Yahoo Finance Sports Technology Market Size to Reach USD 40.22 Billion by 2028 | Rapid Adoption of Technologically Advanced Solutions for Urgent Need For Recovery Across The Sports Industry will Proper Industry Growth, says Emergen Research
Key players in the Sports Technology market include IBM, Ericsson, Cisco, Fujitsu, SAP SE, Oracle, NEC Corp., LG, Sharp Corporation, and Samsung.
Vancouver, British Columbia, April 15, 2021 (GLOBE NEWSWIRE) -- The global sports technology market is projected to reach a market size of USD 40.22 Billion by 2028, according to latest analysis by Emergen Research. This growth can be attributed to increasing adoption of advanced technologies for a range of applications in the world of sports. The COVID-19 pandemic and lockdown has severely impacted the global sports industry as all sporting events and stadiums remained under lockdown. A vast majority of athletes and players have suffered due to inability to train and stay in top shape.
As a result, 2021 is a pivotal year for athletes, broadcasters, teams, and fans around the globe, and taking a more technologically advanced approach in all fields of sports is projected to be the way forward. Increasing utilization of Virtual Reality (VR) by athletes and professional sports teams for improving training and performance is a key factor boosting growth of the sports technology market. Rising sales of wearable sports and fitness devices is expected to contribute significantly to revenue growth of the sports technology market.
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Various benefits offered by wearable devices used by professional athletes such as workout injury prevention, player safety assessment tools, and metrics of physical conditioning and performance are some key factors driving rising preference, which is supporting growth of the market to a significant extent currently. Adoption of new and emerging technologies in the sports industry such as big data analytics, Artificial Intelligence (AI), cloud services, wearables, and drones has been increasing substantially in the recent past.
Rising demand for player monitoring devices that provide data on speed and distance covered by each player on the field to the service coaches is projected to boost revenue growth of the market during the forecast period. Increasing adoption of wearable solutions such as wristband devices, sensor embedded equipment, and smart clothing using woven technology or printed electronic materials is also contributing to market revenue growth. Adoption of smart technologies for better management of stadium infrastructure has been rising with steadily increasing deployment of the Internet of Things (IoT) technologies in the sports industry.
High initial investment for implementation of advanced technologies in the sports industry is a key factor expected to restrain growth of the sports technology market to a certain extent. Moreover, the risk of technical difficulties and complexities involved in advanced technologies is projected to hamper demand for sports technology solutions to a certain extent during the forecast period.
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Some Key Highlights in the Report
The global sports technology market is consolidated with a limited number of players accounting for majority market share.
Companies are focusing on strategic expansions into untapped markets and on research and development initiatives to develop and deploy new and more efficient technologies and solutions in the field of sports technology in order to secure and maintain a robust position in the rapidly growing market.
In July 2019, Telecom Egypt and Ericsson announced provision of front-row seat experience for sports enthusiasts through the new and advanced changes being deployed at the Alexandria stadium. The companies showcased two demos based on Virtual Reality, Augmented Reality, and Mixed Reality, as well as face recognition and AI.
The soccer segment accounted for largest revenue share 2020. Player monitoring devices record and transmit data on running speed and distance covered by a soccer player to the service coaches and increasing demand for such devices is projected to boost deployment of sports technology in the soccer field.
Devices segment revenue is expected to expand at a rapid CAGR during the forecast period. Increasing adoption of wearables in combination with data analytics, AI, and cloud services is driving demand for such devices.
Europe accounted for largest revenue share contribution to the global sports technology market in 2020. Rising demand for immersive event viewing and growing smart stadium trend is projected to drive further developments in the sports industry, and drive growth of the sports technology market in the region.
Key players in the market include IBM, Ericsson, Cisco, Fujitsu, SAP SE, Oracle, NEC Corp., LG, Sharp Corporation, and Samsung.
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Emergen Research has segmented the global sports technology market on the basis of sports, technology, and region:
Sports Outlook (Revenue, USD Billion; 2021–2028)
Baseball
Soccer
Basketball
Cricket
Tennis
American Football/Rugby
Others
Technology Outlook (Revenue, USD Billion; 2021–2028)
Esports
Device
Smart Stadium
Sports Analytics
Regional Outlook (Revenue, USD Billion; 2021–2028)
North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Rest of MEA
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