Infinium Global Research’s recent report on the “Sports Technology Market (Technology (Device, Smart Stadium, Esports, and Sports Analytics) and Sports (Soccer, Baseball, Basketball, Ice Hockey, American Football/Rugby, Tennis, Cricket, Golf, and Esports)): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026” provides a comprehensive outline of the factors responsible for the growth of the market. According to the report, the global market for sports technology was worth more than USD 35 billion in 2020 and is expected to reach over USD 90 Billion by 2026 growing with a CAGR of 14.6% from 2020-2026.

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In today’s world, technological advancement is very imperative and vital in every aspect of our day-to-day life. Technological advancement is a natural procedure, and its applicability is increasing in every field, sport is also now adopting technological advancement which aids athletes in becoming better and leads to improving their training and competitive surroundings by improving their overall performance. Furthermore, technologies in sports are man-made things that help athletes in attaining their goals in a specific field. Innovative technology and the latest equipment help them in doing their task more proficiently. The intensifying abundance of game associations crosswise the planet is assumed to generate perceptible possibilities for corporations functioning in the sports technology market during the projection period.

Furthermore, the COVID-19 pandemic is likely to hinder the revenue growth of the sports technology market, primarily attributing to the slowdown of the sports industry, which is a major driver of the market. To maintain the health of sportsmen and athletes, most key sporting events at international, regional, and national levels have been postponed or canceled, from marathons to football tournaments, athletics competitions to basketball games, handball to rugby, ice hockey, and several others. This, in turn, negatively impacted the sports technology market growth.

Smart Stadium Segment Expected to Hold Substantial Market Share in the Near Future

The smart stadium segment is expected to grow at a substantial CAGR over the forecast period owing to the increasing demand for on-field analytics and data-driven decision-making. Furthermore, smart stadium technology helps in improving the audience experience, increasing profitability, and strengthening stadium security. The technology includes numerous sensors, cameras, and digital signage to deliver real-time information on parking slots, ticketing lines, food concessions, and other related information. In addition, the adoption of innovative solutions based on IoT can predominantly help in designing stadiums with interactive seats, secured wireless connections, and high-definition video screens for the live game.

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North America to be the Dominant Region in Sports Technology Market

Geographically, North America generated the largest revenue in the sports technology market in 2019 and is anticipated to continue its dominance over the forecast period. The varying market environment and higher technological adoption rates across the region are growing the usage of numerous sports technology solutions in the North American region. Furthermore, the Asia Pacific region is anticipated to grow with the fastest CAGR in the sports technology market owing to the rise in new sports organizations and an upsurge in investment in sports technology by numerous public and private companies. In countries like Japan and China, sports technology plays an important role in player selections and to govern the possible outcome of sporting events.

Apple, Inc., International Business Machine Corporation, Cisco Systems, Inc., Infosys Ltd., and HCL Technologies Ltd. to Emerge as Top Vendors of the Global Sports Technology Market

The sports technology market is slightly consolidated with the presence of multinational players. The major players such as Apple, Inc., International Business Machine Corporation, Cisco Systems, Inc., ChyronHego Corp., HCL Technologies Ltd., and Infosys Ltd. are continuously focusing on improving R&D and facilitating other organic strategies to gain a competitive edge in the sports technology market. These vendors, with a prominent share in the sports technology market, are focusing on increasing their consumer base across foreign countries. These players are leveraging strategic collaborative initiatives to increase their market share and upsurge their profitability. The companies operating in the sports technology market are also acquiring start-ups working on sports technologies to enhance their production capabilities.

Infinium Global Research’s recent report on the global sports technology market is an encompassment of such recent developments in the worldwide marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the sports technology market and also estimates the impact of recent developments on the global market.

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