The sports technology market is expected to grow at a CAGR of 15.32% to reach a market size of US$33,629.367 million in 2024 from US$14,296.632 million in 2018.Advancement in technology is playing a crucial role across the industries. In the sports industry, it is viewed not only as a means to improve the athlete’s performance but also to enhance fans engagement.
Rising Demand For Data-driven Operations
Sports over time have become competitive where a small moment can change the course of the game. In fact, sports teams now have much loyal fan-base, therefore agencies and teams are now realizing the need for proper performance tracking management to gain a competitive edge against the competitors. All such efforts towards the adoption of data-driven technologies and operations are expected to drive the growth of the market for segments like sports analytics among others during the forecast period. In addition, another aspect of such operations in sports is using data to increase revenue and to enhance the fan experience.
With the increasing involvement of fans and rising number of stadiums around the globe, there is an increasing demand for data operations technology,which is further expected to propel the market growth opportunities for technology providers in the coming years. Furthermore, increasing strategic analytics partnership by the sports clubs in order to enhance their performance is further expected to boost the demand for sports technology in the coming years. For instance, Manchester City Football Club recently expanded its partnership with SAP to bring analytics technology to the pitch so that coaches and players can access real-time data from sidelines during the games
Sports Technology Market Analysis By Type
By type, the sports technology market is segmented as wearable devices, digital signage, smart stadium, sports analytics, and others. Smart stadiums hold a major market share in 2018 and are poised to grow at a good rate over the forecast period owing to the rising number of investments in major countries like Japan, China and others towards converting their stadiums into smart stadiums. In the area of revenue generation, smart stadiums help the operators to make the purchase of tickets, merchandise, and food easier, faster and more personalized. For instance, fans can order food and drink from their seat in the stadium and get it delivered directly into their seats. In addition, increasing need for stadium security and safer environment by using surveillance cameras to monitor crowd behavior and adding facial recognition to existing badge process to better restrict the sensitive areas is also expected to boost the demand for smart stadium technologies during the forecast period.
The sports analytics market is set to grow at the fastest rate, i.e., 22.48% over the forecast period. The growth is attributed to the fact that the demand for data-driven decisions will govern the sports industry. The burgeoning adoption of sports analytics technologies by coaches to optimize exercise programs for their players and develop nutrition plans to improve fitness is expected to drive the growth of the market during the forecast period. In addition, increasing strategic analytics partnership by the sports clubs in order to enhance their performance is further expected to boost the demand for sports analytics segment in the coming years.
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