Sports Technology Market Size was valued at USD 18598.9 Million in 2023. The Sports Technology Industry is projected to grow from USD 20906.1 Million in 2024 to USD 60,515.3 million by 2032, exhibiting a compound annual growth rate (CAGR) of 14% during the forecast period (2024 - 2032).
Sports technology is a broad word that includes a variety of components such as equipment, facilities, and infrastructure. Medical care, training methods, and coaching is all part of sports technology. Sports technology should thus be regarded as an integral component of athletic performance, rather than solely as a feature of the playing environment. The advancement of sports technology has played an important role in the evolution of modern sport.
Sport is a key platform for achieving development outcomes. Sport can contribute significantly to societal integration and economic growth in various geographical, cultural, and political instances. Sport can contribute significantly as a proponent of societal integration and economic growth in a variety of geographical, cultural, and political instances. For children, playing sports may help build friendships based on positive, fun and enjoyable activities. Adults who participate in sports will have the ability to build friendships based on an active lifestyle.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The increasing adoption of AI/ML technology has brought about significant opportunities in the sports technology market, and this is evident in various aspects of the industry. AI/ML technologies are being used to analyze player performance data to help coaches and trainers identify areas for improvement. With the help of AI-powered cameras, players can be tracked and analyzed to measure their movement, speed, accuracy, and other performance metrics. This data can then be used to create personalized training plans for players to improve their skills.
The increasing adoption of AI/ML technology has created significant opportunities in the sports technology market such as in February 2021, the NHL's Vegas Golden Knights partnered with the AI company Clear Sight to develop a machine learning model that can predict a player's likelihood of scoring a goal. In April 2021, the English Premier League's Manchester City partnered with the AI company Satisfi Labs to develop a virtual assistant that can answer fan questions and provide personalized recommendations. In August 2021, the NFL's Pittsburgh Steelers announced a partnership with the AI company Pylon to use machine learning to analyze game footage and improve player performance. Such rising adoption by the users are driving market growth.
Based on LED Type, the Sports Technology Market segmentation includes Indicator- Devices, Smart Stadium, Analytic & Statistics, E-sports. The Smart Stadium technology segment is holding the largest share in 2022 and is expected to grow at 14.5% CAGR during the forecast period. In 2022, the Smart Stadium technology segment held 42.59% of the Sports Technology Market.
The Smart stadium segment encompasses the infrastructure and technologies that are used to transform traditional stadiums into intelligent, connected venues. Smart stadiums utilize sensors, networks, and advanced software to provide real-time data and insights for various stakeholders, including fans, players, coaches, and stadium operators. This data can be used to improve the fan experience, optimize stadium operations, and enhance player performance. Some of the key technologies that are used in smart stadiums include Distributed Antenna Systems (DAS), Wi-Fi Networks, Security Cameras, Sensor Networks, Building Management Systems, and many others.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on Sports Type, the Sports Technology Market has been segmented into Soccer, Basketball, Cricket, Tennis, Ice Hockey, Rugby, and Baseball. The Smart Stadium Sports Type segment is holding the largest share in 2022 and is expected to grow at 14.0% CAGR during the forecast period. In 2022, the Smart Stadium technology segment held 27.0% of the Sports Technology Market.
Soccer, also known as football, is the world’s most popular sport, with a massive global fan base and significant revenue generation. This immense popularity translates into a significant market for sports technology, as teams, leagues, and broadcasters seek innovative solutions to enhance the game, engage fans, and optimize operations. Technology plays a pivotal role in enhancing soccer performance, enabling players, coaches, and analysts to gain deeper insights into individual and team performance. Wearable devices provide real-time data on player movement, biomechanics, and physiological parameters. Allowing for personalized training programs and injury prevention strategies.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In terms of revenue, North America held the largest share of 32.9% in the Sports Technology Market in 2022 and is expected to maintain its dominance during the forecast period. The presence of key players and a focus on infrastructure development in the region contribute to market growth. The North America sports technology market is a growing industry that includes various technologies used in sports and fitness. These include cameras for video analysis, sports performance tracking devices, wearables for tracking fitness levels, and virtual reality systems for training and simulation.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil and others.
