Sports Technology Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Hardware, Software, and Services) and Technology (Tracking System/Hawk-Eye Technology, Broadcast Technology, Virtual Reality, Wearable Technology, and Other Technologies)
The global sports technology market was valued at US$ 24,135.2 million in 2019 and is projected to reach US$ 65,419.5 million by 2027; it is expected to grow at a CAGR of 13.5% during 2020-2027.
Increasing number of sports leagues along with several developments in the sports industry has created substantial opportunities for businesses operating in the market . The combination of technology and sports empowers a sports culture driven by data and delivers the next generation of viewing, fitness tracking, and stadium experience. Further, the sports technology has gained immense popularity in outdoor activities such as football, rugby, cricket, and soccer. Additionally, indoor sports activities mainly contribute to the growth of the sports technology industry. The use of sports technology in badminton, swimming, and chess is likely to offer new growth avenues for the sports technology market in the coming years. Tracking, decision-making, analytics and statistics, tactics and simulation, training, game performance analysis, team analysis and management, and injury and health analysis are among the diverse applications of sports technology. However, restrictions on sports events and mass gatherings in most of the countries due to COVID-19 pandemic are expected to affect the growth of sports technology market , which minimizes the adoption of sports technology among end users, such as, coaches, clubs, leagues, and sports associations.
The sports technology market is segmented based on component and technology. Based on component, the sports technology market is segmented into hardware, software, and services. Based on technology, the sports technology market is segmented into tracking system/hawk-eye technology, broadcast technology, virtual reality, wearable technology, and others. The sports technology market players are focusing on both organic and inorganic growth strategies for sustaining in the competitive environment. For example, NEC launched NEC ALP in October 2018, a powerful business intelligence analytics component for retailers that allows content delivery and data measurement in real-time. Similarly, Fitbit worked with Google to innovate and transform the future of digital health and wearables in April 2018.
Overall size of the sports technology market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market . The process also serves the purpose of obtaining overview and forecast for the sports technology market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts and key opinion leaders specializing in the sports technology market . ATO-GEAR B.V.; Catapult Group International Ltd; ChyronHego Corporation; EON Reality; TrinityVR, Inc.; PROTXX, INC.; Hawk-Eye Innovations Ltd.; STATSports Group; Strivr Labs, Inc.; and Zebra Technologies Corp. are among the key market players profiled in the report.
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