in the global market.
Key Players Influencing the Market: ATO-GEAR B.V.; Catapult Group International Ltd; ChyronHego Corporation; EON Reality; TrinityVR, Inc.; PROTXX, INC.; Hawk-Eye Innovations Ltd.; STATSports Group; Strivr Labs, Inc.; and Zebra Technologies Corp.
The use of sports technology to improve spectator experience and stadium operations positively impacts the market growth. Professional sports bodies have adopted new and innovative technologies, such as digital signage, smart stadiums, sports data analytics, and wearable devices. Due to the proliferation of sporting events, smart stadium is one of the significant trends globally. Additionally, the growing number of massive prize pool events and the ever-increasing number of sports leagues across developed and emerging economies provide market players multiple lucrative opportunities.
The global sports technology market has been segmented as follows:
Sports Technology Market – by Component
• Hardware
• Software
• Services
Sports Technology Market – by Technology
• Tracking System/Hawk-Eye Technology
• Broadcast Technology
• Virtual Reality
• Wearable Technology
• Other Technologies
Besides this, the report analyses factors affecting Sports Technology market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions considered in the Global Sports Technology Market report.
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Answers that the report acknowledges:
• Market size and growth rate during forecast period.
• Key factors driving the Sports Technology Market.
• Key market trends cracking up the growth of the Sports Technology Market.
• Challenges to market growth.
• Key vendors of Sports Technology Market.
• Detailed SWOT analysis.
• Opportunities and threats faces by the existing vendors in Global Sports Technology Market.
• Trending factors influencing the market in the geographical regions.
• Strategic initiatives focusing the leading vendors.
• PEST analysis of the market in the five major regions.
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