Sports technology has been significantly adopted in outdoor sports activities such as cricket, football, soccer, rugby, etc. The games are contributing significantly in terms of revenue to the sports technology market. Moreover, indoor sports activities are also contributing prominently to the market due to an increase in the adoption of sports technology in games such as badminton, chess, swimming, etc. Currently, the adoption of sports technology is lower in indood sports compared to outdoor sports. However, it is expected to increase in the near future. A rise in the adoption of wearable devices by athletes across regions is expected to drive the sport technology market. The clubs segment is expected to account for a significant share of the sport technology market over the forecast period.
Technology is making incredible bearing on the course of evolution of sports worldwide across the entire continuum. Multiple aspects such as fan engagement and content consumption, athletic training, and injury management, have come to witness the vast potential of sports technology. The sports technology market has been making some remarkable strides how athletes perform and how fans visualize. Esports and content platforms are gathering wide steam among sports technology companies, evident in the vast VC funding the last few years. Wearable technology is another promising area for companies in the sports technology market. The harnessing of smart wearables in tracking performance have been boon to both athletes and their trainers, undoubtedly. Content-related platforms are also seeing large investments.
Over the years, tech investors are seeing large potential in sports technology market, be it in esports, gaming, or sports content media distribution. The advent of digital collectible trading has also transformed the landscape. The growing use cases of 5G and blockchain in sport will pave way to some exciting avenues in near future. Despite the massive potential technologies have been able to extract from the sports sector, pioneer technologies still lack adoption. Two key reasons behind the reluctance or low adoption are the presence of unqualified policy makers or decision makers in sports.
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Further, in spite of the large influx in the sports technology sector, startups are still wary of a stable business model that will help them sustain a steady growth momentum in the market. Long sales cycles have come to become dampener for such companies in the sports tech sector. In developing esports have come to occupy a attract quotient for revenue generation in the sports technology market. Investors are also likely to increasingly appreciate the rapidly evolving ecosystem. In coming years, sports technology trends will shape the world-class venues, such as through stadium experience technologies and through advances in live streaming.
The global sport technology market was valued at US$ 27,589.5 Mn in 2018. It is expected to expand at a CAGR of 14.7% during the forecast period.
The adoption of Internet of Things (IoT) in the sports industry plays a major role in the development of players, player and fan safety, and fan engagement. IoT provides a platform to fans, coaches, physiotherapists, and players to analyze the collected data from various devices. Users can share game strategy and players’ injury status. The platform provides enhanced customer experience. Additionally, the integration of Artificial Intelligence (AI)-enabled solutions in the sports industry helps bring automation and data analysis for business decisions, ticket sales, sponsorship activations, athlete training, and performance evaluation, thereby accelerating the sports technology market. Further, the integration of virtual and augmented reality in sports plays a key role in constantly engaging fans by providing them the opportunity to get closer to athletes. In the 2018 session, all 33 games of the FIFA World Cup were broadcasted on BBC sports through a virtual reality (VR) app. Thus, an increase in the adoption of advanced technology in sports media is expected to drive the sport technology market. However, a rise in cybersecurity concerns is one of the major restraining factors hampering the global sports technology market. Nevertheless, a rise in demand for various advanced technologies such as analytics solutions, wearable devices, etc. for team management, athlete performance, and team performance due to an increase in competition is anticipated to offer growth opportunities to the global sport technology market.
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The sports technology market in Asia Pacific is driven by the sale of hardware and software and increase in investment in sports across countries such as China and India. These economies have been more active in sports such as cricket, basketball, baseball, etc. Additionally, the e-sports industry in Asia Pacific is projected to expand substantially. Factors such as high bandwidth, and the advent of HD and 3D TV are projected to drive the market in countries of Asia. The market in Asia Pacific is estimated to expand at a rapid CAGR of 19.9% from 2019 to 2027. The sports technology market in Europe is estimated to expand at a high growth rate , mainly due to the use of advanced technology across different sports in European countries. New business models in sports are projected to emerge due to the rise of blockchain technology and Artificial Intelligence in Europe. The economies of European countries are developing at a rapid pace, giving rise to a steadily increasing number of start-ups and creating growing momentum. Additionally, European investors are still more traditional, low risk takers, and demanding. Therefore, there is need for better connectivity between the sports world, investment world, and tech world. These factors are expected to fuel the growth of the sport technology market.
Major players operating in the sport technology market include Accenture Plc, Catapult Group International Ltd, Chetu Inc., Firstbeat Technologies Ltd, IBM Corporation, Kinexon Precision Technologies GmbH, Krossover Intelligence Inc., Opta Sports, Oracle Corporation, Orreco Limited, SAP SE, SAS Institute Inc, SportRadar, STATS LLC, and Tableau Software Inc.
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