Sports Technology Market to Grow at a CAGR of 13.5% to reach US$ 65,419.5 Million from 2020 to 2027

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)

Publication Month : Oct 2020

  • Report Code : TIPRE00004095
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 147
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The sports technology market was valued at US$ 24,135.2 million in 2019 and is projected to reach US$ 65,419.5 million by 2027; it is expected to grow at a CAGR of 13.5% during 2020–2027.

Increasing number of sports leagues along with several developments in the sports industry has created substantial opportunities for businesses operating in the market. The combination of technology and sports empowers a sports culture driven by data and delivers the next generation of viewing, fitness tracking, and stadium experience. Further, the sports technology has gained immense popularity in outdoor activities such as football, rugby, cricket, and soccer. Additionally, indoor sports activities mainly contribute to the growth of the sports technology industry. The use of sports technology in badminton, swimming, and chess is likely to offer new growth avenues for the market in the coming years. Tracking, decision-making, analytics and statistics, tactics and simulation, training, game performance analysis, team analysis and management, and injury and health analysis are among the diverse applications of sports technology.

Major growth drivers of sports technology include substantial audience engagement, increasing demand for data-driven decisions and activities, and growing online and offline sports events. Also, the increasing penetration of eSports has further expanded the market for sports technology. Besides, rapid technological innovations in the hardware and software sports technology components have further improved the accuracy and performance of the sports equipment, leading to the rapid adoption of these devices in the coming years. Additionally, sports betting legalization by the US Supreme Court in states such as Montana, Illinois, Iowa, New Hampshire, New Jersey, and New York, is also expected to positively influence the growth of the market during the forecast period. On the flip side, it takes a high initial investment and an extended timeframe for the return on investment (ROI) to deploy sports technology. This is expected to hamper the market growth. Moreover, the growing risk of technology glitches is anticipated to challenge the growth of the sports technology market during the forecast period.

Impact of COVID-19 Pandemic on Sports Technology Market

As of June 2021, the US is the worst-hit country in North America, with around 34 million confirmed cases of infected individuals facing severe health conditions across the country. The continuous growth of infected individuals has led the government to impose lockdown across the nation’s borders. Majority of the outdoor activities are shut, municipalities are functioning slowly as compared to past, and the sports and leisure industries are at a halt, which is negatively impacting the sports technology market. In terms of patient count and death toll, Canada and Mexico are still at a nascent stage than the US. However, the sport stadiums and several other businesses are functioning slowly, which is hindering the sports technology market. The COVID-19 outbreak would have a limited but negative short-term impact on the global market.

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Market Insights–Sports Technology Market

Increasing Investments in Sports Industry

In emerging economies, the importance of sports has been steadily increasing, leading to increased government spending on the development of the sports industry, specifically on setting up sports infrastructure, building sports teams, and attracting large-scale investments. For instance, the Chinese government's plan to increase the country's sports industry's value to US$ 813 billion by 2025 is leading to large-scale investments in sports activities, including facilities, teams, leagues, events, and other programs. National Football League, Major League Baseball, UEFA Champions League, Nippon Professional Baseball, National Basketball Association, English Premier League, National Hockey League, Kontinental Hockey League, Russian Premier League, and Indian Premier League are some of the major leagues across the world. Similarly, India's federal government has set aside budget of US$ 262 million for the 'Khelo Program' for 2018—2020, to promote sports industry. Since 2012, investment in sports-related start-ups has grown by almost 30% each year. Investors spent nearly US$ 1 billion on sports-tech start-ups in 2015 alone. Investors are actively looking for innovative and disruptive technologies to boost companies in the sports industry. Thus, increasing investments in emerging markets is one of the major factors driving the sports technology market's growth during the forecast period.

Component Segment Insights

Based on component, the sports technology market is segmented into hardware, software, and services. The hardware segment is further segmented into digital signage, wearable, tracking systems & devices, drones, and cameras. The growth of the hardware segment growth is majorly driven by the increasing number of startups and product launches in the sports industry. For example, at the ISPO Conference in Munich, Germany, three of the most innovative sports hardware products: Carv Ski Instructor, Anticonf Snowboards, and The Flying Tent were introduced in 2017.

Technology Segment Insights

Based on technology, the sports technology market is bifurcated into tracking system/hawk-eye technology, broadcast technology, virtual reality, wearable technology, and other technologies. The broadcast technology segment led the sports technology market in 2019, followed by wearable technology, tracking system/hawk-eye technology, and virtual reality. The growth of the broadcast technology segment is majorly driven by the increasing penetration of digital technologies, such as digital signage, cameras, and the growing popularity of over-the-top (OTT) based components. Further, the wearable technology segment is anticipated to grow at the highest CAGR in the coming years due to the growing popularity of smartwatches, patches, VR headsets, and helmets, among others.

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Sports Technology Market: Strategic Insights

sports-technology-market
Market Size Value inUS$ 24,135.2 Million in 2019
Market Size Value byUS$ 65,419.5 Million by 2027
Growth rateCAGR of 13.5% from 2020-2027
Forecast Period2020-2027
Base Year2020
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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

  • In July 2020, STATSports declared that Sporting CP has signed a contract for extension to current agreement. The 18-time PrimeiraLiga champions have been a long-standing client of STATSports with their first team squad using APEX Pro Series.
  • In May 2019, Chinese Football Association partnered with VAR technology provider Hawk-Eye Innovations by introducing a new revolutionary 3D Offside System to Chinese Super League.

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

    • Germany
    • France
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)

    • Australia
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Middle East &Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of SAM


Sports Technology Market –Company Profiles

  • ATO-GEAR B.V.
  • Catapult Group International Ltd
  • ChyronHego Corporation
  • EON Reality
  • TrinityVR, Inc.
  • ROTXX, INC.
  • Hawk-Eye Innovations Ltd.
  • STATSports Group
  • Strivr Labs, Inc.
  • Zebra Technologies Corp.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component and Technology

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Which region led the sports technology market?

North America led the sports technology market in 2019, followed by Europe and APAC. The increasing popularity of esports, demand for a comfortable sports viewing experience, and the growing integration of social media with stadium technology are the major factors driving the growth of North American sports technology market.

Which factor sare driving growth of the sports technology market?

Major growth drivers of sports technology include substantial demand of audience engagement solutions, increasing demand for data-driven decisions and activities, and growing online and offline sports events. Besides, rapid technological innovations in the hardware and software sports technology components have further improved the accuracy and performance of the sports equipment, leading to the rapid adoption of these devices in the coming years.

Which segment led the sports technology market in 2019?

Based on component, the sports technology market is segmented into hardware, software, and services. The software segment led the sports technology market in 2019, followed by the hardware and services segment. The growth of software segment is attributed to the growing adoption of cloud-based technologies in the sports industry.

The List of Companies - Sports Technology Market

  1. ATO-GEAR B.V.
  2. Catapult Group International Ltd
  3. ChyronHego Corporation
  4. EON Reality
  5. TrinityVR, Inc.
  6. ROTXX, INC.
  7. Hawk-Eye Innovations Ltd.
  8. STATSports Group
  9. Strivr Labs, Inc.
  10. Zebra Technologies Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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