Press release
Sports Technology Market to Generate US$ 65.64 Bn Billion by 2031 | Growth & Key Business Strategies
The global sports technology market was valued at US$ 18.36 Bn in 2021It is estimated to surge at a CAGR of 14.0% from 2022 to 2031
The global sports technology market is expected to reach US$ 65.64 Bn by the end of 2031
Rise in Usage of Predictive Analytics to Drive Sports Technology Market
Analytics has been gaining popularity in the last decade, especially within the sports industry. Advancements and increased competitiveness in sports have prompted players and organizations to employ sports analytics to seek answers and solutions to improve performance, comprehend data, and engage fans and customers more effectively.
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Rise in demand for various advanced technologies, such as artificial intelligence (AI), Internet of Things (IoT), machine learning (ML), big data analytics, computer vision, and advanced wireless connectivity, among other technologies, is projected to drive sports technology market size. Additionally, AI-enabled predictive analysis can be utilized to enhance the health and fitness of athletes in sports.
AI helps detect patterns in tactics, strategies, and weaknesses during games. Use of AI analytics technology in sports statistics is gaining traction for its ability to make sense of the enormous volumes of data generated and the potential to make fairly accurate predictions.
Advancements in the field of predictive analytics have led to the development of virtual and augmented reality predictive models that can compute probabilities of sports win/loss prospects and analyze the performance of players. Therefore, a rise in the usage of predictive analytics offers significant opportunities for the global sports technology market.
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Incremental Technological Advancements in Wearable Technology Devices to Offer Opportunities for Sports Technology Market
Wearable technology in sports equipment is useful to improve athlete training and performance. Wearable sports technologies can be used to monitor athletic training, in-game performance, and recovery after an injury. Wearable technology is rapidly revolutionizing sports by reducing the risk associated with injuries such as exhaustion, damaged tendons, and concussion. Additionally, technological developments in this rapidly expanding specialty enable team administrators, coaches, trainers, and players to improve sports performance tracking and reduce sports-related sickness at the same time.
For instance, according to a published article by OHIO University, dated January 2020, wearable athletic devices produced by Australian industry leader- Catapult GPS sports trackers were used by over 9,500 professional athletic players on 500 teams in 35 sports and 35 countries to improve personal and team performance and reduce injury at the same time.
In another example, according to The Upside Newsletter article published dated April 2022, English Premier League loses account to over US$ 12 Mn in wages to those players who are actually not available on the ground owing to injury, which might be tracked and identified beforehand early before selection.
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Wearable technology is also helping create a new playing field in the sports industry to develop groundbreaking innovative products. Rapid advances in sports science technology have made sports wearable devices vital to sportspeople and athletes, globally, in terms of performance assessment and improvement, tracking of distance, speed, and route for amateur runners to complex measurements, and among other such applications. Thus, incremental technological advancements in wearable technology devices are expected to offer significant opportunities for the sports technology market.
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