Changing Sports Dynamics Fueling the Growth of the Sports Technology Market, says Market.us

Sports technology combines the best elements of engineering science, sports science, and analysis and measurement to link the playing qualities of sporting equipment to product design concepts. Providing up-to-date knowledge about manufacturing procedures and materials promotes increased performance and ease of use in athletic items.

According to a report by Market.us, “The sports technology market  was worth USD 12.17 billion in 2022, and it is anticipated to increase at a CAGR of 18.9% from 2022 to 2032. In the projected time frame, it is expected to reach USD 82.22 billion.”

Over the course of the forecast period, changing sports dynamics and the use of technology will fuel the growth of the sports technology market.

The unpredictability of the market and the rapid adoption of new technologies are expanding the use of these solutions globally. The demand for software distributed via the cloud is increasing as businesses concentrate on reducing upgrade and maintenance costs. This is because cloud-based solutions provide advantages including simple access, cheap cost, quick scalability, and uninterrupted service.

It is anticipated that a strong focus on audience participation and entertainment activities as well as the digital transformation of arenas and stadiums would fuel the need for technology-based services in the sports arena. Due to growing investments by multiple organizations in implementing the newest technologies for tracking players’ performance and interacting with fans, the market has undergone changes recently.

Anurag Sharma, a senior research analyst at Market.us, said, “Over the course of the projected timeframe, the market is expected to be influenced by the increasing adoption of cutting-edge technologies across a variety of sports, including data analytics, internet of things (IoT), and social media integration.”

Utilizing cutting-edge technologies like Big Data, IoT, cloud analytics, mobility, and social media has sparked innovation and transformation, encouraging growth in the commercial environment. The acceptability of Big Data and related technologies has increased as a result of this need for in-depth knowledge. 

The expansion of organizations on a global scale, which fuels the constant growth in data sources and volumes, is what is causing the data capacity to grow at a rising rate.

The entire sports business has changed as a result of developments in artificial intelligence, machine learning, and big data. This is projected to lead to several chances for market expansion. Therefore, the market is anticipated to be driven by the growing adoption of technologies like Big Data, ML, AI, cloud, IoT, and others.

However, due to strict governmental constraints and poor technological penetration, businesses in some locations struggle to deploy analytics and other technologies. These elements are impeding market expansion.

The demand for data-driven decision-making and operations, as well as the quantity of sporting events, is likely to fuel significant growth in the sports technology sector over the coming years.

Exasol announced DBaaS on AWS in February 2022, enabling users to compile and acquire data from a variety of sources, including APIs or event data streaming.

SAP updated its tennis performance analytics platform in October 2019. The new feature will be a program called Patterns of Play that will help WTA players and coaches analyze and spot patterns in rallies and matches.

The global sports technology market is now dominated by Europe, and this trend is expected to hold true during the forecast period. Numerous football leagues can be found throughout Europe, and most of them have incorporated technology in some way. Several second and third-tier football clubs are based in Europe. In Europe, intelligent stadium technology is becoming more popular.

Middle East and Africa is anticipated to develop at a rate that is second only to China, with a CAGR of more than 20% anticipated during the projected period.

In 2021, North America held the largest market share. The market in North America is expected to grow as a result of the region’s increasing investments in cutting-edge technology by organizations like the National Football League, Major League Baseball, and National Basketball Association, as well as the rising demand for AI technology and video analysis in sports.