Sports Technology Market Growth, Trends & Forecast 2024-2033

The Business Research Company recently released a comprehensive report on the Global Sports Technology Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The sports technology market size has grown rapidly in recent years. It will grow from $17.93 billion in 2023 to $21.17 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The growth in the historic period can be attributed to globalization of sports, enhancements in sports broadcasting, emergence of smart stadiums, innovation in sports equipment, growing focus on athlete safety..

The sports technology market size is expected to see rapid growth in the next few years. It will grow to $38.87 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to development of smart sportswear, enhancements in fan engagement platforms, e-sports infrastructure development, regulatory changes and athlete empowerment, sustainability in sports facilities.. Major trends in the forecast period include biomechanics and motion analysis, digital broadcasting and streaming, robotics in training, social media integration, athlete tracking systems, e-sports and gaming integration..

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Market Drivers and Trends:

Growing penetration of eSports is significantly contributing to the growth of the sports technology market going forward. Esports refers to video gaming competitions held on an organized platform for spectators to see, mimicking the experience of a professional sporting event. Sports technology is used in Esports for broadcasting video game competitions digitally to a greater number of people by increasing internet speed and connectivity and for achieving better graphics for good spectator experience. For instance, in May 2021, Free Fire World Series (FFWS) Singapore, an eSports event, reached 5.41 million peak viewers, which is a 168% increase compared to the previous FFWS Rio event, which reached 3.9 million peak viewers. Therefore, the growing penetration of eSports will drive the sports technology market.

Technological advancement is the key trend gaining popularity in the sports technology market. Major companies operating in the sports technology market are focusing on developing new technologies to improve the gameplay, fan engagement and player performance. For instance, in June 2021, HCL Technologies Limited an India-based technology company in collaboration with cricket Australia developed a digital innovation platform that supports data-driven approaches to increase the involvement of cricket players, fans, and partners. Utilizing Azure as a platform sandbox, HCL and CA will work with Microsoft to help participants. This initiative aims to use technology to foster cricket fan unity and enthusiasm. The new platform was designed to make a significant contribution to the sport of cricket and allow Cricket Australia to enhance the on- and off-field performance of the Australian National Team. The HCL - CA TechJam is accessible to all sports fans, data scientists, analysts, developers, statisticians, tech enthusiasts, freelancers, university students, coders, and technology pioneers from the world developer community. Develop prototypes utilising technology to serve the community and turn cricket into a professional multi-touchpoint sport for all Australians with more than 700,000 registered participants.

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Major Key Players of the Market:

Apple Inc.; ChyronHego Corporation; Cisco Systems Inc.; HCL Technologies Limited; Infosys Limited; Modern Times Group MTG; Oracle; Panasonic Corporation; SAP SE; Sony Corporation; Stats LLC; Telefonaktiebolaget LM Ericsson; Agile Sports Technologies Inc.; Athlete Intelligence; Catapult Group International Ltd.; Chetu Inc.; Epicor Software Corporation; Firstbeat Technologies Oy; International Business Machines Corporation; Jonas Club Software; Genius Sports; VICIS; Stack Sports; Playermaker; Strava; Nextiles; Proteus; ShotTracker; Zebra Technologies; Hawk-Eye Innovations; Sportradar; Kinexon; KINEXON Sports & Media GmbH; PlaySight Interactive; Sparta Science; MyVert; Blast Motion; CoachMePlus; Krossover Intelligence; Hudl; Coach Logic; SPT Sports; Fusion Sport; Kinduct Technologies; Kitman Labs

Sports Technology Market 2024 Key Insights:

• The sports technology market will grow to $38.87 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%.
• Rise Of Esports Drives Exponential Growth In The Sports Technology Market
• Technological Advancements Revolutionize The Sports Technology Market For Enhanced Gameplay And Fan Engagement
• North America was the largest region in the sports technology market in 2023

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