The global Sports Technology Market size is anticipated to be USD 34.99 billion by 2025, as per a new report by Million Insights. The market is estimated to expand at a CAGR of 20.3% during the forecast period. Factors such as integration of stadium technologies with social media, adoption of IoT and increasing need for players statistic in real-time are attributing to the growth of the market. Further, upcoming national and international sports events are expected to offer a lucrative opportunity for market growth.
In the recent past, stadium across the emerging and developed nations are being refurbished to provide operational efficiency, superior viewing experience, which, in turn, is driving the growth of the market. AI-based analytics in sports is playing a crucial role as it helps in boosting the performance of individuals along with searching for new talents and mini zing injuries. Additionally, legalization of sports betting in the U.S is estimated to positively drive the market.
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European region is witnessing significant growth owing to increasing demand for wearable devices in countries such as Greece, Turkey and Poland. While growing number of professional leagues and rising penetration of cloud and IoT are driving the market growth in Asia Pacific. Additionally, leading sports governing bodies such as BCCI, MCA and ICC are hosting various tournaments and are incorporating advance technologies, thereby, fueling the growth of the sports technology market.
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Further key findings from the report suggest:
• Smart stadium category is likely to account for the highest market share, primarily because of the rise in construction of smart stadia across the world.
• Among different sports, the basketball is projected to register a CAGR of 21.0% over the forecast duration as key players are emphasizing on integrating wearable technologies in basketball.
• Asia Pacific is likely to account for the CAGR of 23.0% over the forecast duration.
• Leading players operating in the market are Cisco Systems, Inc., SAP SE, Telefonaktiebolaget LM Ericsson, IBM Corporation and others.
Million Insights has segmented the global sports technology market on the basis of technology type, sports, and region:
Sports Technology Type Outlook (Revenue, USD Million, 2015 – 2025)
• Digital Signage
• Smart Stadium
• Stadium & Public Security
• Building Automation
• Event Management
• Analytics & Statistics
• Tickets & Merchandise
• Sponsorship & Advertisements
Sports Technology Sports Outlook (Revenue, USD Million, 2015 – 2025)
• American Football/Rugby
• Ice Hockey
Sports Technology Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• South America
• Rest of South America
• Rest of Europe
• Asia Pacific
• South Korea
• Rest of Asia Pacific
• Middle East & Africa
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