Technology market

Sports tech market value estimated at US$65.64 billion by 2031, TMR report

WILMINGTON, DE /ACCESSWIRE/August 10, 2022 / Transparency Market Research Inc. – The TMR study for Sports Technology Market from Sports Technology Industry Reports Database estimates that the said market will grow at a CAGR of 14% during the forecast period from 2022 to 2031. Rising penetration of technology in sports, growing adoption of data-driven decision-making tools and mass adoption of new technologies in sports media are fueling the growth of the sports technology market.

The profound impact of technology on the sports equipment industry includes its influence on form, efficiency and accuracy. Recent advances in technology to carry sensors for valuable information add a new dimension to the demand for sports engineering.

The penetration of technology and increased competitiveness in sports has led players and sports organizations to embrace sports analytics. The growing popularity of analytics for players and sports organizations that help design an effective approach underlies the reach of enhanced technology in sports statistics.

The Asia-Pacific sports technology market is expected to exhibit significant growth rate over the forecast period owing to increasing GDP investment in sports in countries such as China and India. Efforts by leading sports companies in China, India and Singapore to launch disruptive sports technologies for domestic and global users are game-changing for amateur and professional players, for every major sport in the world.

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Sports Technology Market – Key Findings of the Report

  • The immense benefits of wearable technology in sports equipment for improving athlete training and performance, monitoring in-game performance, and monitoring injury recovery are driving adoption. Additionally, wearable technology reduces the risks associated with injuries such as damaged tendons, exhaustion and concussions. The benefits of better sports performance tracking for team administrators, coaches, coaches and players demonstrate the power of wearable technology to revolutionize sports.
  • The role of wearable technology in helping to create a new game in the sports industry to develop breakthrough innovative products is likely to influence the size of the sports technology market. Rapid advances in sports science technology have led to wearable sports devices becoming of paramount importance to sportspeople and athletes for performance assessment and improvement, and tracking of distance, speed and of the route, among other applications of this type.
  • North America held a key share of the sports technology market in 2021 and is expected to continue to stay at the forefront during the forecast period. Rapid adoption of next-generation technology owing to extremely large sums being poured into major professional sports is driving the sports technology market in the region.
  • Rapidly increasing demand for smart sports equipment to create new revenue streams in North America sports technology market. This is pushing the R&D departments of sporting goods companies to launch new products or integrate digital technology into existing products to monetize the growing demand or smart sports equipment.

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Sports Technology Market – Growth Drivers

  • Critical Benefits of Sports Engineering Assistance for Athletes, Managers, Coaches to Overcome Limitations, Sports Equipment Industry Overhaul, Competitive Advantages and Improved Gaming Experience for Fans Fuel Growth of the sports technology market
  • Prospects for technology to deliver seamless and integrated results as increased sports experience are likely to drive adoption

Sports Technology Market – Key Players

Some of the major players operating in the sports technology market are;

  • Apple Inc.
  • Cisco Systems Inc.
  • IB Society
  • modern day group
  • Panasonic Company
  • Sony Company
  • catapult sports
  • CL Technologies Limited
  • infosys limited
  • Oracle Corporation
  • SAP SE
  • LLC Statistics

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The sports technology market is segmented as follows;

Sports Technology Market, By Component

  • Portable devices and sports equipment
  • Software
  • On the site
  • Cloud
  • Services
  • Training and implementation
  • Support & Maintenance
  • Managed/outsourced services

Sports Technology Market, By Sport

  • Baseball
  • Basketball
  • locust
  • Bike
  • Soccer
  • Golf
  • Rugby
  • Others

Sports Technology Market, By Application

  • Asset
  • Followed
  • Decision making
  • Passive
  • Analytics and statistics
  • Tactics and Simulation
  • Coaching
  • Game performance analysis
  • Analysis and team management
  • Injury and Health Analysis

Sports Technology Market, By End User

  • Coaches
  • clubs
  • Leagues
  • Sports associations
  • Others

Sports technology market, by region

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South America

Research reports on computing and telecommunications

Internet of Things Market – The global Internet of Things market is expected to reach US$2,746.32 billion by 2027. The market is expected to grow at a CAGR of 21.7% during the period from 2020 to 2027.

IoT Operating System Market – The global IoT operating system market is expected to reach a market value of approximately $20 billion by the end of 2030

IoT Connected Machines Market – The IoT Connected Machines Market is expected to grow at an impressive CAGR of around 24% over the projection period. The market is currently valued at ~US$193 billion and is expected to reach ~US$1.3 trillion by the end of 2027

Video Analytics Market – The global video analytics market is expected to reach US$37.85 billion by the end of 2031, it is expected to grow at a CAGR of 21.3% from 2022 to 2031

Winter Sports Equipment Market – The global winter sports equipment market is expected to reach a value of US$3,602.2 million by the end of 2031 growing at a CAGR of 4.1% from 2022 to 2031

Internet Sports Betting Market – The Internet sports betting market is expected to grow at a CAGR of 12.1% during the forecast period (2021-2031). By the end of the forecast period, the valuation is expected to reach US$70.78 billion.

Sports Protective Equipment Market – Globally, the revenue generated by the Sports Protective Equipment market is estimated to be around US$8.8 billion in 2019 and growing at a CAGR of 5% in terms of value while throughout the forecast period.

Asia-Pacific Footwear Market – The Asia-Pacific Footwear Market is expected to surpass the value of US$846.9 billion by the end of 2031, grow at a CAGR of 8.7% by 2021 to 2031

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