Sports Technology Market Size, Share & Trends Analysis Report By Type (Devices, Smart Stadium, Analytics & Statistics, Esports), By Sport (Basketball, Cricket, Golf, Ice Hockey), By End-user, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global sports technology market size was valued at USD 13.14 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 20.8% from 2023 to 2030. The growth can be attributed to the increasing need for technology-based services in the sports arena driven by a strong emphasis on the involvement of audience and entertainment activities and the digital transformation of arenas/stadiums. As the number of sports events and data-driven decision-making and operations are increasing in demand, the sports technology market is expected to witness significant growth during the forecast period. The increased usage of data analytics, the Internet of Things (IoT), and social media are favoring the market expansion further.

The sports technology market has witnessed developments in recent times owing to increased investments by numerous organizations in adopting the latest technologies for tracking players' performance and engaging fans. For instance, in April 2021, The National Football League (NFL) signed a multi-year partnership with Cisco Systems, Inc. to provide a Connected League platform to the NFL. Through this initiative, the company will unify the league on a foundation of connectivity with enhanced intelligence, speed, and security.

The market growth is being further influenced by the adoption of artificial intelligence, which helps in keeping track of players' health, fitness, and safety. An AI integrated into wearable devices such as watches and heart rate monitors to track the players' whereabouts off the field and ensure player safety during workouts. For instance, in the National Association for Stock Car Auto Racing, LLC (NASCAR), deep learning is used for recognizing the patterns in data and can be used in several commercial applications ranging from voice recognition to computer vision.

COVID-19 Impact

The global outbreak of COVID-19 made a serious impact on the sports industry. Several tournaments, games, and events were postponed, canceled, or altered due to the lockdown restrictions enforced across the globe. However, with viewers confined to their homes and increased usage of digital forms of entertainment created significant opportunities for the sports technology market. The heightened demand for esports, virtual entertainment, streaming platforms, and digital fan-engagement platforms provided positive growth prospects for the market.

Type Insights

The smart stadium segment accounted for over 54.0% of the total revenue share in 2022 owing to the increased popularity of these smart stadiums as they provide immense benefits to the owners and spectators ranging from ticket management, seat upgradation, crowd management, closet bathroom queue, social media updates, Wi-Fi network, food ordering, merchandise sales, smart lightning, integrated security systems, and emergency response management. Several stadiums are being renovated into smart stadiums in order to offer a complete experience around the event, covering a range of aspects such as operational efficiency, enhanced security, and smart parking.

The analytics and statistics segment is anticipated to record a considerable CAGR of nearly 28.0% from 2023 to 2030. In a sports environment, digital analytics has various on-field applications, such as managing group individuals and performance, which is expected to grow due to the need to detect game patterns and athlete performance. In October 2021, Infosys Limited, in partnership with the ATP Tour, announced the launch of a match stats and analysis tools range designed to provide an enhanced experience of ATP Tour matches by providing statistical insights for more than 60 ATP Tour events each season.

Sports Insights

The soccer segment held a revenue share of around 15.0% in 2022 and is estimated to grow at a considerable rate over the forecast period. The soccer game has gained popularity in countries such as the U.S., Russia, and Mexico. For instance, FOX Sports and its streaming services announced record viewership of 16,783,000 for the 2022 FIFA World Cup tournament.

Cricket is expected to showcase a significant CAGR of around 21.5% during the forecast period. Cricket is extremely popular in South Asian countries such as India, Pakistan, and Bangladesh. Every year various major cricket events are organized around the globe, such as the Indian Premier League, ICC Men's T20 World Cup, England, and Wales Cricket Board, etc. These events attract a considerable number of spectators and generate high revenues, which, in turn, contributes to segmental growth.

End-user Insights

The sports leagues segment captured a revenue share of over 45% in 2022 owing to an increased usage of technological solutions in the popular leagues to facilitate accurate decision-making and improved fan experience. For instance, some of the popular technologies used in soccer are Video Assistant Refree, goal-line technology, semi-automated offside technology, etc. The semi-automated offside technology was employed in soccer for the first time during the FIFA World Cup 2022 in Qatar. This technology tracks the data points related to the ball and the players obtained from the cameras fixed around the field at 50 times per second. It accurately determines the occurrence of offside in real-time using the signal received from the sensor placed inside the ball to calculate their exact position on the pitch. This data is then used by the video match officials to notify this information to the central referee.

The sports clubs segment is estimated to record a CAGR of over 21% over the forecast period with increasing application of sports technology at the individual or personal level. For instance, GPS trip computers on runners and bicycles are not necessarily for competitions; they provide the performers' information regarding route directions, power, speed, heart rate and split, and time duration. This information helps them identify performance challenges and make tactical decisions during a competition. On the other hand, coaches also use sport technology solutions to gain insights about players’ biometrics in real-time for pain or weariness during their practice and avoid sports injury or illness.

Regional Insights

Europe accounted for around 30.0% of revenue share in 2022 and is expected to grow significantly over the upcoming years owing to the presence of several sports leagues, including the Premier League, English Football League, and LaLiga. Moreover, increasing investments in these sports leagues is positively influencing the market outlook. For instance, in December 2021, the British Basketball League received its first institutional investment from Miami-based investment firm 777 Partners. The latter obtained a stake of 45% in the league with an investment of around USD 8.7 million.

Middle East and Africa is expected to record a CAGR of nearly 21.0% from 2023 to 2030 as the region is becoming a prominent sports tourism destination. The GCC countries, such as the UAE, Qatar, and Saudi Arabia, are witnessing a significant rise in sports tourism due to their capacity to host major sporting events and family-oriented activities, wide availability of hotels, personal safety, and societal security, adventure sports and leisure, enhanced retail experiences, and seamless connectivity.

Key Companies & Market Share Insights

Several major players in the sports technology market are focusing on technological developments, new product launches, and strategic collaborations to strengthen their market position. Mergers and acquisitions allow these companies to strengthen their product portfolio, providing a broader customer base and a more comprehensive suite of solutions and services. For instance, in July 2021, Stats Perform completed the acquisition of 13 Strides, a sports visual content studio, to increase fan engagement via attractive and integrative graphics in stadiums and broadcast screens. Some of the prominent players in the global sports technology market include:

• Apple Inc.

• Catapult Group

• ChyronHego Corporation

• Cisco Systems, Inc.

• HCL Technologies Limited

• IBM Corporation

• Infosys Limited

• Modern Times Group MTG

• Oracle

• Panasonic Corporation

• SAP SE

• Sony Corporation

• Stats LLC

• Telefonaktiebolaget LM Ericsson

Sports Technology Market Report Scope

Global Sports Technology Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global sports technology market report based on type, sport, end-user, and region:

• Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Devices

    • Wearables

    • Digital Signage

    • Camera

  • Smart Stadium

    • Software

      • Stadium & Public Security

      • Building Automation

      • Event Management & Ticketing

      • Others

    • Services

  • Analytics & Statistics

    • On-field

    • Off-field

  • Esports

    • Tickets & Merchandise

    • Sponsorship & Advertisement

    • Others

• Sports Outlook (Revenue, USD Billion, 2018 - 2030)

  • American Football/Rugby

  • Baseball

  • Basketball

  • Cricket

  • Golf

  • Ice Hockey

  • Tennis

  • Soccer

  • Others

• End-user Outlook (Revenue, USD Billion, 2018 - 2030)

  • Sports Clubs

  • Sports Associations

  • Sports Leagues

  • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • South America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • UAE

    • Saudi Arabia

    • South Africa