WILMINGTON, DE / ACCESSWIRE / August 10, 2022 / Transparency Market Research Inc. - TMR study for sports technology market from the database of sports tech industry reports estimates the said market to expand at a CAGR of 14% during the forecast period from 2022 to 2031. Increasing penetration of technology in sports, rising adoption of data-driven decision-making tools, and surge in adoption of new technology in sports media are fuelling the growth of sports technology market.
Profound impact of technology on the sporting equipment sector, includes its influence on shape to effectiveness and accuracy. Recent advances in technology to wear sensors for valuable insights adds a new dimension for demand for sports engineering.
Penetration of technology and increased competitiveness in sports have led players and sports organizations to adopt sports analytics. The growing popularity of analytics for players and sports organizations that helps to devise effective approach underpins scope for strengthened technology in sports statistics.
Asia Pacific sports technology market is anticipated to display significant growth rate during the forecast period due to increasing GDP investment for sports in countries such as China and India. Initiatives of top tech sports companies in China, India, and Singapore to launch disruptive sports technologies for users domestically and globally, is game-changing for amateur and professional players, for all major sports worldwide.
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Sports Technology Market - Key Findings of the Report
- Immense benefits of wearable technology in sports equipment to improve athlete training and performance, monitor in-game performance, and monitor recovery after injury boosts adoption. Additionally, wearable technology lowers risk associated with injuries such as damaged tendons, exhaustion, and concussion. Advantages of improved sports performance tracking for team administrators, trainers, coaches, and players demonstrates might of wearable technology to revolutionize sports.
- Role of wearable technology to help create a new playing in sports industry to develop ground-breaking innovative products is likely to influence sports technology market size. Rapid advances in sports science technology have led sports wearable devices to be of paramount importance for sportspersons and athletes for performance assessment and improvement, and tracking of distance, speed, and route among other such applications.
- North America held key share of sports technology market in 2021, and is anticipated to continue to remain at the forefront during the forecast period. Rapid adoption of next-gen technology due to extremely large money poured in major professional sports boosts sports technology market in the region.
- Rapid rise in demand for smart sports equipment to create new revenue streams in the sports technology market in North America. This is driving R&D departments of sports goods companies to launch new products, or embed digital technology into existing products to monetize on the increasing demand or smart sports equipment.
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Sports Technology Market - Growth Drivers
- Critical advantages of assistance of sports engineering for athletes, managers, coaches to overcome limitations, overhaul of sporting equipment sector, competitive benefits, and enhanced game experience for fans fuels the growth of sports technology market
- Prospects of technology to deliver seamless and integrated results, for a heightened sports experience is likely to boost adoption
Sports Technology Market - Key Players
Some of the key players operating in the sports technology market are;
- Apple Inc.
- Cisco Systems Inc.
- IB Corporation
- Modern Times Group
- Panasonic Corporation
- Sony Corporation
- Catapult Sports
- CL Technologies Limited
- Infosys Limited
- Oracle Corporation
- SAP SE
- Stats LLC
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The sports technology market is segmented as follows;
Sports Technology Market, by Component
- Wearable Devices & Sports Equipment
- Software
- On-premise
- Cloud
- Services
- Training & Implementation
- Support & Maintenance
- Managed/Outsourced Services
Sports Technology Market, by Sports
- Baseball
- Basketball
- Cricket
- Cycling
- Football
- Golf
- Rugby
- Others
Sports Technology Market, by Application
- Active
- Tracking
- Decision Making
- Passive
- Analytics and Statistics
- Tactics and Simulation
- Training
- Game Performance Analysis
- Team Analysis & 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 & Africa
- South America
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