Press release
Global Sports Technology Market Projected to Surpass $45.48 Billion by 2029 with 17% Annual Growth
The significant advancement of eSports is a major factor in the expansion of the sports technology industry moving forward. eSports has emerged as an organized platform for conducting video gaming competitions, replicating the feel of a professional sports event for spectators. Advances in sports technology have allowed for improved broadcasting of these digital competitions to a wider audience, facilitated by enhanced internet speed and connectivity and better graphics for superior viewer experience. For instance, a report from Esports News UK, a UK-based online news platform covering daily updates on UK esports, stated in May 2024 that revenues from UK games events and venues had seen a 140% increase year-on-year. Earnings rose to £10.3 ($11.05) million in 2023, a stark contrast to the £4.35 ($4.66) million recorded in 2022. As such, the expanding influence of eSports is expected to fuel the growth of the sports technology market.
https://www.thebusinessresearchcompany.com/report/sports-technology-global-market-report
What Is the projected market size and growth rate for the sports technology market?
The expansion of the sports technology market has been swift in recent times. The market's size is projected to elevate from $20.73 billion in 2024 to $24.23 billion in 2025, marking a compound annual growth rate (CAGR) of 16.9%. This historical growth surge is owed to factors such as the internationalization of sports, advancements in sports broadcasting, the rise of smart stadiums, innovations in sports equipment, and an increased emphasis on athlete safety.
In the forthcoming years, the sports technology market is anticipated to witness a swift expansion, with its size skyrocketing to $45.48 billion in 2029, with a compound annual growth rate (CAGR) of 17.1%. The predicted growth in this timeframe is due to the evolution of smart sportswear, advancements in fan engagement platforms, the buildup of e-sports infrastructure, legislative amendments and athlete empowerment, sustainability in sports facilities. Key trends during the forecast period will be biomechanics and motion analysis, digital broadcasting and streaming, the use of robotics in training, integration of social media, tracking systems for athletes, including e-sports and gaming integration.
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What new trends are reshaping the sports technology market and its opportunities?
Foremost firms in the sports technology market are focusing on creating high-tech performance-tracking devices to boost gameplay, increase fan involvement, and enhance player performance. These wearable devices measure and analyze physical activity, assisting users in evaluating performance, setting objectives, and refining training with instant feedback. To illustrate, in June 2024, UK-based STATSports Group Limited introduced the APEX device. This state-of-the-art athlete performance-tracking device comes with cutting-edge features like augmented 18Hz GPS and 600Hz accelerometer for extraordinary precision. It can process over 50 metrics in real-time, offering teams immediate data that corresponds closely with post-training evaluations. The device's groundbreaking MAPPS technology allows for centimeter-specific live data streaming in multiple environments, including indoors and arenas. Created based on user feedback, the APEX device is set to be used in leading sports tournaments like the NFL, NBA, and English Premier League, amplifying the monitoring of player performance.
What major market segments define the scope and growth of the sports technology market?
The sports technology market covered in this report is segmented -
1) By Sports Type: Baseball, Basketball, Cricket, Ice Hockey, Tennis, Soccer, Rugby
2) By Technology: Device, Smart Stadium, Esports, Sports Analytics
3) By End-User: Sports Associations, Clubs, Leagues, Athletes, Coaches
Subsegments:
1) By Baseball: Performance Analytics Tools, Wearable Sensors, Training Aids
2) By Basketball: Shot Tracking Systems, Wearable Performance Monitors, Video Analysis Software
3) By Cricket: Ball Tracking Technology, Player Performance Analytics, Training Simulators
4) By Ice Hockey: Puck Tracking Systems, Wearable Monitoring Devices, Video Analysis Tools
5) By Tennis: Smart Tennis Rackets, Match Analysis Software, Player Tracking Systems
6) By Soccer: GPS Tracking Devices, Video Analysis And Coaching Tools, Performance Monitoring Software
7) By Rugby: Player Monitoring Technologies, Match Analysis Tools, Wearable Sensors
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Which region dominates the sports technology market?
North America was the largest region in the sports technology market in 2024. The regions covered in the sports technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Which key market leaders are driving the sports technology industry growth?
Major companies operating in the sports technology market include Apple Inc., ChyronHego Corporation, Cisco Systems Inc., HCL Technologies Limited, Infosys Limited, Oracle, Panasonic Corporation, SAP SE, Sony Corporation, Stats LLC, Telefonaktiebolaget LM Ericsson, Agile Sports Technologies Inc., Athlete Intelligence, Catapult Group International Ltd., Chetu Inc., Firstbeat Technologies Oy, International Business Machines Corporation, Genius Sports, VICIS, Stack Sports, Playermaker, Strava, Nextiles, Proteus, ShotTracker, Zebra Technologies, Hawk-Eye Innovations, Sportradar, Kinexon, PlaySight Interactive, Sparta Science, MyVert, Blast Motion, CoachMePlus, Krossover Intelligence, Hudl, Coach Logic, SPT Sports, Fusion Sport, Kinduct Technologies, Kitman Labs
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What Is Covered In The Sports Technology Global Market Report?
• Market Size Forecast: Examine the sports technology market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the sports technology market for a structured understanding.
• Key Players Overview: Analyze major players in the sports technology market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the sports technology market.
• Segment Contributions: Evaluate how different segments drive overall growth in the sports technology market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the sports technology market.
• Industry Challenges: Identify potential risks and obstacles affecting the sports technology market.
• Competitive Landscape: Review strategic developments in the sports technology market, including expansions, agreements, and new product launches.
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