The sports technology market size is projected to reach US$ 112.39 billion by 2031 from US$ 39.73 billion in 2023. The market is expected to register a CAGR of 13.9% in 2023–2031. Investment in the sports industries and inclination towards data-driven decision-making are likely to remain key sports technology market trends.
The sports technology market growth in demand for technology-based services in the sports industry can be attributed to the digital transformation of arenas and stadiums, coupled with the increased focus on audience participation and entertainment activities. The market is predicted to grow significantly during the forecast period due to the rise in demand for data-driven decision-making and operations, as well as the number of sporting events. The sports technology market is anticipated to continue expanding due to the growing use of social media, Internet of Things (IoT), and data analytics.
Sporting technologies are man-made methods developed to reach human interests or goals relating to a particular sport. Technology in sports refers to the technical means by which athletes attempt to enhance their training and competitive environment in order to enhance their overall athletic performance.
The sports technology market has grown in recent years as more organizations invest in adopting cutting-edge technologies for tracking player performance and engaging fans. In addition, the government supports the sports industry with investments and partnership activities, which leads to the adoption of technologies in sports. Some of the instances are mentioned below:
The mounting adoption of artificial intelligence (AI)/ machine learning (ML) technology has created significant opportunities in the sports technology market. AI/ML technologies are used to analyze player performance data to assist coaches and trainers in identifying areas for improvement. For example, AI-powered cameras can track and analyze players' movements, accuracy, speed, and other performance metrics. This information can then be used to develop personalized training plans for players looking to improve their skills. Thus, industry leaders are focused on bringing AI technology into the sports industry, which will fuel the sports technology market in the coming years. In April 2024, The International Olympic Committee (IOC) launched the Olympic AI Agenda, setting out the envisioned impact that Artificial Intelligence (AI) can deliver for sports and how the IOC intends to lead the global implementation of AI within sports.
Key segments that contributed to the derivation of the sports technology market analysis are component and technology.
The geographic scope of the sports technology market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, North America accounted for the largest sports technology market share in 2023. North America is an early adopter of technological solutions which leads to its soaring market share. Asia Pacific is expected to grow with the highest CAGR. The market growth in APAC is attributed to the presence of a larger number of sports technology market players.
The regional trends and factors influencing the Sports Technology Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Sports Technology Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 39.73 Billion |
| Market Size by 2031 | US$ 112.39 Billion |
| Global CAGR (2023 - 2031) | 13.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Sports Technology Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Sports Technology Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Sports Technology Marketis evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
The “Sports Technology Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global sports technology market was estimated to be US$ 39.73 billion in 2023 and is expected to grow at a CAGR of 13.9% during the forecast period 2023 - 2031.
Investment in the sports industries and inclination towards data-driven decision-making are the major factors that propel the global sports technology market.
The onset of AR/VR in the sports industry is anticipated to play a significant role in the global sports technology market in the coming years.
The key players holding majority shares in the global sports technology market are Catapult, STATSports, Fitbit, Samsung, and Xiaomi.
The global sports technology market is expected to reach US$ 112.39 billion by 2031.
The incremental growth expected to be recorded for the global sports technology market during the forecast period is US$ 72.66 billion.