An Exhaustive Study on Sports Technology Market
It is expected that in 2024, the sports technology market size is going to grow at a CAGR 15.32% with market size of US$33,629.367 million from US$14,296.632 million in 2018. The sports technology market has a vast impact on sports and people as many processes have become easier and quicker like analysis of performance, accuracy in time measurement, giving a better view of the spectators and improvement in the design of sports clothing, due which there is an increase in both revenue and the attention of people.
On the other hand, continuous technological innovations in the field of both hardware and software increased the accuracy and performance of the equipment used, resulting in the growth in the market share of the sports technology market. On the basis of the type, the sports technology is divided into wearable devices, digital signage, smart stadiums, sports analytics, and others, and by sports, it includes soccer, basketball, tennis, cricket, and others. While on the basis of geography it is divided into North America, South America, Europe, Middle East& Africa, and the Asia Pacific.
The key factors which are driving the growth of the sports technology market are due to the significant improvement in the audience engagement, continuous improvement in technological innovations in hardware and software, demand for the improvement of accuracy and performance, growth in the demand for data-driven decision and operations and an increase in the penetration of eSports has further augmented the market and analyzed that it will be having a considerable impact on the sports technology market.
Market Key trends increasing demand for Sports Technology
The sports technology markets trends which are responsible for the growth of the market are the technological advancements in sports organizations due to which they are able to take better decisions about their teams and business operations. Stadiums are being competed with the at-home experience as the owners are investing more to create an unforgetful experience for people in the stadiums.
The need for more accuracy and performance is increasing the demand for technological devices which can provide them. And also the increase in both online and offline sports events i.e. eSports is also resulting in the growth of the sports technology industry.
Adoption of the Internet of Things (IoT)
Internet of things plays a major role in the sports the industry as it provides a platform to the players to develop and get engage with the fans, it also provides the coaches, physiotherapists, and fans to analyze & collect the data regarding the game strategy and players’ health status from various devices. And due to the integration of Artificial intelligence solutions with the sports have to lead to automation like data analysis for performance evaluation, business decisions, athlete training, ticket booking, etc. has increased the growth of the sports technology market analysis devices and technological advancements in sports technologies.
Sports Technology Market by Type
By type, the sports technology market is segmented into wearable devices, digital signage, smart stadiums, sports analytics, and others. The smart stadiums are dominating the market and expected to grow more due to the increasing stadiums around the globe. Whereas the market of the wearable devices is also rising rapidly as it is projected to grow at a significant rate due to the increasing adoption of wearable devices by the people whether they are in sports or not and also due to the launch of the new devices with more technological advancements. Furthermore, due to the recent advancements in management technologies and data collection have broadened the scope for sports analytics in the future, which is going to increase the sports technology market share.
The smart stadium is the segment of type of the sports technology market which is growing rapidly due to the increase in sports viewership, as the number of viewership, are increasing the number of the stadiums are also increasing across the globe. This segment is gaining traction because fans want to watch sports in a hassle-free and interactive manner. Due to which the investment in the stadium is increasing rapidly to increase profitability, innovate the technology, improve the security and enhance the experience of the fans, which will result in the growth of the sports technology market.
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