Europe held the second largest market share of the Sports Technology market during the forecast period. The European sports technology market encompasses a range of innovative products, systems, and solutions designed to enhance the sports experience for athletes, coaches, teams, and fans. It is a rapidly growing industry driven by advancements in technology, increasing demand for data-driven insights, and efforts to improve sports performance and safety.
The Asia Pacific sports technology market is experiencing robust growth, driven largely by the increasing integration of technology in sports and fitness activities. Key industry players like Nike, Adidas, and Under Armour, alongside emerging startups and SMEs, are contributing to the market's dynamism by leveraging innovation and capitalizing on growth opportunities. This confluence of factors positions the Asia Pacific sports technology market as an arena ripe with potential for further expansion and advancement.
The sports technology market in the Middle East and Africa (MEA) and South America is witnessing strong growth dynamics. The rise can be attributed to an increasing interest in sports and fitness activities along with the progressive integration of advanced technologies. Various market applications are making headway in these regions, including wearable technology, sports analytics, sports performance tracking, and innovative enhancements to gym experiences. As adoption of these applications grows, it is creating a substantial impact on the regional sports technology markets.
South America's sports technology market is seeing an uptick due to a surge in smartphone penetration and internet accessibility. Reports also suggest an increase in public interest in personal health and fitness and a growing sports culture, which, aided by government initiatives promoting sports, contribute to a growing demand for sports technology.
The Sports Technology Market is characterized by the presence of many regional and local vendors. The regional market is highly competitive, with all the players competing to gain a larger market share. The vendors compete based on cost, product quality, reliability, and aftermarket services. Therefore, vendors globally provide cost-effective and efficient products to survive and succeed in a competitive market.
JKL Components Corporation, Samsung Electronics, Nichia Corporation, Marelli Automotive Lighting, Robert Bosch GmbH, Valeo, Cree Inc., Osram Licht Ag, Philips Lighting Holding B.V., General Electric Co., are the major players in the market, competing in terms of a variety of applications of global Sports Technology and their components, as well as efficiency, reliability, affordability, and advanced technology. The primary focus of global players is to provide advanced products to aid in increasing adoption, which could help strengthen a country's growth with advanced products. Although global players dominate the market, a few other local players with a limited market share also have a prominent presence in this market.
The major players would look to strengthen their country's presence through mergers & acquisitions of local and regional players. They are expected to expand their presence and solutions in the above countries during the forecast period. Therefore, vendors globally develop new technologies to stay at par with emerging technology trends that could affect the competitiveness of their product lines in the market.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 18598.9 Million |
| Market Size 2024 | USD 20906.1 Million |
| Market Size 2032 | USD 60,515.3 million |
| Compound Annual Growth Rate (CAGR) | 14% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Sports Type, and Region |
| Geographies Covered | Europe, North America, Asia-Pacific, Middle East & Africa, and South America |
| Countries Covered | The U.S, Germany, Canada, U.K., Italy, France, Spain, Japan, China, Australia, India, South Korea, Brazil, and others. |
| Key Companies Profiled | Catapult Sports, Sony Corporation, SAP SE, HCL Technologies Limited, Panasonic Corporation. |
| Key Market Opportunities | · Digital innovation· Revolutionized in designing apparel and equipment.· Increasing adoption of ai/ml technology· Introduction of newer sports leagues and events· Availability of cost-effective and high-end computing solutions |
| Key Market Dynamics | · Growing popularity of sports· Rising demand for technology in sport· Rising demand for esports technology |
Sports Technology Market Highlights:
Frequently Asked Questions (FAQ) :
The Sports Technology Market size is expected to be valued at USD 18598.9 Million in 2023.
The global market is projected to grow at a CAGR of 14% during the forecast period, 2024-2032.
North America had the largest share of the global market.
The key players in the market are Catapult Sports, Sony Corporation, SAP SE, HCL Technologies Limited, Panasonic Corporation. and Others.
The Smart Stadium category dominated the market in 2022.
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Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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