Based on SNS Insider, venture capitalists and sports organizations are investing heavily in sports technology startups, driving innovation and growth in the market
Pune, April 06, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the Sports Technology Market had a value of USD 15.89 billion in 2022 and is projected to expand at a CAGR of 16.9% during the forecast period of 2023-2030, ultimately reaching a value of USD 55.44 billion.
Sports technology refers to the use of technology in various aspects of sports, including training, performance analysis, broadcasting, fan engagement, and equipment design. It encompasses a wide range of technologies, such as wearable, sensors, data analytics, virtual and augmented reality, artificial intelligence, and robotics. Sports technology has significantly transformed the way athletes train and compete, providing them with real-time data and insights to improve their performance and prevent injuries.
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Sports Technology Market Report Scope
Market Size in 2022
US$ 15.89 Billion
Market Size by 2030
US$ 55.44 Billion
CAGR From 2023-2030
• By Type (Baseball, Cricket, Tennis, Rugby, Basketball, Ice Hockey, Soccer)
Apple, ChyronHego Corporation, HCL Technologies Limited, Infosys Limited, Oracle Corporation, Sony Corporation, Catapult Sports, Cisco Systems, IBM Corporation, Modern Times Group and Panasonic Corporation.
• Esports technology is becoming more popular.
The sports technology market is expected to grow significantly in the coming years as teams, leagues, and organizations look to stay ahead of the competition by leveraging the latest technological advancements. As the use of data analytics, IoT, and social media integration becomes more widespread, we can expect to see a wide range of new and innovative sports technology solutions emerging in the market. Social media integration is another area where sports organizations are investing heavily. By leveraging social media platforms, teams and leagues can engage with fans in new and exciting ways.
Impact of Russia-Ukraine Conflict
The impact of a recession on the sports technology market will depend on a variety of factors, including the severity and duration of the economic downturn, the specific sports technology solutions in question, and the overall demand for these solutions among athletes, sports organizations, and fans.
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Key Regional Development
The sports technology market has seen significant growth in Europe, and it is expected to continue dominating the industry over the forecast period. One of the primary reasons behind this development is the presence of numerous sports leagues that promote the adoption of advanced sports technologies. Moreover, the increasing demand for smart stadiums and sports infrastructure in Europe has also contributed to the growth of the market. The integration of advanced technologies such as IoT, artificial intelligence, and cloud computing in sports facilities has improved the overall fan experience, making it more comfortable, safe, and enjoyable.
Key Takeaway from Sports Technology Market Study
In recent years, the market has been experiencing significant growth, and one segment that has been capturing a high share of this market is cricket. This is due to a combination of factors, including the popularity of cricket in certain regions of the world, the advancements in technology that have made it easier to capture and analyze data, and the increasing demand for more engaging and interactive sports experiences.
Among segments, the devices category has stood out as a leading contender, holding a dominant share in the market. Sports technology devices are designed to help athletes, coaches, and trainers enhance their performance and achieve their fitness goals.
Recent Developments Related to Sports Technology Market
Sportzcraazy, a sports technology startup, has recently made headlines with their acquisition of Kabaddi Adda, a popular online platform dedicated to the sport of kabaddi. The acquisition is set to enhance Sportzcraazy's presence in the rapidly growing kabaddi market, allowing the startup to offer a wider range of services to its customers.
LONGi, a leading manufacturer of high-efficiency solar panels, has entered into a strategic partnership agreement with Juss Sports and the ATP Tour. The partnership is set to strengthen the position of all three entities in the global market by leveraging their respective strengths and resources.
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Table Of Contents
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Sports Technology Market Segmentation, By Type
9. Sports Technology Market Segmentation, By Technology
10. Regional Analysis
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