The latest report by IMARC Group, titled “Sports Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global sports technology market size reached US$ 18.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 33.2 Billion by 2028, exhibiting a growth rate (CAGR) of 10.28% during 2023-2028.
Sports technology refers to the integration of advanced technologies into the realm of sports to enhance athletic performance, audience engagement, and operational efficiency. It includes a wide array of applications, ranging from wearable fitness trackers, smart shoes, and GPS devices to more complex systems like video analysis software and virtual reality training environments. These technologies aid in collecting data, analyzing performance metrics, and offering real-time insights to athletes, coaches, and stakeholders. The use of sports technology has become pervasive in professional sports leagues, educational institutions, and even at the amateur level. The primary objective is to gain a competitive edge, improve physical well-being, and deliver an enriched experience for both athletes and spectators. Currently, sports technology is gaining immense traction across the globe as it ensures a higher level of accuracy in decision-making, for instance, in referee judgments, by employing tools like VAR (Video Assistant Referee).
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Sports Technology Market Trends and Drivers:
The global sports technology market is primarily driven by the increasing investments in sports infrastructure, a growing obsession with data-driven decision-making, and the rising popularity of sports analytics. Additionally, emerging trends, such as the adoption of e-sports and virtual sports, are catalyzing market growth. Besides this, the heightened focus on injury prevention and rehabilitation using technology like wearables that monitor physiological parameters is supporting the market growth. Furthermore, partnerships between tech companies and sports organizations for the development and implementation of new technologies are fostering innovation and creating new opportunities. In line with this, the advent of cloud computing and artificial intelligence in sports analysis is setting a new standard for performance evaluation and fan engagement, making technology indispensable in modern sports, thus fueling market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Component Insights:
- Software
- Wearable devices and sports equipment
- Services
Technology Insights:
- Artificial intelligence/machine learning (AI/ML)
- Internet of Things (IoT)
- Augmented reality/virtuality (AR/VR)
Sports Insights:
- Soccer
- Baseball
- Basketball
- Ice hockey
- American Football/Rugby
- Tennis
- Cricket
- Golf
- Esports
- Others
Application Insights:
- Tracking
- Decision making and team analysis and management
- Analytics and statistics
- Tactics and simulation
- Training
- Game performance analysis and injury and health analysis
End User Insights:
- Coaches
- Clubs
- Leagues
- Sports associations
- Others
Regional Insights:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Competitive Landscape With Key Players:
- Catapult Group International Ltd.
- Garmin Ltd.
- Infosys Limited
- International Business Machines Corporation
- Oracle Corporation
- Pixellot Ltd.
- SAP SE
- Stats Perform Zebra Technologies Corporation
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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