The sports technology market is projected to grow at a CAGR of 15.32% to reach US$33,629.367 million by 2024, from US$14,296.632 million in 2018.increasing investment in the sports industry in developing economies like China, India, and Brazil is anticipated to augment the market growth opportunities over the next five years. However, high initial investment and cost are expected to hinder the growth of the market in the coming years.
Geographically, North America holds a dominant share in the market and is expected to maintain its dominance over the forecast period owing to their early adoption of the technology and high investment in the sports industry. Additionally, the Asia Pacific region is also poised to witness significant growth during the coming years on account of increasing investment in sports industry and rising number of mega sports events in the region like Summer Olympic in Japan (2020), Winter Olympics in China (2022), Cricket World Cup in India (2023) among others which is expected to attract investment of major market players and widen up growth opportunities.
Sports Technology Market by Type
By type, the Sports technology market is segmented as wearable devices, digital signage, smart stadium, sports analytics and services. Smart stadium is expected to hold dominant share and is anticipated to be one of the fastest growing segment during the forecast period on account of rising investment in sports industry and increasing number of stadiums around the globe.
In addition, wearable devices are projected to grow at the significant rate owing to increasing product launches and rising adoption of wearable devices by sports players around the globe. Furthermore, recent advances in data collection and management technologies have broadened its scope of sports analytics market during the forecast period.
The sports technology market for wearable devices is projected to grow at a CAGR of XX%, rising from US$XX million in 2018 to reach US$XX million in 2024. Wearable devices technology is one of the leading sports revolutions and is changing the definition of sports and the level of efficiency of the game. The technology had expanded from simple biometric monitoring to the inclusion of perceptual and psychological aspects of team sports in order to enhance performance. Even big leagues assimilated wearable devices in their games and practice sessions and with the increasing initiative by the big market players are expected to drive the growth of the market for wearable devices during the forecast period. Like Adidas miCoach Elite systems which are fitted inside a gear or clothing that is able to determine athletic performances like speed, acceleration, distance, and power is widely being used by major league soccer in American MLS games and European counterparts. In addition, a rising initiative by big sports clubs around the globe for the adoption of wearable devices technology is anticipated to augment the growth of the market for wearable devices in the coming years. For instance, recently Football Club Barcelona teamed up with tech giant Wimu to develop wearable technology for itself.
Sports Technology Market by Sport
By Sport, the Sports Technology market is segmented as soccer, basketball, baseball, tennis, cricket, and others. Soccer will hold the largest share in the market owing to the high popularity in the sports industry and substantially large investments throughout the forecast period. Additionally, cricket and other sports are projected to grow at a good pace during the coming years, with the others segment seeing an increase in the share to reach 38.56% by 2024. Tennis and Basketball will also see good growth owing to the increasing popularity of the sport in other countries. Baseball will grow at the slowest rate owing to the limited popularity of the sport.
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