Sports Technology Market Size, Share & Trends Analysis Report By Type (Devices, Smart Venues, Analytics & Statistics, Esports), By Sport, By End-user (Sports Clubs, Sports Associations, Sports Leagues), By Region, And Segment Forecasts, 2023 - 2030

Sports Technology Market Size, Share & Trends Analysis Report By Type (Devices, Smart Venues, Analytics & Statistics, Esports), By Sport, By End-user (Sports Clubs, Sports Associations, Sports Leagues), By Region, And Segment Forecasts, 2023 - 2030

Sports Technology Market Growth & Trends

The global sports technology market size is expected to reach USD 55.14 billion by 2030, growing at a CAGR of 20.8% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The growing popularity of sports as a significant source of entertainment, coupled with the increasing need to engage the audience effectively, is driving the growth of the market. For instance, in September 2022, Microsoft Corporation collaborated with The National Basketball Association (NBA) to launch an upgraded version of the NBA App to offer their fans a personalized experience.

Professional sports organizations have been widely using new technologies such as wearable gadgets, sports data analytics, smart stadiums, and digital signage to engage spectators, create smart infrastructures, and improve team performances, thereby driving the growth of the market. For instance, in March 2023, the second spectrum sister company of Genius Sports Group collaborated with NBA and signed a multi-year contract to become the official partner of NBA Team Basketball Analytics Provider and official NBA League Pass Augmented Provider.

The considerable rise in the number of sports events across the globe has provided sports technology companies with ample opportunities to cater to the market by thoroughly understanding the components related to sports by monitoring athletes and events. Several innovative solutions are being employed to improve sports performance. For instance, in March 2023, Catapult launched Vector T7, a new athlete monitoring solution. The new solution is 73% smaller than the preceding offering. It is powered by the company’s ClearSky Local Positioning System, which provides performance insights, helps mitigate injury risk, and makes live in-game decisions.

The prominent players operating in the sports technology industry are also focusing on employing stadium technologies to manage the crowd and provide an enhanced fan experience. For instance, Nokia Corporation collaborated with Singtel Optus Pty Limited to provide extensive coverage to indoor zones such as VIP areas or corporate boxes using the 5G AirScale indoor Radio solution (ASiR).

The global outbreak of the COVID-19 pandemic made a severe impact on the sports industry as competitions and matches were either postponed or canceled. However, sports technology gained significant momentum during this period as sports organizations and leagues employed several techniques to increase fan engagement. While athletes competed in empty arenas, technology provided fans with a better viewing experience. The social media updates, live updates, new camera angles, and the use of VR headsets further improved the viewing experience for the fans, thereby positively influencing the market outlook.

Sports Technology Market Report Highlights

• In terms of type, the smart stadium segment is predicted to record a CAGR of over 20% between 2023 and 2030 owing to increased adoption of smart technology in the stadiums to provide enhanced fan experience, increased operational efficiency, and improved safety
• The wearables sub-segment will register a CAGR of nearly 14% over the forecast period with increasing adoption of monitoring tools to facilitate athletic training, recovery after an injury, and in-game performance
• In terms of sport, cricket is expected to record a notable growth rate by 2030. This can be credited to a considerable number of cricket fans worldwide. The ICC Men’s T20 World Cup 2022 recorded 6.58 Bn video views across all ICC platforms, a 65% rise as compared to that in 2021
• In terms of end-user, the sports leagues segment accounted for a revenue share of over 45% in 2022, owing to increased adoption of technological solutions in sports events to reach accurate decisions and provide an enhanced experience to fans
• Europe accounted for a sizeable revenue share of over 30% in 2022 owing to the rising popularity of eSports in the region followed by increased business investment in this domain

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