Sports technology is a specific type of means for recognizing human goals and passions in sports. Traditional sports equipment and body techniques used by athletes in competition, and performance-enhancing machines, materials, and methods used outside of the competitive setting are all examples of the sports technology market. Technological advancements have had a significant effect across every industrial sector, which include sports as well. Technology has transformed the sporting equipment industry, influencing everything from shape to performance and precision. It has virtually altered the playing field of sporting activities, and technology appears to have earned a prestigious place in the games industry. Owing to recent technological advances, sports professionals can now wear sensors to improve communication, improve movements, track performance, gain data-driven insights, and create a safer environment in terms of injury.
Some examples of sports technology that has marked the beginning of a new gaming era include:
- Virtual reality
- ABS- Anti-lock braking system
- Timing System
- Protective Equipment
- VAR – Video Assistance Referee
- Wearable Technology
The increasing use of social media integration, data analytics, and the Internet of Things or IoT is projected to serve as an emerging trend in the sports technology market. Technology also improves the gameplay experience for fans by allowing them to communicate with their favorite athletes online; it also encourages viewing and purchasing habits. Furthermore, in the near future, technology is predicted to produce seamless and integrated results, which will likely improve the sports experience. Furthermore, it would result in increased audience/fan engagement as well as improved commercial outcomes. All athletes, managers, coaches, and others in sports are overcoming their limitations with the help of sports engineering. On account of technological advancement, many athletes are gaining competitive advantages in their respective sports. Furthermore, rising fan engagement and increased adoption of cutting-edge technology in sports training are further projected to increase the sales projections of the global sports technology market in the near future.
Increasing Investments in the Adoption of Cutting-Edge Sports Technologies will Bode Well for Market
The demand for technology-based sports services is predicted to be fueled by a strong emphasis on audience involvement and entertainment activities, as well as the digitalization of arenas or stadiums. The market has seen recent developments as a result of increased investment opportunities by numerous organizations in adopting cutting-edge technologies for monitoring player performance and entertaining fans. Artificial intelligence makes it easier to recognize and treat both mental and physical illnesses. Wearable devices, such as heart rate monitors, and smart watches incorporate AI to track the athletes’ whereabouts off the field and maintain player safety during workouts. This visually coded and encrypted information satisfies security and data protection requirements. The stadium’s intelligence has a scanner to identify these codes, which automates the onboarding process. Entrance to the arena requires an authentic ID, a viable ticket, a current negative COVID-19 test, or proof of COVID-19 vaccination. The imposition of stringent regulations for player safety is also adding a boost to the demand for sports technology in the market.
Some of the leading players in the sports technology market include Sony Corporation, Oracle Corporation, IBM Corporation, Cisco Systems Inc., Catapult Sports, GCL Technologies Limited, Panasonic Corporation, Stats LLC., Apple Inc., Modern Times Group (MTG), and others. The nature of competition for this market is currently fierce as this technology is yet to make its place in untouched and emerging economies worldwide, and therefore has a huge scope of growth. The key objective of most players at present is to improve their product portfolio and gain a specific position in the overall market competition. Others are focusing on collaborating with competitors so as to collectively generate revenues, thereby securing a good position of stability in the market competition.