Sports Technology Market Worth $83.88 Billion by 2032: Players Catapult Group, Cisco Systems, Inc., IBM Corporation

As per the report published by The Brainy Insights, the global sports technology market is expected to grow from USD 22.51 Billion in 2022 to USD 83.88 Billion by 2032, at a CAGR of 14.06% during the forecast period 2023-2032. Over the projection period, the Middle East is anticipated to grow at the highest CAGR of 17.47%. This is due to the region's popularity as a sports tourism destination. Due to their capacity to host significant sporting events and family-friendly activities, their abundance of hotels, social and personal security, adventure sports and leisure, improved retail experiences, and seamless connectivity, the GCC countries-including the UAE, Qatar, and Saudi Arabia-are experiencing a sharp rise in sports tourism.

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Sports Technology Market Size by Sports (Baseball, Cricket, Ice Hockey, Soccer, American Football/Rugby, Golf, Basketball, Tennis, Others), Type (Smart Stadium, E-sports, Devices, Analytics & Statistics), End-user (Sports Associations, Sports Clubs, Sports Leagues, Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies in the industry include Catapult Group, Cisco Systems, Inc., IBM Corporation, Modern Times Group MTG, Panasonic Corporation, Sony Corporation, Telefonaktiebolaget LM Ericsson, DELTATRE, Genius Sports Group, SAS Institute Inc., Synergy Sports, Draft Kings, Inc, Dream Sports Group, Apple Inc., HCL Technologies Limited, among others, offer more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The global sports technology market has been segmented based on sports, type, end-user, and region. The sports segment is divided into baseball, cricket, ice hockey, soccer, american football/rugby, golf, basketball, tennis, and others. The soccer segment dominated, with a market share of around 14.77% in 2022. Sports technology is essential in soccer to make informed judgements and gain helpful information regarding a player's fitness. The type segment is divided into smart stadium, e-sports, devices, and analytics & statistics. The smart stadium segment dominated the market, with a market share of around 27.39% in 2022. Because they provide both owners and visitors with a wide range of benefits, such as ticket management, seat upgrades, crowd control, closet bathroom lines, social media updates, Wi-Fi, food ordering, merchandise sales, smart lighting, integrated security systems, and emergency response management, these smart venues are growing in popularity. The end-user segment is divided into sports associations, sports clubs, sports leagues, and others. The sports leagues segment dominated the market, with a market share of around 28.24% in 2022. It results from widely recognised leagues utilising more technology tools that help in precise decision-making and enhance fan experiences. For instance, semi-automated offside technology, goal-line technology, and video assistance referee are some of the often-used technologies in soccer.

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The expansion can be associated with increased demand for technology-based services in the sports industry, driven by a strong emphasis on audience engagement and entertainment activities and the digital transformation of arenas and stadiums. During the projected period, there is projected to be a considerable increase in the number of sporting events and the demand for data-driven decision-making and operations.

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