USD 18.35 Billion
Report ID:
SQMIG45E2167 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
96
|Figures:
76
Sports Technology Market size was valued at USD 18.35 Billion in 2023 and is poised to grow from USD 22.04 Billion in 2024 to USD 95.4 Billion by 2032, growing at a CAGR of 20.10% during the forecast period (2025-2032).
Rapidly surging digital transformation in the sports industry and growing demand for data-driven decision-making in sports are slated to drive the adoption of sports technology going forward. High use of sports analytics and the rising popularity of esports are also estimated to bolster the global sports technology market growth over the coming years. Growing demand for better fan engagement via digital sports platforms and increasing participation in fantasy sports are also expected to bolster the demand for advanced sports technologies in the future. Increasing use of wearable devices in sports and rising investments in the development of advanced sports infrastructure are also predicted to create new opportunities for sports technology providers in the long run. However, high costs of implementation, resistance to change, limited accessibility in developing regions, and regulatory compliance challenges are expected to impede the demand for sports technology across the forecast period and beyond.
US Sports Technology Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
USD 18.35 Billion
Largest Segment
Sports Leagues
Fastest Growth
Sports Clubs
Growth Rate
20.10% CAGR
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Metal Fabrication Service Market is segmented by material, service, end-users, and region. Based on material, the market can be segmented into steel, aluminum and others. Based on service, the market is segmented into metal welding, metal machining, metal forming, metal shearing, and others. Based on end-users, the market is segmented into construction, automotive, aerospace, manufacturing, energy & power, electronics, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Smart stadium segment is forecasted to account for the largest global sports technology market share over the coming years. Increasing awareness regarding the benefits of smart stadiums among spectators as well as stadium owners is projected to primarily help bolster the dominance of this segment. Easy ticket management, crowd management, food ordering, and emergency response management offered by smart stadiums are also expected to further bolster the high share of this segment in the long run. Moreover, rising investments in the development and construction of new smart stadiums are also expected to further cement the high revenue generation potential of this segment.
Meanwhile, the demand for analytics and statistics is slated to rise at a notable CAGR across the study period. Growing use of analytics by sports teams and professionals to improve performance and extensive use of statistics in sports reporting are creating new opportunities for sports technology providers. Rising adoption of data-driven decision-making in sports is also expected to help this segment boost revenue generation in the long run. Use of wearable technologies is expected to further expand the application scope for sports analytics and statistics technologies in on-field as well as off-field applications through 2032.
Sports leagues are forecasted to spearhead the global sports technology industry development potential in the future. Efforts to improve fan experience and engagement in sports leagues and the growing adoption of data-driven decision-making are slated to be factors promoting the use of sports technology in this segment. Video Assistant Referee, goal-line technology, and semi-automated offside technology are some of the most extensively used sport technologies by sports leagues around the world. The rising number of teams in sports leagues opting for advanced sports technologies to enhance their performance is also expected to cement the dominance of this segment in the long run.
On the other hand, the demand for sports technology in sports clubs is expected to rise at a phenomenal pace over the coming years. Sports clubs are collaborating and partnering with sports technology companies to generate valuable insights that help them improve their performance in both on-field and off-field scenarios. Moreover, the rising emphasis of sports clubs on improving fan engagement and incorporation of digital platforms in their business models is also slated to offer new opportunities for sports technology adoption via this segment going forward.
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Europe is forecasted to spearhead the adoption of sports technology on a global level in the future. Presence of several sports leagues such as Premier League, English Football League, etc., increasing proliferation of digital technologies in different sports, and presence of a massive sports audience are helping this region hold sway over others. Rising number of sports teams and clubs collaborating with technology companies to create new sports technologies are also helping the dominance of this region. Germany, France, and the United Kingdom are slated to emerge as the most opportune markets for sports technology providers operating in the European region.
Meanwhile, the demand for sports technology in the Middle East and Africa region is slated to rise at an impressive pace in the long run. Efforts of Middle Eastern countries to become sports tourism centers and increasing number of sporting events being hosted in this region are creating new opportunities for sports technology companies. Saudi Arabia, United Arab Emirates (UAE), Bahrain, and Qatar are some of the most opportune countries for sports technology providers looking to make a mark in this region. High spending potential of sports enthusiasts in this region and growing popularity of multiple sports are also slated to offer new business scope for sports technology companies.
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Sports Technology Market Drivers
High Demand for Sports Analytics
Rising adoption of data-driven decision-making in sports and increasing demand for advanced analysis of sports are projected to primarily drive the global sports technology market outlook. Teams, coaches, and analysts increasingly rely on technologies like wearables, sensors, and software platforms to monitor player performance, optimize training regimens, and gain competitive advantage
Surge in Popularity of Esports
Increasing digital transformation of the sports industry has led to a major upsurge in the popularity of esports. E-sports events demand high-performance hardware, software, and streaming capabilities, creating opportunities for sports technology companies going forward. Increase in number of digital esports tournaments is also slated to help promote the sales of sports technology solutions.
Sports Technology Market Restraints
High Costs of Implementation
Implementing sports technology solutions is a feat that requires substantial upfront investments for components such as analytics platforms, VR equipment, and wearable devices. Moreover, maintenance and regular updates further add up to these high costs and make sports technology inaccessible to companies and people with limited spending potential.
Resistance to Technological Adoption
Traditionalists in the sports industry are skeptical towards the use of advanced technologies owing to their preference for conventional methods. Need for changes in operations and training are also other factors that creates resistance for the adoption of novel sports technologies and thereby hamper the global sports technology market forecast as well.
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Sports technology providers should focus on collaborating with sports teams and companies to maximize their business reach going forward. Launching new sports technology solutions and products can also help companies stay competitive in the future. Integration of advanced technologies such as blockchain, artificial intelligence and advanced data analytics can also help promote innovation in the global sports technology industry.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rising popularity of esports and increasing demand for sports analytics are projected to drive the demand for sports technology over the coming years. On the contrary, high costs of implementation and resistance to technological adoption are expected to hamper the adoption of sports technology in the future. Europe is estimated to emerge as the leading market for sports technology owing to the quick adoption of advanced technologies by sports clubs and the presence of multiple sports leagues in this region. Use of Blockchain, augmented reality, and virtual reality technologies can also help sports technology providers maximize their business scope in the long run.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 18.35 Billion |
Market size value in 2032 | USD 95.4 Billion |
Growth Rate | 20.10% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Sports Technology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Sports Technology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Sports Technology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Sports Technology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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