According to our latest market study on “Sports TechnologyMarket Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Hardware, Software, and Services) and Technology (Tracking System/Hawk-Eye Technology, Broadcast Technology, Virtual Reality, Wearable Technology, and Other Technologies),” the market was valued at US$24,135.2million in 2019 and is projected to reach US$ 65,419.5million by 2027; it is expected to grow at a CAGR of 13.5% from 2020 to 2027.
Increasing popularity of esports, rising demand for a comfortable sport viewing experience, and growing integration of social media with stadium technology are the major factors driving the growth of North American sports technology market. Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. The adoption of sports technology in APAC is majorly driven by penetration of internet and cloud technology, emergence of professional leagues, and sports digitalization. There are major sports leagues and active participants in sports, such as cricket, hockey, badminton, and athletics, as well as esports in India, China, Australia, Pakistan, Sri Lanka, and Bangladesh. China is the largest esports market in APAC.
The use of sports technology to improve spectator experience and stadium operations positively impacts the market growth. Professional sports bodies have adopted new and innovative technologies, such as digital signage, smart stadiums, sports data analytics, and wearable devices. Due to the proliferation of sporting events, smart stadium is one of the significant trends globally. Additionally, the growing number of massive prize pool events and the ever-increasing number of sports leagues across developed and emerging economies provide market players multiple lucrative opportunities. Due to the presence of a limited number of players, the market is consolidated in nature. To develop innovative technologies and maintain their position in the market, players make significant investments in research and development activities. For example, Fitbit, Inc., a global provider of wearables, collaborated with Google LLC in April 2018 to accelerate digital health and wearables innovation. However, the US sports leagues began suspending their seasons in early March 2020 due to COVID-19 pandemic. Mandatory social distancing has significantly impacted the global sports industry. For millions of fans, live sports have taken the biggest hit, by shutting down games and ending broadcasts. Restrictions on sports events and mass gatherings in most of the countries are expected to affect the growth of sports industry, which minimizes the adoption of sports technology among end users, such as, coaches, clubs, leagues, and sports associations. The factors mentioned above are expected to impede market growth in 2020 and mid-2021.ATO-GEAR B.V.; Catapult Group International Ltd; ChyronHego Corporation; EON Reality; TrinityVR, Inc.; PROTXX, INC.; Hawk-Eye Innovations Ltd.; STATSports Group; Strivr Labs, Inc.; and Zebra Technologies Corp. are among the key market players profiled in the report.
Impact of COVID-19 on North American Sports TechnologyMarket
North America is a critical market for the growth of various sports related solutions & services owing to the presence of developed countries such as the US and Canada in this region. Presently, US is the world’s worst affected country due to COVID-19 outbreak with highest number of confirmed cases and deaths, as per the recent WHO statistics. The high number of COVID cases have resulted in a negative impact on country’s and region’s economy and there has been a decline in overall business activities and growth of various industries operating in the region. Developed countries such as the US are major markets for the growth of sports technology market and the ongoing interruptions in the growth of sports industry due to cancellations and postponement of various big sports events due to COVID-19 outbreak are affecting the revenue of key market players operating in the North America region. Some of the major US sports leagues have suspended their seasons scheduled to happen in 2020 and mandatory social distancing is further aggravating the negative impact on the US sports industry. Major League Soccer, Major League Baseball, Women’s National Basketball Association, and United States Women's Open Championshipare some of the organizations and events that have been postponed/cancelled due to the pandemic. The slowdown in North American sports industry is also resulting in financial challenges for teams, clubs, leagues, and sports organizers present in the region. Hence, the ongoing COVID-19 crisis and critical situation in the US is anticipated to impact the sports technology market growth in North America region in a negative manner for at least for the next few quarters.
Sports Technology Market - Geographic Breakdown, 2019
Sports Technology Market to Grow at a CAGR of 13.5% to reach US$ 65,419.5 Million from 2020 to 2027
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Sports Technology Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Hardware, Software, and Services) and Technology (Tracking System/Hawk-Eye Technology, Broadcast Technology, Virtual Reality, Wearable Technology, and Other Technologies)
Sports Technology Market to Grow at a CAGR of 13.5% to reach US$ 65,419.5 Million from 2020 to 2027
Download Free SampleSports Technology Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Hardware, Software, and Services) and Technology (Tracking System/Hawk-Eye Technology, Broadcast Technology, Virtual Reality, Wearable Technology, and Other Technologies)
The global sports technology market has been segmented as follows:
Sports Technology Market – by Component
- Hardware
- Software
- Services
Sports Technology Market – by Technology
- Tracking System/Hawk-Eye Technology
- Broadcast Technology
- Virtual Reality
- Wearable Technology
- Other Technologies
Sports Technology Market –by Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East &Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America (SAM)
- Brazil
- Argentina
- Rest of SAM