Sports Technology Market - Forecasts from 2024 to 2029

The sports technology market is expected to grow at a CAGR of 15.69% from an initial evaluated value of US$32.823 billion in 2022 to reach US$91.017 billion in 2029.

Sports technology represents a certain type of means to realize human interests and goals in the sport. Such technology ranges from body techniques, via traditional sports equipment used by athletes within the competition, to performance-enhancing machines, substances, and methods used outside of the competitive setting. Using technology in sports makes watching it more enjoyable as one can see the correct decisions being made that may have a major effect on the performance of the teams. As a result, large corporations have expanded their technological breakthroughs to improve their market share in the upcoming years.

MARKET TRENDS:

Numerous important factors are driving the sports technology industry, encouraging innovation and expansion. The growing need among athletes and sports organizations for solutions related to injury prevention and performance enhancement is one important motivator. Wearables, smart textiles, and biomechanical analysis tools are examples of technological innovations that provide useful insights into athletes' physiology and performance indicators. These insights enable customized training plans and the optimization of athletic potential.

Additionally, coaching and player development have undergone a revolution because of the advent of data analytics and artificial intelligence (AI), which enable real-time performance monitoring and strategic decision-making.

MARKET DRIVERS:

Advancement in technologies is expected to influence sports technology market growth.

Technologies like artificial intelligence in sports like soccer for tracking athletes’ activities and reducing the chances of injuries are projected to prove to be beneficial in propelling the overall growth of the sports technology market in the coming years. For instance, according to the Sports Industry and the Digital Transformation upload by the Global Sports Innovation Center (GSIC) in August 2021, American soccer club Real Salt Lake reduced the injuries to players by a major 57% as compared to the previous year by using Zone7, an AI-driven human performance platform.

The growing use of wearable devices is predicted to positively impact sports technology market growth.

The increasing use of sports technology products like wearable devices for tracking player performance both during live games and in training is expected to boost the growth of the sports technology market during the forecast period. Using sensors placed on the body or in “smart clothing” (activewear with sensing fibers woven in), allows the trainers and athlete to measure and track performance in real-time. Furthermore, the widespread adoption of the Internet of Things in the sports industry has significantly impacted player development and spectator engagement.

Real-time individual performance measures help establish a more accurate and consistent baseline because every athlete is different. Identifying more intricate data leads to improved performance with less stress and a chance of injury. Moreover, considering the various benefits wearables offer in tracking player performance, teams like Bison Athletics, make use of wearable monitors provided by Zephyr system, which is a privately owned manufacturer of advanced heart rate monitors, and remote physiological monitoring among other tracking devices that allows coaches to monitor athletes for heat exhaustion as well as alter them of the athlete’s rising core temperature, and others, which is expected to boost the demand for wearables and as well the demand for sports technology solutions.

MARKET RESTRAINTS:

Sports technology has a lot of potential, but there are a few barriers that prevent it from becoming widely used. The gathering and use of sensitive athlete data raises privacy and data security issues, which makes athletes, teams, and authorities reluctant to fully adopt tech-driven solutions. Furthermore, smaller sports organizations and individuals with limited resources face obstacles due to the high expenses associated with deploying modern sports technology, including equipment, sensors, and analytics platforms.

The inability of multiple technological platforms to work together seamlessly prevents data exchange and analysis between systems due to compatibility and interoperability problems. Furthermore, some sports cultures' aversion to change and the use of conventional coaching techniques may hinder the uptake of cutting-edge technologies.

In addition, there is ongoing debate over the moral implications of using performance-enhancing technology and whether or not they may upset the equilibrium of power. Sports technology can only be fully realised when these limitations are addressed by strong data security protocols, affordable solutions, standardisation efforts, and educational campaigns. This will guarantee the technology's ethical and equitable implementation throughout the sports business.

The North American region is anticipated to hold a significant share of the market.

The vibrant sports industry environment in North America, which includes professional leagues, university athletics, and grassroots involvement, is a major factor in the market's success. The need for cutting-edge technological solutions is fueled by data-driven analytics and decision-making in sports management, which provide real-time player performance and strategic planning insights.

Innovation and entrepreneurship are encouraged by the dynamic sports technology ecosystem in the area, which is made up of existing businesses, startups, and research institutes. Wearables, virtual reality, and augmented reality are examples of cutting-edge technology that are being adopted in sports training and fan engagement because of a robust sports culture and broad access to digital devices.

The tech-savvy populace in North America expedites the assimilation of sports technology into diverse facets of sports entertainment and performance optimization. The future of sports on the continent and throughout the world is anticipated to be shaped by this convergence of drivers, which establishes North America as a premier hub for sports technology innovation and investment.

Key Developments:

• In November 2023,Tech Mahindra, a prominent supplier of corporate re-engineering, digital transformation, and consulting services and solutions, announced that it has partnered with Amazon Web Services (AWS) to develop a sports cloud platform. The product is designed to help sports organizations develop next-generation digital capabilities and to provide global sports fans with individualized, immersive experiences.
• In July 2023,NTT DATA announced that The 151st Open, which was held at Royal Liverpool from July 16-23, marked the introduction of its ShotView technology, which is supported by digital twins. NTT DATA has expanded on its success after ShotView's positive response with global fans in 2022 to offer more data points, insights, and analysis that will set new standards for the Championship.

Segmentation:

By Type

• Wearable Device
• Digital Signage
• Smart Stadium
• Sports Analytics
• Services

By Sports

• Soccer
• Basketball
• Tennis
• Cricket
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others