Sports Technology Market Sales And Industry Forecasts Till, 2022 - 2030: Grand View Research, Inc

The global sports technology market size was valued at USD 11.70 billion in 2020 and is expected to register a compound annual growth rate (CAGR) of 16.8% from 2021 to 2028. The rising adoption of emerging technologies, such as the internet of things (IoT) and data analytics, along with social media integration, across various sports, is expected to drive the market over the forecast period. A strong emphasis on audience engagement and entertainment activities coupled with the digital transformation of stadiums is anticipated to drive the demand for technology-driven services in the sports arena. The industry is experiencing a paradigm shift due to increasing investments by various organizations in adopting the latest technologies for monitoring players’ performance and engaging fans, among other activities.

Moreover, investments in marketing, sales, and operations to increase the revenues of companies are also projected to support market growth. In addition, digitalization and artificial intelligence (AI) paves the way for developing the advanced sports arena. The growing number of sports leagues across the globe is creating substantial business opportunities in infrastructure development and advanced technical services. Professional sports associations and franchise leagues are increasingly adopting new and innovative technologies, such as smart stadium, data analytics, wearables, and digital signage. For instance, in 2018, FIFA approved the use of wearables during the live game to track players’ performance. The International Cricket Council (ICC) has also embraced various technologies, such as Spidercam, DRS, Snickometer, and Hawkeye.

Gather more insights about the market drivers, restrains and growth of the Global Sports Technology market

Franchise owners are investing in new technologies and tools to improve players’ performance and expand business opportunities. The franchise model has particularly transformed the industry by providing several benefits, such as financial viability and profitability, to players, organizers, and investors. The franchise model typically envisages investors buying teams with territorial rights. The franchise can establish revenue sharing models for games, events, merchandising, and players. The league franchise model helps create longevity and enhance professionalism, which drives the demand for advanced technologies during the game.

The Covid-19 pandemic has taken its toll on several industries including sports and related industries, such as technology, broadcasting, transportation, and hospitality. Many tournaments and game events, including the Olympics, have either been postponed or their format has been altered. As a result, stakeholders in the market are trying to assess the downstream impact arising from disrupted cash flows, insecurities, and the potential declines in long-term attendance and engagement.

The lockdowns imposed by the governments of China and other Asian countries in Q1/2020 and Q2/2020 adversely affected the production of wearables and digital signage. The limited staff and reduced working hours particularly restricted the development, manufacturing, and sales of wearables and digital signage. The distribution network was shut temporarily in several locations due to the restrictions imposed by various governments, thereby limiting the growth of the devices segment in H1/2020. The cancellation of some of the Esports events led to a fall in merchandise revenue and ticket sales. The revenue growth plummeted in 2020 as a result of the aforementioned factors.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

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Sports Technology Market Segmentation

Grand View Research has segmented the global sports technology market on the basis of technology, sports, and region:

Sports Technology Outlook (Revenue, USD Million, 2017 - 2028)

• Devices

o   Wearables

o   Digital Signage

o   Camera

• Smart Stadium

o   Software

o   Stadium & Public Security

o   Building Automation

o   Event Management

o   Others

         Services

       Analytics & Statistics

       Esports

         Tickets & Merchandise

         Sponsorship & Advertisement

         Others

Sports Technology Sports Outlook (Revenue, USD Million, 2017 - 2028)

• American Football/Rugby
• Baseball
• Basketball
• Cricket
• Golf
• Ice Hockey
• Tennis
• Soccer
• Others

Sports Technology Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America

o   U.S.

o   Canada

o   Mexico

• Europe

o   Germany

o   U.K.

o   France

o   Italy

o   Rest of Europe

• Asia Pacific

o   China

o   India

o   Japan

o   South Korea

o   Rest of the Asia Pacific

• South America

o   Brazil

o   Argentina

• Middle East and Africa (MEA)

Market Share Insights

July 2019 - Telefonaktiebolaget LM Ericsson collaborated with AT&T to offer a 5G network infrastructure for MGM Resorts NBA Summer League. The collaboration envisages allowing the audience to participate in the games in a new way by streaming live video via the Samsung Galaxy S10 5G device.

October 2019 - Modern Times Group (MTG) formed a strategic alliance with the Dutch football league Eredivisie to scale and improve FIFA 20 e-league.

Key Companies profiled:

Some prominent players in the global Sports Technology market include

• Apple, Inc.
• ChyronHego Corp.
• Cisco Systems, Inc.
• HCL Technologies Ltd.
• IBM Corp.
• Infosys Ltd.
• Modern Times Group MTG
• Oracle
• Panasonic Corp.
• SAP SE
• Sony Corp.
• Stats LLC
• Telefonaktiebolaget LM Ericsson

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