Sports Technology Market to Attain Worth of USD 79.43 Billion by 2031 | SkyQuest Technology
Westford USA, Oct. 17, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Sports Technology Market will reach a value of USD 79.43 Billion by 2031, with a CAGR of 20.10% during the forecast period (2024-2031). The fast growth of the global sports technology market involves the use of technology to improve a vast majority of features of sports, from the activities of the performers to their health and the interaction and enjoyment of the spectators. This is why there is growing popularity for this sports technology due to its ability to increase the precision and efficiency of the activities related to sports. This is partly due to the fact that the sports technology market is driven by an increasingly growing need for analytics and insights-based data. With sensor and wearable technologies applied in sports, large amounts of data can be gathered regarding the performances and health of athletes. This data then may be analyzed to find patterns and trends in them that will guide the training and conditioning regimens. However, the growing popularity of e-sports increases the need for developing innovative technological solutions that can contribute not only to the enhancement of gaming experience among the players but also among the spectators.
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Browse in-depth TOC on the "Sports Technology Market"
Pages – 197
Tables – 96
Figures – 76
Sports Technology Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 18.35 Billion |
| Estimated Value by 2031 | USD 79.43 Billion |
| Growth Rate | Poised to grow at a CAGR of 20.10 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Service, End Users, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Increasing Popularity of Sports Technology |
| Key Market Opportunities | Integration with IoT |
| Key Market Drivers | Focus on Health and Fitness |
Growth of Esports Due to Its Growing Popularity
The esports segment dominated the market at the highest compound annual growth rate during the forecast period. The segment has rapidly become a leader in the market globally. Its rising popularity cannot be ignored; however, it currently generates less revenue than the electronics and smart stadium segments. Some of the popular esports' games include League of Legends, Fortnite, and PUBG. It has been discovered that the popularity of these games is increasing with time. Twitch, the largest streaming platform for esports live content saw a user increase of 45% between 2020 in 2021 as they all turned to spend 24 million hours glued to the stream.
Impact of Major Cricket Events on Cricket Segment Growth
Cricket is anticipated to be valued at a compound annual growth rate of around almost 20% over the projection period. It is a very popular sport, especially in South Asian countries such as Bangladesh, Pakistan, and India, who have a passion for the game rather than just a game. Significant events incorporate ICC Men’s T20 World Cup, Indian Premier League and events conducted by England and Wales Cricket Board. This aspect of the global sports market has been growing robustly due to increasing passion and audience.
Impact of Popular Sports Leagues on Market Revenue in Europe
Europe accounted for nearly 30% share in the global sports technology market in 2023 and due to the existence of several famous leagues, such as the Premier League, English Football League, and LaLiga, the region is expected to continue holding the greatest share over the forecast period. The most popular sports in the European region are rugby, football, and tennis, which drive the growth of the market.
Middle East & Africa is predicted to witness high growth during the forecast period with a CAGR of more than 20%. It has become quite popularly referred to as the 'City of Sports'. Dubai was a hub for several sports events in 2022, namely the Emirates T20 League and the Al Gaffal long-distance race, thereby further expanding the market in the region. This can be attributed to a growing interest in sports by the Middle East and Africa and is supported by huge expenses on sports facilities and infrastructure. Large disposable budgets of the younger generation of growing interest in sports further fuel the growth of the sports technology market in the region.
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Sports Technology Market Insights
Drivers
- Data-Driven Decision Making
- Rising Sports Popularity
- Focus on Health and Fitness
Restraints
- High Development Costs
- Resistance to Change
- Regulatory Challenges
Key Players Operating in the Sports Technology Market
The following are the Top Sports Technology Companies:
- Deltatre
- PlayerMaker
- Genius Sports Limited
- Exos
- Pixellot Ltd.
- Vixlet LLC
- Spiideo AB
- Zebra Technologies Corporation
- Opta Sports
- SAP SE
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Key Questions Covered in the Sports Technology Market Report
- What are the factors restricting the growth of the global sports technology market?
- Which is the dominant sub-segment of sports within the market?
- What are the key strategies adopted by players operating within the market?
This report provides the following insights:
- Analysis of key drivers (growing popularity of sports and rise in focus on wellness), restraints (high development costs and resistance to change), opportunities (integration with IoT and E-sports growth), and challenges (intense competition, economic downturns) influencing the growth of the sports technology market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the sports technology market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the sports technology market.
- Market Development: Comprehensive information on lucrative emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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