Global Sports Technology Market Report and Forecast 2023-2028

Global Sports Technology Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global sports technology market attained a value of around USD 18,225.4 million in 2022. Aided by the increasing interest in sports by people worldwide, the market is projected to further grow at a CAGR of 11.21% between 2023 and 2028, to reach a value of USD 33,214.3 million by 2028.

Sports technology refers to the specific technologies that are aimed at enhancing the overall performance of humans in sports using science, data knowledge, and several other devices. These technologies are used for purposes such as performance enhancement and to aid coaches in pinpointing even the smallest mistakes not detectable by bare eyes. Moreover, sports technologies are also widely used by a number of people all across the globe to keep a track of their health and fitness during sports.

Growing bent towards sports by both the viewers and players all across the globe is driving the growth of the sports technology market rapidly. Rising number of viewers along with digital transformations in stadiums and arenas is expected to further fuel the requirement of technology in the sports industry. Several organisations are investing in the development of advance technology which is helps in tracking the performance of the players and also in interacting with the fans, thereby, contributing to the growth of the overall sports technology market.

Artificial Intelligence (AI) is a major factor that is helping in the development of technology in the sports industry as they support management as well as coaching by monitoring health and safety of players. AI has made early detection and treatment of both mental and physical health possible, further fuelling its demand from consumers globally. They usually function with the help of wearable gadgets such as watch or heart rate monitor, among other devices.

Rising number of sports events, both offline as well as online, and growing audience engagement are further contributing to the growth of the sports technology market. Wearable device manufacturers are working on developing new features and insightful data to improve the growth of the market globally. Smart stadiums for various sports such as basketball, badminton, and tennis, are growing rapidly and are considered to be the future of the sports industry.

Market Segmentation

The market can be divided on the basis of sport type, technology, sports, component, application, end use, and regions.

Market Breakup by Sport TypeIndoor SportsOutdoor SportsMarket Segmentation by TechnologyArtificial Intelligence/Machine Learning (AI/ML)Internet of Things (IoT)Augmented Reality/Virtual Reality (AR/VR)Market Breakup by SportsSoccerBaseballBasketballHockeyAmerican Football/RugbyTennisCricketGolfE-SportsOthersMarket Breakup by ComponentSoftwareOn-Premise

CloudWearable Devices and Sports EquipmentServicesMarket Breakup by ApplicationTrackingDecision Making and Team Analysis and ManagementAnalytics and StatisticsTactics and SimulationTrainingGame Performance Analysis and Injury and Health AnalysisMarket Breakup by End UseCoachesClubs LeaguesSports AssociationsOthersMarket Breakup by RegionNorth AmericaEuropeAsia PacificLatin AmericaMiddle East and AfricaCompetitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global sports technology market companies. Some of the major key players explored in the report by Expert Market Research are as follows: IBM CorporationFujitsu Limited SAP SEOracle Corporation NEC Corporation Fitbit LLC Apple Inc.Garmin Ltd. Sony Corporation Cisco Systems, Inc.Samsung Electronics Co., Ltd.Huawei Technologies Co., Ltd.Panasonic CorporationCatapult Group International LtdZebra Technologies CorporationStats PerformInfosys LimitedMicroTeamPixellot Ltd.Miro AIOthers*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.