Sports Technology Market was valued at USD 17.9 billion in 2021 and is expected to reach USD 40.2 billion by 2026, at a CAGR of 17.5% between 2021 and 2026. The market growth can be attributed to significant improvement in audience engagement, growing demand for data-driven decisions and operations, and increasing sports events, online and offline. Smart stadiums are among the key global trends owing to the increase in the number of sports events being held worldwide. Technological innovations in smart stadiums drive the execution of several projects worldwide. The growth opportunities for the sports technology market are high in Europe and APAC owing to favorable economic and sports environments.
Major players in the market are: IBM (US), Ericsson (Sweden), Cisco (US), Fujitsu (Japan), SAP (Germany), Oracle (US), Catapult Sports (Australia), NEC (Japan), LG (South Korea), Sharp (Japan)
Smart stadiums is expected to hold largest share of sports technology market during forecast period.
A smart stadium is a venue that uses the latest information and communications technology to enhance visitor experience. The adoption of digital technologies and increased commercialization of stadiums are expected to drive the demand for smart stadiums. This benefits pro leagues and world tournaments as well. Due to COVID-19, the number of spectators admitted to sporting events is very limited. However, this led to strong financial losses for clubs, sports facility operators, ticket sellers, etc. Therefore, there was an increasing demand for smart solutions to bring fans and revenue back while also ensuring safety.
Soccer is expected to be the largest adopter of sports technology during forecast period
The adoption of sports technologies has been higher in soccer than in tennis, golf, and other sports. FIFA is making efforts to establish global wearable standards for use by all soccer teams. The idea is to have all professional teams using the same data-tracking technologies for training their players. Eventually, some of these technologies are expected to be used in live matches to help players and coaches track the performance of teams and individual players. They are also anticipated to open a host of possibilities for broadcasting sports events and allowing fans to view in-depth statistics of players.
Sports technology market in North America to grow at highest CAGR during forecast period
North America is the most advanced region in terms of technology adoption and the largest sports technology market in the world. Several stadium operators, sports teams, players, and event organizers in North America are adopting the latest sports technologies to transform their operations digitally. The growing need for network management and high data consumption during matches and events are forcing event operators to adopt solutions that can efficiently reduce data consumption without hampering spectator experience.