Sports Technology Market To Generate $53,020 Million Revenue by 2030
- Published: February 2023
The sports technology market size is expected to advance at a CAGR of 18.60% during 2022–2030, to reach USD 53,020 million by 2030. The growth can be attributed to the increasing focus on entertaining and managing fans at stadiums, improving team and individual player performance, and tracking the health and fitness of players, and the surging adoption of e-sports technologies across the world.
Soccer Holds the Highest Revenue Share
The soccer category accounted for the largest market share in 2022, and it is also projected to remain in its position over the next few years. This is due to the surging adoption of sports technology in this game. Nowadays soccer has earned lots of popularity in several countries like the U.S., France, Spain, Brazil, Argentina, Portugal, the U.K., and Russia. The FIFA is also making effort to establish international wearable standards for all soccer teams. Additionally, soccer stadiums are adopting advanced technologies such as AR/VR, crowd management, digital signage, Wi-Fi, viewer engagement, and network management.
For instance, in December 2021, the ESPN network saw an average of 1.14 million spectators in the Portland Timbers vs. New York City FC match, around a 40% rise compared to views in 2019. In addition, in May 2022, European football clubs teamed up with The Skills Lab Limited, a company that combines complex algorithms with Teledyne FLIR cameras to deliver coaches a thorough understanding of their players' capabilities. With this knowledge, they can develop individualized training plans for each player and track each player's progress.
Asia-Pacific Market To Grow at the Highest CAGR
The APAC market is projected to witness the fastest growth in the coming years. This can be because there are many prospects for the development and application of new technologies in sports in the region, and the surging construction of new stadiums and renovation of ones that already exist in China, Japan, India, Australia, and Singapore.
To compete with global leagues and make new revenue streams, emerging sports clubs in the region are fueling the need for smart stadium infrastructure. Major domestic and international sporting events are hosted by associations, such as Sahara Force India, Melbourne Cricket Association, Indian Premier League (IPL), the Board of Control for Cricket in India (BCCI), and New Zealand Cricket, which employ smart technologies. Moreover, regional countries are rising stars in professional sports, with surging interest in professional leagues and competitions.
Europe holds the second-largest market share. This is because the region is home to multiple football leagues, and the majority of them have adopted technology in several forms. Nowadays, intelligent stadium technology is becoming more popular in Europe. Moreover, stringent public safety laws have been enforced by government entities to ensure the safety of spectators in stadiums, which, in turn, boosts the demand for sports technology. Further, due to multiple alliances and cooperation taking place among businesses, e-sports is growing in popularity in the region.
Some of the major players operating in the sports technology market are Fitbit LLC, IBM, Telefonaktiebolaget LM Ericsson, Cisco Systems Inc., FUJITSU, SAP SE, Oracle, LG Electronics, SAMSUNG, and Apple Inc.