Meticulous Research®—a leading global market research company, published a research report titled, ‘Sports Technology Market by Offering (Wearables, Digital Signages, Cameras, Smart Stumps & Bails, Snicko/Edge Detector, VAR, Sports NFT, Tracking Systems, Sports Analytics), Technology, Sport, End User, and Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the sports technology market is projected to reach $25.7 billion by 2030, at a CAGR of 26.2% from 2023–2030 The growth of the sports technology market is driven by the increasing adoption of fan engagement technologies, increasing investments in sports data analytics, athlete tech, and performance optimization, in-venue technology, gambling & gaming, and recovery health and home fitness, increasing number of sports events, and growing demand for data-driven decisions and operations.
The increasing emergence of sports leagues & events with large prize pools and increasing adoption of AR/VR for creating near-perfect training environments are some of the factors expected to offer significant growth opportunities for players operating in the sports technology market.
However, very minimal monetization opportunities, difficulty in mining athletic performance data for generating easily understandable insights, and high risk of cybersecurity concerns may hinder the growth of this market. Complexity in integrating new technologies with older systems or applications, slow cultural change in sports, and lack of time-efficient solutions for cleaning and manipulating siloed data are some of the major challenges faced by the players operating in the sports technology market.
Furthermore, the latest trends in the sports technology market are the increasing use of generative AI, NFT ticketing and streamlining sports events ticket buying & selling process, and the increasing use of predictive analysis software to help teams & coaches make better decisions.
Meticulous Research® has segmented this market based on offering, technology, sport, end user, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on offering, the sports technology market is segmented into wearables, digital signages, cameras, smart stumps & bails, snicko/edge detectors, video assistance referees, sports NFTs, tracking systems, and sports analytics. In 2023, the sports analytics segment is expected to account for the largest share of the sports technology market. The large share of this segment is attributed to the increasing availability of large amounts of in-field data, growing demand for real-time data access on player performance, need for analytics solutions for analyzing complex in-field data streams, and availability of cost-effective and advanced computing solutions supported by cloud computing.
Based on technology, the sports technology market is segmented into artificial intelligence, neuroscience, nanotechnology, blockchain, virtual reality, IoT, 3D visuals & simulations, big data, and other technologies. In 2023, the big data segment is expected to account for the largest share of the sports technology market. The large share of this segment is driven by the availability of advanced technologies such as multicore processors, high-performance databases, and data compression technology, paving the way for new and dedicated applications of big data for sports. Beyond sports performance analysis, clubs, leagues, media companies, and sponsors are utilizing big data to study fans' preferences and behaviors, seeking to expand their reach and market penetration.
Based on sport, the sports technology market is segmented into bat & ball sports, ball sports, racket sports, racing sports, track & field sports, water sports, adventure sports, combat sports, and other sports. In 2023, the ball sports segment is expected to account for the largest share of the sports technology market. The large share of this segment is attributed to increasing applications of various sports technologies to boost sporting quality, improve business performance in the football industry, intense commercialization of football and bring about new revenue-generating opportunities, enhancement of players’ and teams’ performance, and improve match officiating to identify and minimize mistakes that went unnoticed earlier in the game.
Based on end user, the sports technology market is segmented into sports clubs, associations, athletes & coaches, and sports leagues. In 2023, the sports clubs segment is expected to account for the largest share of sports technology. Sports clubs are increasingly utilizing advanced technologies for boosting participation and improving communication between players, club officials, as well as additional elements like event planning, team management, financial operations, health and safety records, etc.; use of online platforms and applications for getting updates of players availability for matches and training sessions helping administrators and coaches who work for the club to quickly access this information and organize team sheets and arrangements; and improvement in team performance using sports analytics to gather and analyze vital data on players’ and teams’ performance using sensors, cameras, and other specialist equipment, helping coaches better understand how a player performs.
Based on geography, the sports technology market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Europe is expected to account for the largest share of sports technology. The large share of this region is attributed to the presence of many reputed and big football clubs in the region. Big clubs in the Europe region are increasingly using data-driven approaches provided by sports technologies to scout for potentially interesting players. Coaches and scouts in the top football clubs in the Europe region rely on advanced sports technologies to make the most informed personnel choices, keep their players in top condition, and get complete holistic views of a player’s capabilities, including detailed information to create individual training & recovery programs and analyze details such as ball handling time, ball speeds & trajectories in real-time.
The key players operating in the sports technology market are Apple Inc. (U.S.), Bellabeat, Inc. U.S.), ChyronHego Corporation (U.S.), SAP SE (German), Misfit, Inc. (U.S.), Catapult Group International Ltd (Australia), Garmin Ltd. (U.S.), PlaySight Interactive LTD. (Israel), Sportradar AG (Switzerland), Fan Three Sixty, LLC (U.S.), Performa Sports Ltd. (Ireland), Pro Football Focus (U.S.), DDSports, Inc. (ShotTracker) (U.S.), Sensor Holdings Limited (StretchSense) (New Zealand), Samsung Electronics Co., Ltd. (South Korea).
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