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Global Sports Technology Market to Grow at a CAGR of 19.23% between 2021 and 2026.

According to a new report by EMR titled, 'Global Sports Technology Market Report and Forecast 2021-2026', the global sports technology market size was valued at USD 9.3 billion in 2020. The market is further expected to grow at a CAGR of 19.23% in the forecast period of 2021-2026 to reach USD 26.7 billion by 2026.

North America is a significant regional sports technology market owing to the large-scale adoption of technology and enhancing living standards within the region. Further, the rising demand for relaxing sports viewing experience, growing BYOD popularity, and improving social media integration with stadium technologies are aiding the industry growth within the region. The Asia Pacific region is expected to witness a robust growth in the forecast period due to the internet and cloud technology penetration, digitalisation of sports, and the emergence of professional leagues.

IBM (NYSE: IBM) and Telefonaktiebolaget LM Ericsson (STO: ERIC-B) are the key players in the global sports technology market. In June 2020, IBM, along with All England Lawn Tennis Club (AELTC), announced the continuation of the pledge of their partnership to leverage disruptive innovation in the sports industry in order to elevate and differentiate the famous traditional tennis tournament. The announcement of multiple innovations for The Championships 2020 across Cloud and AI aims to maximise the opportunities presented by IBM’s core strategic capabilities. IBM and AELTC, the 30-year-old partners, maintain the importance of challenging the status quo through the help of technology.

Market Analysis by Sports Type, Technology, Sports, Components, Application, End Use, and Region:

  • The sports technology market is bifurcated on the basis of sport type into indoor sports and outdoor sports. 
  • By technology, the sports technology market is divided into artificial intelligence/machine learning (AI/ML), Internet of Things (IoT), and augmented reality/virtual reality (AR/VR).
  • The market is divided on the basis of sports into soccer, baseball, basketball, ice hockey, American football/rugby, tennis, cricket, golf, and esports, among others.
  • On the basis of components, the sports technology market is divided into software, wearable devices and sports equipment, and services. Software is further divided into on-premise and cloud. Services are further divided into training and implementation, support and maintenance, and managed/outsourced services. 
  • On the basis of application, the sports industry is divided into tracking, decision making, analytics and statistics, tactics and simulation, training, game performance analysis, team analysis and management, and injury and health analysis. 
  • The market is divided on the basis of end use into coaches, clubs, leagues, and sports associations, among others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of The Report:

  • The global sports technology market is driven by the enhanced audience engagement and rising sports events, both online and offline.
  • The growing demand for data-driven decisions and operations is boosting the sports industry growth.
  • The market is further aided by the penetration of internet and cloud technology, professional leagues emergence, and the digitalisation of sports. 
  • The increasing internet adoption, constant growth in social media analytics, cloud computing, smart devices, and Internet-of-Things are accelerating the market growth.
  • Multiple wearables technology companies are focusing on delivering new and insightful data points and automating data analysis, thus, propelling the market further.

Key Offerings of the Report:

  • The EMR report gives an outlook of the global sports technology industry for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the sports type, technology, sports, components, application, end use, and regional markets of sports technology.
  • It gives an in-depth look into the regional price trends in the global sports technology market for the periods (2016-2020) and (2021-2026).
  • It analyses the market dynamics by looking into the key demand and price indicators, aw sell as assessing the market based on the SWOT and Porter’s Five Forces models.

IBM, Telefonaktiebolaget LM Ericsson, Cisco, Fujitsu, SAP SE, Oracle, NEC Corporation, LG Electronics [LG Corp], Samsung, Fitbit, Inc., Apple, Garmin Ltd., Sony Corporation, and Panasonic Corporation, among others, are the key players in the global sports technology market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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