Press release
Top Market Shifts Transforming the Sports Broadcasting Technology Market Landscape: Key Insights
Sports Broadcasting Technology Market
What Is the Expected CAGR for the Sports Broadcasting Technology Market Through 2025?
The size of the sports broadcasting technology market has significantly expanded in the past few years. The anticipated growth from $76.17 billion in 2024 to $81.95 billion in 2025, with a compound annual growth rate (CAGR) of 7.6%, reflects this. Factors such as internet and digital streaming, camera technology advancements, the advent of satellite broadcasting, the inclusion of augmented reality (AR), mobile viewing, and secondary screen experiences have all contributed to this growth during the historical period.
What's the Projected Size of the Global Sports Broadcasting Technology Market by 2029?
The market size of sports broadcasting technology is predicted to experience substantial growth in the coming years, reaching $108.33 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 7.2%. Factors contributing to this growth during the forecasted period include the advent of 5G technology, artificial intelligence (AI) and machine learning, virtual reality (VR) and mixed reality (MR), personalized and interactive content, and the incorporation of wearable technology. The forecasted period will also see significant trends such as immersive viewing experiences, broadcasting powered by 5G, the application of AI in production, data analytics and visualization, and the use of cloud-based workflows.
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Top Growth Drivers in the Sports Broadcasting Technology Industry: What's Accelerating the Market?
The anticipated exponential growth of the sports broadcasting technology market is being driven by the surging popularity of on-demand streaming services. These platforms, also referred to as video-on-demand services, provide a vast selection of multimedia content like movies, TV series, documentaries, and exclusive programs that can be accessed and viewed at users' leisure. The appeal of such streaming platforms is escalating due to their cost-saving advantage over traditional television, ease of access, diverse exclusive content, and user-friendly nature. They utilise sports broadcasting technology to stream live sports events, recaps, and analysis contemporaneously, transmitting premium quality video streams over the internet for flawless playback and minimal buffering. For example, the Digital Entertainment and Retail Association ERA, based in the US, reported that in the UK, spending on music streaming services, vinyl, and CDs in January 2024 rose by 9.6% in 2023, almost doubling the rate of growth seen in 2022 (+5%). Furthermore, the UK's entertainment industry saw a 7% growth in 2023. Consequently, the proliferation of on-demand streaming services is a significant driver in the expansion of the sports broadcasting technology market.
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What Trends Will Shape the Sports Broadcasting Technology Market Through 2029 and Beyond?
Prominent firms in the sports broadcast technology market are pioneering advanced solutions such as sports cloud platforms, in an effort to solidify their market standing. The Sports Cloud Platform offers a compelling and interactive setting for sports enthusiasts, courtesy of technologies that amplify the thrill and engagement in sports events. For instance, Tech Mahindra, an IT services and consulting firm based in India, introduced the Sports Cloud Platform in November 2023 to improve the fan experience. The platform, developed in cooperation with Amazon Web Services, Inc. (AWS), a US cloud computing firm, infuses real-time analytics, artificial intelligence (AI), machine learning (ML), augmented reality/virtual reality (AR/VR), and Web 3.0 technologies into its operations. It aims at amplifying the digital abilities of sports leagues, franchises, and organizations and crafting a more engrossing and custom-tailored experience for sports fans.
What Are the Main Segments in the Sports Broadcasting Technology Market?
The sports broadcasting technology market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Technology: Analog, Digital
3) By Platform: OTT (Over-The-Top), Radio, Television
4) By End User: Broadcaster, Studios And Content Developer, Distributors
Subsegments:
1) By Solutions: Software, Hardware, Cloud Solutions, Data Analytics And Visualization Tools
2) By Services: Consulting Services, Integration And Installation Services, Maintenance And Support Services, Managed Services
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Which Top Companies are Driving Growth in the Sports Broadcasting Technology Market?
Major companies operating in the sports broadcasting technology market are IBM Corporation, Orange S.A., NBC Universal Media LLC, Warner Bros. Discovery Inc., NEC Corporation, ESPN Sports Media Ltd., Fox Corporation, Rohde & Schwarz GmbH & Co KG, Belden Inc., NEP Group Inc., AvL Technologies Inc., Viaplay Group AB, Sportradar AG, SKY Network Television Ltd., Evertz Microsystems Ltd., Deltatre Limited, beIN MEDIA GROUP, Supersport, Global Invacom Group, VSN Video Stream Networks S.L., Muvi One, Staige GmbH, OMB Broadcast, Hangzhou HAOXUN Technologies Co. Ltd., EasyBroadcast
Which Regions Will Dominate the Sports Broadcasting Technology Market Through 2029?
North America was the largest region in the sports broadcasting technology market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sports broadcasting technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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