Sports Technology
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What Will the Sports Technology Industry Market Size Be by 2025?
The sports technology market size has grown rapidly in recent years. It will grow from $20.73 billion in 2024 to $24.23 billion in 2025 at a compound annual growth rate (CAGR) of 16.9%. 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.
What’s the Long-Term Growth Forecast for the Sports Technology Market Size Through 2029?
The sports technology market size is expected to see rapid growth in the next few years. It will grow to $45.48 billion in 2029 at a compound annual growth rate (CAGR) of 17.1%. 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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What Are the Key Growth Drivers Fueling the Sports Technology Market Expansion?
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 2024, according to a report published by Esports News UK, a UK-based online publication that provides daily updates about UK esports, revenues from UK games events and venues surged by 140% year-on-year, reaching £10.3 ($11.05) million in 2023, compared to £4.35 ($4.66) million in 2022. Therefore, the growing penetration of eSports will drive the sports technology market.
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What Are the Key Trends Driving Sports Technology Market Growth?
Major companies operating in the sports technology market are focusing on developing advanced performance-tracking devices to improve gameplay, fan engagement, and player performance. A performance-tracking device is a wearable gadget that monitors and analyzes an individual’s physical activities, tracking metrics. These devices help users assess performance, set goals, and optimize training regimens with real-time feedback. For instance, in June 2024, STATSports Group Limited, a UK-based software company, launched the APEX device. Its device is a cutting-edge athlete performance-tracking tool, featuring advanced technologies such as augmented 18Hz GPS and a 600Hz accelerometer for unparalleled accuracy. It can calculate over 50 metrics in real time, providing teams with live data that aligns closely with post-session downloads. The innovative MAPPS technology enables centimeter-level live-streaming of data in various environments, including indoors and stadiums. Designed based on client feedback, APEX is set to be adopted across top sporting competitions like the NFL, NBA, and English Premier League, enhancing player performance monitoring.
How Is the Sports Technology Market Segmented?
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 Companies Are Leading the Charge in Sports Technology Market Innovation?
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
Which Regions Are Leading the Global Sports Technology Market in Revenue?
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
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