Sports Technology Market to Grow at a CAGR of 13.5% to reach US$ 65,419.5 Million from 2020 to 2027: says The Insight Partners

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.

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Increasing number of sports leagues along with several developments in the sports industry has created substantial opportunities for businesses operating in the market. The combination of technology and sports empowers a sports culture driven by data and delivers the next generation of viewing, fitness tracking, and stadium experience. Further, the sports technology has gained immense popularity in outdoor activities such as football, rugby, cricket, and soccer. Additionally, indoor sports activities mainly contribute to the growth of the sports technology industry. The use of sports technology in badminton, swimming, and chess is likely to offer new growth avenues for the market in the coming years. Tracking, decision-making, analytics and statistics, tactics and simulation, training, game performance analysis, team analysis and management, and injury and health analysis are among the diverse applications of sports technology.

Major growth drivers of sports technology include substantial audience engagement, increasing demand for data-driven decisions and activities, and growing online and offline sports events. Also, the increasing penetration of eSports has further expanded the market for sports technology. Besides, rapid technological innovations in the hardware and software sports technology components have further improved the accuracy and performance of the sports equipment, leading to the rapid adoption of these devices in the coming years. Additionally, sports betting legalization by the US Supreme Court in states such as Montana, Illinois, Iowa, New Hampshire, New Jersey, and New York, is also expected to positively influence the growth of the market during the forecast period. On the flip side, it takes a high initial investment and an extended timeframe for the return on investment (ROI) to deploy sports technology. This is expected to hamper the market growth. Moreover, the growing risk of technology glitches is anticipated to challenge the growth of the sports technology market during the forecast period.

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Increasing Investments in Sports Industry

In emerging economies, the importance of sports has been steadily increasing, leading to increased government spending on the development of the sports industry, specifically on setting up sports infrastructure, building sports teams, and attracting large-scale investments. For instance, the Chinese government's plan to increase the country's sports industry's value to US$ 813 billion by 2025 is leading to large-scale investments in sports activities, including facilities, teams, leagues, events, and other programs. National Football League, Major League Baseball, UEFA Champions League, Nippon Professional Baseball, National Basketball Association, English Premier League, National Hockey League, Kontinental Hockey League, Russian Premier League, and Indian Premier League are some of the major leagues across the world. Similarly, India's federal government has set aside budget of US$ 262 million for the 'Khelo Program' for 2018-2020, to promote sports industry. Since 2012, investment in sports-related start-ups has grown by almost 30% each year. Investors spent nearly US$ 1 billion on sports-tech start-ups in 2015 alone. Investors are actively looking for innovative and disruptive technologies to boost companies in the sports industry. Thus, increasing investments in emerging markets is one of the major factors driving the sports technology market's growth during the forecast period.

Sports Technology Market: Competitive Landscape and Key Developments

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. are among the key market players profiled in the report.

The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

1. In July 2020, STATSports declared that Sporting CP has signed a contract for extension to current agreement. The 18-time PrimeiraLiga champions have been a long-standing client of STATSports with their first team squad using APEX Pro Series.

2. In May 2019, Chinese Football Association partnered with VAR technology provider Hawk-Eye Innovations by introducing a new revolutionary 3D Offside System to Chinese Super League.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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