Vancouver, Nov. 02, 2023 (GLOBE NEWSWIRE) — The global sports technology market is projected to reach a market size of USD 79.31 Billion by 2032, according to the latest analysis by Emergen Research. This growth can be attributed to the increasing adoption of advanced technologies for various applications in the world of sports. The COVID-19 pandemic and lockdown have had a severe impact on the global sports industry, with all sporting events and stadiums remaining closed. A large number of athletes and players have suffered due to the inability to train and stay in top shape. As a result, 2021 is a crucial year for athletes, broadcasters, teams, and fans worldwide, and a more technologically advanced approach in all fields of sports is projected to be the way forward.

Increasing the use of Virtual Reality (VR) by athletes and professional sports teams to improve training and performance is a key factor driving the growth of the sports technology market. The rising sales of wearable sports and fitness devices are expected to significantly contribute to the revenue growth of the sports technology market. Various benefits offered by wearable devices used by professional athletes, such as preventing workout injuries, player safety assessment tools, and measuring physical conditioning and performance metrics, are some of the key factors driving the increasing preference for such devices, which is supporting the market’s growth to a significant extent.

The adoption of new and emerging technologies in the sports industry, including big data analytics, Artificial Intelligence (AI), cloud services, wearables, and drones, has been increasing substantially in recent years. The rising demand for player monitoring devices that provide data on the speed and distance covered by each player on the field to the service coaches is projected to boost the revenue growth of the market during the forecast period. The increasing adoption of wearable solutions, such as wristband devices, sensor-embedded equipment, and smart clothing using woven technology or printed electronic materials, is also contributing to the market’s revenue growth. The adoption of smart technologies for better management of stadium infrastructure has been on the rise with the steadily increasing deployment of Internet of Things (IoT) technologies in the sports industry.

However, the high initial investment required for implementing advanced technologies in the sports industry is a key factor expected to restrain the growth of the sports technology market to some extent. Moreover, the risk of technical difficulties and complexities involved in advanced technologies is projected to hamper the demand for sports technology solutions to a certain extent during the forecast period.

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Scope of Research:
– Market size in 2020: USD 10.34 Billion
– CAGR (2023-2032): 18.5%
– Revenue forecast in 2032: USD 79.31 Billion
– Base year for estimation: 2020
– Historical data: 2017-2019
– Forecast period: 2023-2032
– Quantitative units: Revenue in Billion, revenue share (%), and CAGR (%)
– Report coverage: Revenue forecast, company ranking, competitive landscape, growth factors, and trends
– Segments covered: Sports, Technology, and region
– Regional scope: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
– Country scope: U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Saudi Arabia, UAE, South Africa
– Key companies profiled: IBM, Ericsson, Cisco, Fujitsu, SAP SE, Oracle, NEC Corp., LG, Sharp Corporation, and Samsung
– Customization scope: 10 hours of free customization and expert consultation

The global sports technology market is consolidated, with a limited number of players accounting for the majority market share. Companies are focusing on strategic expansions into untapped markets and conducting research and development initiatives to develop and deploy new and more efficient technologies and solutions in the field of sports technology to secure and maintain a robust position in the rapidly growing market.

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E-mail: sales@emergenresearch.com