Sports Technology Market to grow by USD 37.85 Billion (2024-2028), driven by the rise in sports tech events, Report highlights market evolution powered by AI – Technavio

NEW YORK, Dec. 9, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global sports technology market size is estimated to grow by USD 37.85 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  23.96%  during the forecast period. Rising number of sports technology events is driving market growth, with a trend towards increasing incorporation of smart stadiums and venue technologies. However, increasing number of fatalities in hard adventure sports activities  poses a challenge. Key market players include Active Network LLC, Agile Sports Technologies Inc., Athlete Intelligence, CAM Solutions Ltd., Catapult Group International Ltd., Chetu Inc., Cisco Systems Inc., Epicor Software Corp., Garmin Ltd., International Business Machines Corp., Jonas Club Software, Kinexon GmbH, Orreco, PlaySight Interactive Ltd., Salesforce Inc., Samsung Electronics Co. Ltd., SAP SE, SPay Inc., Sportradar Group AG, Upper Hand Inc.,Stats Perform group of companies, Apple, Inc.; ChyronHego Corp.; HCL Technologies Ltd.; Infosys Ltd.; Modern Times Group MTG; Oracle; Panasonic Corporation.; Sony Corporation; Stats LLC; Telefonaktiebolaget LM Ericsson; Amazon Web Services Inc.; DELTATRE; Ernst & Young Global Limited; Genius Sports Group; Microsoft Corporation; SAS Institute Inc.; Sportradar AG; Synergy Sports; CBS Sports Digital; Draft Kings, Inc; Dream 11 (Sporta Technologies Pvt. Ltd.); Dream Sports Group; FanDuel Group.

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Market Driver

The sports technology market is experiencing significant growth, driven by the integration of advanced technologies into sports arenas. Fans now demand and interactive experiences, leading to the adoption of innovations like smart lighting, connected seating, and digital signage. Key technologies include on-field and off-field analytics, Opta Vision, AI, ML, and data analysis, enhancing athletic performance and team analysis. Additionally, VR, Unreal Engine, wearable tech, and high-density Wi-Fi are transforming outdoor sports like football, rugby, and tennis, as well as indoor activities such as badminton, chess, swimming, and esports. 

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 Market Challenges

• The sports technology market encompasses various advanced technologies, including stadiums equipped with high-density Wi-Fi, digital signage, and location-based services. Esports technology, Virtual Reality (VR), Unreal Engine, and hardware-software integrations are transforming fan engagement and virtual entertainment. Wearable technology, sports analytics, player and team performance analysis, health assessment, and data interpretation are crucial for athlete optimization. Artificial intelligence, Opta services, and data analytics platforms facilitate smart stadium management, football clubs, and cricket operations. Integrated security systems ensure audience safety and entertainment activities.

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Segment Overview 

This sports technology market report extensively covers market segmentation by  

1. End-user 

• 1.1 Sports association
• 1.2 Clubs
• 1.3 leagues

• 2.1 Artificial intelligence/machine learning
• 2.2 Internet of Things (IoT)
• 2.3 Augmented reality/virtual reality

• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Sports association-  The global sports technology market is experiencing significant growth, driven by the adoption of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) in various sports domains. Sports associations are leveraging AI and ML for data analysis in soccer, cricket, rugby, tennis, golf, badminton, chess, swimming, and other indoor and outdoor sports activities. AI-powered on-field and off-field analytics from Opta Vision and similar solutions enable coaches to make informed decisions and improve athletic performance. Wearable devices, including smartwatches and fitness trackers, are transforming the way fans monitor their favorite players’ statistics in real-time. Esports and virtual entertainment are attracting massive audiences, with streaming platforms and digital fan-engagement platforms providing experiences. Ticket management, Wi-Fi networks, food ordering, smart lighting, and integrated security systems are essential components of modern sports infrastructure. The English Football League and other sports clubs are investing in these technologies to enhance fan experiences and boost revenue. The integration of AI, ML, data analysis, and smart cameras in sports technology is revolutionizing the industry and setting new standards for innovation.

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Research Analysis

The Sports Technology Market is experiencing significant growth, driven by advancements in Esports technology, High-density Wi-Fi, Location-based services, Digital signage, and Wearable technology. These innovations enhance the fan experience at Stadiums and Arenas/stadiums, transforming Sports events into immersive, interactive experiences. Unreal Engine and Virtual Reality (VR) technologies bring Esports and Indoor sports activities to life, providing Athletic performance analysis through Data analytics and Opta services. Artificial Intelligence (AI) and Wearable devices are revolutionizing the way we monitor and improve Athletic performance in sports such as Badminton, Chess, Swimming, Tennis, Golf, and more. The integration of these technologies is fueling the Digital transformation of the Sports industry, offering new opportunities for Entertainment activities and Games.

Market Research Overview

The Sports Technology Market encompasses various innovative technologies designed to enhance athletic performance and fan experience. Esports (sports) and tech (technology) convergence is driving significant growth in this sector. Technologies such as Virtual Reality (VR), Augmented Reality (AR), and Artificial Intelligence (AI) are transforming the way sports are played and consumed. Wearable technology, including smartwatches and fitness trackers, are popular tools for athletes to monitor their performance and health metrics. Digital signage and analytics are used by teams and leagues to engage fans and optimize stadium operations. Sports technology companies are also leveraging data and analytics to provide personalized training programs and fan experiences. The market is expected to continue growing as technology continues to revolutionize the sports industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Sports Association
• Clubs
• Leagues
• Technology
• Artificial Intelligence/machine Learning
• Internet Of Things (IoT)
• Augmented Reality/virtual Reality
• Geography
• Europe
• North America
• APAC
• South America
• Middle East And Africa
• Type
• Sports

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio