July 2022
18 Sep 2024
The global sports technology market surpassed USD 14.74 billion in 2023 and is predicted to cross around USD 97.62 billion by 2033, growing at a CAGR of 20.81% during the forecast period. The advancements in performance-optimizing technologies, high safety, promising diagnostics, versatile training and education are the major drivers of the sports technology market.
The collaboration between sports and modernized technology is being used to bring safety, commitment, and authenticity to sports management organizations. The innovations in healthtech has led to the increasing adoption of heart rate monitoring sensors, sports helmets for communication, and fitness watches. The use of smart helmets and diagnostic programs relying on biometric data are proving effective for injury prevention. The utilization of different kinds of sensors including precision GPS sensors, velocity-based training sensors, and sleep-tracking devices are helping track movement and performance along with the monitoring of player’s sleep quality.
The sports technology market is expanding due to rapid adoption of technology by coaches, trainers. Software-integrated solutions, databases, and overall digitalization enable organizations to team up their members by scheduling events, planning activities, and accomplishing their goals. The trainers can easily trust these devices to train their students by just setting up the required parameters and can evaluate the sports performance to look for any errors or corrections in the practice.
Some of the leading industrial players in this market are IBM, Oracle, Apple, Panasonic, Fujitsu, NEC Corporation, etc. The applications of generative artificial intelligence, real-time data analytics, and machine learning algorithms are driving significant changes in fan engagement, content creation strategies, and management, back-office operations, live sports coverage, etc.
The Rapid Evolution of Technology is Impacting the Growth Trajectory
The evolution of different smart technologies has increased the opportunities for the success of the sports industry’s market. Digital platforms include virtual reality software enhance the quality of game viewing and fan engagement. Augmented reality supports the coaches in training their players through thorough inspection. Real-time data enable coaches to conduct precise decision-making. The adoption of wearable smart technology is a popular trend that involves players wearing gadgets to assist them with real-time inspection of their vitals.
However, high budgets and initial investment plans are crucial in sports technology market to conduct versatile activities and to make smart stadiums. The prohibitive costs related to the innovation and development of smart sports equipment poses a challenge towards growth in the sports industries.
Recent Development by IBM in the Sports Technology Market
| Company Name | IBM |
| Headquarters | Armonk, New York, NY |
| Recent Development | In June 2024, IBM reported sports research study conclusions revealing that most of the population is shifting towards artificial intelligence and technology-driven experiences that will create outstanding opportunities for sports. |
Recent Development by Fujitsu in the Sports Technology Market
| Company Name | Fujitsu |
| Headquarters | Japan |
| Recent Development | In October 2023, Fujitsu used its innovative Fujitsu’s AI-Powered Judging Support System to collect and analyze the performance data of the gymnast athlete. |
Europe is dominating the sports technology market due to the rapid adoption of wearable sports technologies and quick adoption of newer trends in sports activity management. Personalized healthcare solutions, enhanced safety measures, and increasing adoption of sensory equipment is contributing to the overall progress. Effective training monitoring, and growing opportunities in performance enhancement, telecommunication systems, and artificial intelligence are the boosting growth in the market. Increasing investment in B2B solutions with funding and shares are also supporting to the accomplishment of the organizational goals.
Middle East and Africa are notably growing regions in the sports technology market due to the growing sports interests of youth, increased health fitness consciousness, and increasing prevalence of sports as a lifestyle choice. The global sporting events showcase the institutional and organizational potential of high-profile athletes which contribute to the growth of Middle East countries. The smart stadium infrastructure in this region was implemented in major sporting events such as the 2022 FIFA World Cup in Qatar. As per the PwC’s Global Sports Survey, the Middle East region will set a benchmark in the sports technology market in the upcoming five years.
The players including runners, climbers, basketball players, and skiers use drone technology to proactively monitor their fields of play and make route corrections accordingly. Integration of various technologies in cricket including hot spots, LED lights in bails and cameras around the stadiums and the use of computer vision systems such as the Hawk-Eye, etc have transformed the sport, supplementing umpire efforts and enhancing the viewing experience for fans. Effective batting and ball tracking technology conducted through several sophisticated cameras is further enhancing the sporting experience.
The use of super soppers help remove excess water from the playing area during heavy rainfalls and Hawk-Eye enables the umpire to trace the exact path taken by a ball after a delivery. Radio frequency identification chips help to monitor the speed, distance and running patterns of all players on the field while computer-aided design technology contributes to the development of improved sports equipment. The application of data collected by these various systems with parameters including aerodynamics and field conditions is proving helpful to the players, coaches, and trainers for better performance outcomes.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 117.93 Billion |
| Market Revenue by 2033 | USD 97.62 Billion |
| CAGR | 20.81% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | Europe |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Type
By Sports
By End-user
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