According to The Insight Partners’ research, the Sports Technology Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Hardware, Software, and Services) and Technology (Tracking System/Hawk-Eye Technology, Broadcast Technology, Virtual Reality, Wearable Technology, and Other Technologies),” the market was valued at US$24,135.2million in 2019 and is projected to reach US$ 65,419.5million by 2027; it is expected to grow at a CAGR of 13.5% from 2020 to 2027.
Increasing popularity of esports, rising demand for a comfortable sport viewing experience, and growing integration of social media with stadium technology are the major factors driving the growth of North American sports technology market. Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. The adoption of sports technology in APAC is majorly driven by penetration of internet and cloud technology, emergence of professional leagues, and sports digitalization. There are major sports leagues and active participants in sports, such as cricket, hockey, badminton, and athletics, as well as esports in India, China, Australia, Pakistan, Sri Lanka, and Bangladesh. China is the largest esports market in APAC.
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The use of sports technology to improve spectator experience and stadium operations positively impacts the market growth. Professional sports bodies have adopted new and innovative technologies, such as digital signage, smart stadiums, sports data analytics, and wearable devices. Due to the proliferation of sporting events, smart stadium is one of the significant trends globally. Additionally, the growing number of massive prize pool events and the ever-increasing number of sports leagues across developed and emerging economies provide market players multiple lucrative opportunities. Due to the presence of a limited number of players, the market is consolidated in nature. To develop innovative technologies and maintain their position in the market, players make significant investments in research and development activities. For example, Fitbit, Inc., a global provider of wearables, collaborated with Google LLC in April 2018 to accelerate digital health and wearables innovation.
However, the US sports leagues began suspending their seasons in early March 2020 due to COVID-19 pandemic. Mandatory social distancing has significantly impacted the global sports industry. For millions of fans, live sports have taken the biggest hit, by shutting down games and ending broadcasts. Restrictions on sports events and mass gatherings in most of the countries are expected to affect the growth of sports industry, which minimizes the adoption of sports technology among end users, such as, coaches, clubs, leagues, and sports associations.
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Increasing Investments in Sports Industry
In emerging economies, the importance of sports has been steadily increasing, leading to increased government spending on the development of the sports industry, specifically on setting up sports infrastructure, building sports teams, and attracting large-scale investments. For instance, the Chinese government’s plan to increase the country’s sports industry’s value to US$ 813 billion by 2025 is leading to large-scale investments in sports activities, including facilities, teams, leagues, events, and other programs.
National Football League, Major League Baseball, UEFA Champions League, Nippon Professional Baseball, National Basketball Association, English Premier League, National Hockey League, Kontinental Hockey League, Russian Premier League, and Indian Premier League are some of the major leagues across the world. Similarly, India’s federal government has set aside budget of US$ 262 million for the ‘Khelo Program’ for 2018—2020, to promote sports industry. Since 2012, investment in sports-related start-ups has grown by almost 30% each year. Investors spent nearly US$ 1 billion on sports-tech start-ups in 2015 alone. Investors are actively looking for innovative and disruptive technologies to boost companies in the sports industry. Thus, increasing investments in emerging markets is one of the major factors driving the sports technology market’s growth during the forecast period.
The List of Companies – Sports Technology Market
The factors mentioned above are expected to impede market growth in 2020 and mid-2021.ATO-GEAR B.V.; Catapult Group International Ltd; ChyronHego Corporation; EON Reality; TrinityVR, Inc.; PROTXX, INC.; Hawk-Eye Innovations Ltd.; STATSports Group; Strivr Labs, Inc.; and Zebra Technologies Corp. are among the key market players profiled in the report.
In July 2020, STATSports declared that Sporting CP has signed a contract for extension to current agreement. The 18-time PrimeiraLiga champions have been a long-standing client of STATSports with their first team squad using APEX Pro Series.
In May 2019, Chinese Football Association partnered with VAR technology provider Hawk-Eye Innovations by introducing a new revolutionary 3D Offside System to Chinese Super League.
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