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.
Sports Technology Market Analysis
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.
Sports Technology Market Overview
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.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Sports Technology Market: Strategic Insights
Market Size Value in US$ 24,135.2 Million in 2019 Market Size Value by US$ 65,419.5 Million by 2027 Growth rate CAGR of 13.5% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Sports Technology Market: Strategic Insights
| Market Size Value in | US$ 24,135.2 Million in 2019 |
| Market Size Value by | US$ 65,419.5 Million by 2027 |
| Growth rate | CAGR of 13.5% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Sports Technology Market Drivers and Opportunities
Rising investment in the sports industry to Favor Market
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:
- In February 2024, the Biden-Harris Administration announced a new partnership with major sports leagues and players associations to boost physical activity and increase nutrition programming across the country.
- In India, under the National Investment Pipeline, capital expenditure of US$ 1.1 billion (FY20-FY25) has been earmarked for developing sports infrastructure in the country.
Adoption of advanced technologies such as AI/ML – An Opportunity in the Sports Technology Market
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.
Sports Technology Market Report Segmentation Analysis
Key segments that contributed to the derivation of the sports technology market analysis are component and technology.
- Based on the components, the market is segmented into hardware, software, and services. The hardware segment held a larger market share in 2023.
- By technology, the market is segmented into tracking system/hawk-eye technology, broadcast technology, virtual reality, wearable technology, and other technologies. The broadcast technology segment held a larger market share in 2023.
Sports Technology Market Share Analysis by Geography
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.
Sports Technology Market Report Scope
Sports Technology Market News and Recent Developments
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:
- In November 2023, Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services and solutions, announced it had collaborated with Amazon Web Services (AWS) to build a sports cloud platform. The offering focuses on building next-generation digital capabilities for sports organizations and delivering immersive and personalized experiences to sporting enthusiasts worldwide. The sports cloud offering is the result of a Strategic Collaboration Agreement (SCA) signed between the two organizations in September 2023, with a shared vision to bring the sports institutions closer to the fans and the fans closer to the action. The SCA supports ease of access for Tech Mahindra to AWS resources and services and allows both entities to participate in joint go-to-market initiatives and drive business growth. (Source: Tech Mahindra, Press Release, 2023)
- In March 2024, Atos announced the plan to open a pioneering Sports Technology Centre of Excellence within a newly established Atos MENA HQ in the second quarter of 2024 in Riyadh, Saudi Arabia. Announced at LEAP 2024, the Centre of Excellence will leverage Atos’ global track record in providing best-in-class IT services and solutions to global sporting events. The Centre will develop cutting-edge technology applications to benefit athletes, fans, and the sports movement in Saudi Arabia. (Source: Atos, Press Release, 2024)
Sports Technology Market Report Coverage and Deliverables
The “Sports Technology Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component and Technology
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Sports Technology Market
May 2024
Automotive Board to Board Connector Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Pin Headers, Sockets, Floating Connector, and Card Edge Connector), Pin Headers (Stacked Headers and Shrouded Headers), Application (Powertrain Control Systems, Infotainment and Navigation Systems, Advanced Driver Assistance Systems (ADAS), Electric Vehicles (EV) and Hybrid Vehicle Systems, Lighting Control Systems, Autonomous Vehicles, and Others), Pitch (Less Than 1 mm, 1–2 mm, and More Than 2 mm), Number of Pin (2–12 Pin, 13–30 Pin, 31–50 Pin, 51–100 Pin, and 100+ Pin), and Geography
May 2024
Radiation Hardened Motor Controller and Motor Drive Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Motor Controller and Motor Drive), Motor Drive (AC Drive, DC Drive, and BLDC), Application (Space Exploration, Military and Defense, Nuclear Power Plants, and Others), and Geography
May 2024
Pluggable Optics for Data Center Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Switches, Routers, and Servers), Data Rate (100–400 Gb/s, 400–800 Gb/s, and 800 Gb/s and above), and Geography
May 2024
LED Flashlight Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Rechargeable LED Flashlight and Non-Rechargeable LED Flashlight), Product (Everyday Carry Flashlights, Tactical Flashlights, and Safety Flashlights), Application (Residential, Commercial, and Military and Law Enforcement), and Geography
May 2024
Collaborative Robots Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Payload (5–10 Kgs, Up to 5 Kgs, and Above 10 Kgs), Application (Assembly, Pick and Place, Material Handling, Quality Testing, Machine Tending, Welding, Packaging, and Others), Type (Robotic Arm, Welding Guns, Grippers, and Others), End-user Industry (Automotive, Electronics, Metal and Machinery, Food and Beverage, Logistics, Pharmaceuticals, and Others), Functionality (Static Robot and Mobile Robot), and Geography
May 2024
Analog to Digital Converter Market
Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Integrating Analog to Digital Converters, Delta-Sigma Analog to Digital Converters, Successive Approximation Analog to Digital Converters, Ramp Analog to Digital Converters, and Others), Resolution (8-Bit, 10-Bit, 12-Bit, 14-Bit, 16-Bit, and Others), and Application (Industrial, Consumer Electronics, Automotive, Healthcare, Telecommunication, and Others), and Geography
May 2024
Adaptive Traffic Control System Market
Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Hardware, Software, and Services), Component (OPAC, SCOOT, RHODES, and SCATS), and Application [Highways and Urban (Cities)] and Geography
May 2024
3D Audio Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Component (Hardware, Software, and Services) and End Use Industries (Consumer Electronics, Automotive, Media and Entertainment, Gaming, and Others)
Get Free Sample For