The total revenue generated by the sports technology market was USD 13,545 million in 2022, and it will power at a CAGR of 18.60% in the years to come, to reach USD 53,020 million by 2030, as stated by a report of P&S Intelligence.
The sports analytics category will
grow the fastest at the rate of 19.6%, in the years to come. This can be due to
the fact that sports technology can be utilized in performance analysis of the
team, player analysis, health assessment, data interpretation, hospitality
management, sales and marketing management, and others.
 |
| Sports Technology Market Size and Share Analysis Forecast, 2030 |
For example, in June 2022, Wimbledon and IBM revealed a digital platform for player understandings.
The basketball category will grow the
fastest at a rate of 19.1% in the near future. The growth is mainly because of
the rapid acceptance of technology including mobile apps, heart rate monitoring
sensors, data analytics, and wearable devices in this game for performance
enhancement of the players.
Furthermore, the rugby category has
revealed substantial development in the industry. Sports technology can grab
the attention with the growing use of IoT sensors in this game.
It allows players to understand the collision
impact of opponents in between the game and allows them to make smart choices
to form a better game plan.
MEA will grow steadily at a rate of
over 19% in the years to come. The growth has a lot to do with the forthcoming
mega sporting events.
Furthermore, governments take quite a
few steps for broadening their economy by investing in sporting events.
North America had a considerable share
in the sports technology market in 2022, and it will continue like this
in the years to come. This is since the requirement for sports technology is
high, as a result of the presence of more than a few software companies, and
the progressive culture of events, leagues, and games.
The U.S. holds the majority of the share.
This is as a result of the obtainability of improved and better-quality sports
technology platforms and products, the growing use of internet, the launch of
pioneering video game consoles, and the high purchasing power.
Organizers of sports events are
funding digital techs to make distinct game-viewing experiences in stadiums and
on gadgets. Owners of the stadiums are improving their stadiums with
technologies, for example location-based services, 360-degree
ultra-high-definition cameras, Wi-Fi, digital kiosks, and digital signage, for
enhancing the experience of the fans in the stadiums.
It is because of the increasing need of
tracking the health and fitness of the players, the increase in demand for
sports technology will continue to grow in the years to come.
