Following a recent analysis on the global sports technology market size, the market was valued at USD 10.34 Billion in 2020 and is projected to reach USD 40.22 Billion over 2021-2028. Rapid proliferation of new and advanced technologies in the sports industry, including big data analytics, cloud services, AI, wearables, and drones is expected to drive sports technology market.
The popularity of sports technology trend was massively triggered by the utilization of Video Assistant Referee (VAR) in the 2018 FIFA World Cup in Russia. The Video Assistant Referee system operated from a video control room and could communicate with the referee on the soccer field to review a play. High accuracy rate of VAR system is fuelling its adoption in the sports industry. Surging viewer demand for safer and fairer gameplay is the key factor propelling the adoption of sports technology solutions.
Increasing focus of franchises to capitalize on mobile technology to enhance viewer experience for spectators in stands at stadiums and fans in their homes will provide impetus to the global sports technology industry growth. In addition, rise in conversion of existing stadiums to new smart stadiums with interaction for check-in, mobile app connectivity, cashless purchases, in-seat wireless charging, and seat upgrade options will further foster sports technology market size through 2028.
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Some Key Highlights in the Report
- Based on sport, the soccer segment held a major chunk of the global sports technology segment in 2020 and is expected to gain traction through 2028 on account of increasing integration of advanced technologies such as big data analytics, AI, drones, wearables, and cloud services in soccer sport.
- Based on technology, the wearable devices segment is expected to observe notable growth over the projected period on account of benefits offered by wearable devices, including player safety assessment tool, workout injury prevention, and metrics of performance & physical conditioning.
- In the regional landscape, Europe is forecast to be the fastest growing market for sports technology over the analysis period on account of rise in adoption of advanced technologies in the sports industry in the region.
- Key players in the market operating in the global sports technology include IBM, Cisco, Ericsson, Fujitsu, Oracle, SAP SE, LG, Sharp Corporation, Samsung, and NEC Corp., among others.
- In June 2019, FOX and IBM & Sports collaborated to transform the production of the 2019 FIFA Women’s World Cup France event with the help of AI analysis and live streaming during the game.
For the purpose of this study, Emergen Research has segmented the global sports technology market on the basis of sports, technology, and region:
- Sports Outlook (Revenue, USD Billion; 2018–2028)
- American Football/Rugby
- Technology Outlook (Revenue, USD Billion; 2018–2028)
- Wearable Device
- Smart Stadium
- Sports Analytics
- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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