Sports Technology Market to be Worth $55.14 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, May 8, 2023 /PRNewswire/ -- The global sports technology market size is expected to reach USD 55.14 billion by 2030, expanding at a CAGR of 20.8% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The growing popularity of sports as a significant source of entertainment, coupled with the increasing need to engage the audience effectively, is driving the growth of the sports technology market. Professional sports organizations have been widely using new technologies such as wearable gadgets, sports data analytics, smart stadiums, and digital signage to engage spectators, create smart infrastructures, and improve team performances.
Key Industry Insights & Findings from the report:
- In terms of type, smart stadium is predicted to record a CAGR of over 20.0% between 2023 and 2030 owing to increased adoption of smart technology in the stadiums to provide enhanced fan experience, increased operational efficiency, and improved safety.
- The wearables sub-segment will register a CAGR of nearly 14.0% over the forecast period with increasing adoption of monitoring tools to facilitate athletic training, recovery after an injury, and in-game performance.
- In terms of sport, cricket is expected to record a notable growth rate by 2030. This can be credited to a considerable number of cricket fans worldwide. The ICC Men's T20 World Cup 2022 recorded 6.58 Bn video views across all ICC platforms, a 65% rise as compared to that in 2021.
- In terms of end-user, the sports leagues segment accounted for a revenue share of 45.8% in 2022 owing to increased adoption of technological solutions in sports events to reach accurate decisions and provide enhanced experience to fans.
- Europe accounted for a sizeable revenue share of 30.1% in 2022 owing to rising popularity of eSports in the region followed by increased business investment in this domain.
Read 171-page full market research report, "Sports Technology Market Size, Share & Trends Analysis Report By Type (Devices, Smart Stadium, Analytics & Statistics, Esports), By Sport (Basketball, Cricket, Golf, Ice Hockey), By End-user, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Sports Technology Market Growth & Trends
The considerable rise in the number of sports events across the globe has provided sports technology companies with ample opportunities to cater to the market by thoroughly understanding the components related to sports by monitoring athletes and events. Several innovative solutions are being employed to improve sports performance. For instance, in March 2023, Catapult announced to launch of the Vector T7, a new athlete monitoring solution. The new solution is 73% smaller than the preceding offering. It is powered by the company's ClearSky Local Positioning System, which provides performance insights, helps mitigate injury risk, and makes live in-game decisions.
The prominent players operating in the sports technology market are also focusing on employing stadium technologies to manage the crowd and provide an enhanced fan experience. For instance, Nokia Corporation collaborated with Singtel Optus Pty Limited to provide extensive coverage to indoor zones such as VIP areas or corporate boxes using the 5G AirScale indoor Radio (ASiR) solution.
The global outbreak of the COVID-19 pandemic made a severe impact on the sports industry as competitions and matches were either postponed or cancelled. However, sports technology gained significant momentum during this period as sports organizations and leagues employed several techniques to increase fan engagement. While athletes competed in empty arenas, technology provided fans a better viewing experience. The social media updates, live updates, new camera angles, and the use of VR headsets further improved the viewing experience for the fans, thereby positively influencing the sports technology market outlook.
Sports Technology Market Segmentation
Grand View Research has segmented the global sports technology market based on type, sport, end-user, and region
Sports Technology Market - Type Outlook (Revenue, USD Billion, 2018 - 2030)
- Devices
- Wearables
- Digital Signage
- Camera
- Smart Stadiums
- Software
- Stadium & Public Security
- Building Automation
- Event Management
- Others
- Services
- Analytics & Statistics
- On-field
- Off-field
- Esports
- Tickets & Merchandise
- Sponsorship & Advertisement
- Others
Sports Technology Market - Sport Outlook (Revenue, USD Billion, 2018 - 2030)
- American Football/Rugby
- Baseball
- Basketball
- Cricket
- Golf
- Ice Hockey
- Tennis
- Soccer
- Others
Sports Technology Market - End-user Outlook (Revenue, USD Billion, 2018 - 2030)
- Sports Clubs
- Sports Associations
- Sports Leagues
- Others
Sports Technology Market - Regional Scope (Revenue, USD Billion, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- South America
- Brazil
- Argentina
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
List of Key Players of Sports Technology Market
- Apple Inc.
- Catapult Group
- ChyronHego Corporation
- Cisco Systems, Inc.
- HCL Technologies Limited
- IBM Corporation
- Infosys Limited
- Modern Times Group MTG
- Oracle
- Panasonic Corporation
- SAP SE
- Sony Corporation
- Stats LLC
- Telefonaktiebolaget LM Ericsson
Check out more related studies published by Grand View Research:
- Esports Market - The global esports market size is expected to reach USD 12,494.3 million by 2030, registering a compound annual growth rate (CAGR) of 21.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The increasing mobile usage in emerging countries, rising awareness regarding esports, and increasing popularity of video games are expected to fuel the market growth during the forecast period.
- Smart Stadium Market - The global smart stadium market size is expected to reach USD 21.00 billion by 2025, expanding at a 20.9% CAGR over the forecast period, according to a study conducted by Grand View Research, Inc. Increasing focus on engaging and entertaining the fans at stadiums, coupled with stringent security regulations framed by sports governing bodies are among the key factors driving the market growth. Additionally, growing demand for data-driven operations and upcoming international and national sports events are anticipated to increase the demand for smart stadiums.
- Sports Analytics Market - The global sports analytics market size is expected to reach USD 6.34 billion by 2030, registering a compound annual growth rate (CAGR) of 27.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. the increasing preference for data in decision making by various associations and organizations is expected to fuel the market growth. The managers and coaches use sports analytics solutions to gain multiple parameters, in-depth analysis, and the players' performance and design training sessions using collected insights. The solutions offer predictive analysis to study the physical parameters of players to prevent injuries that might happen in the future.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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