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 & Trends

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 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 also 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 February 2023, STATS LLC extended its collaboration with United Soccer League. Through this initiative, the company is offering Opta services to fan-facing platforms, on-field performance, and broadcasting tools of USL.

The market growth is also 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.

Sports Insights

Soccer held a revenue share of around 15% in 2022 and is estimated to grow at a considerable CAGR over the forecast period. Sports technology finds essential application in soccer to make informed decisions and gain actionable insights into a player’s fitness. In the 2022 FIFA World Cup, Video Assistant Referee (VAR) technology returned for its second run to help on-field referees with controversial match decisions. Semi-Automated Offside Technology (SAOT) was introduced in FIFA World Cup 2022, which acts as a support tool for the on-field officials and video match officials to help in making more accurate offside decisions. This, in turn, is expected to boost the market growth over the forecast period.

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 the segment’s growth.

Type Insights

The smart stadium segment accounted for over 54% of the total revenue share in 2022 owing to the increased popularity of these smart venues 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 to offer a complete experience around the event, covering a range of aspects such as operational efficiency, enhanced security, and smart parking.

The analytics & statistics segment is anticipated to record a considerable CAGR of nearly 28% from 2023 to 2030. The growth can be attributed to the advantages of employing analytics & statistics in sports. It provides the teams, coaches, players, and fans valuable insights regarding performance improvement, decision-making, and overall viewing experience. Several new and established analytics companies are seeking opportunities to usher in the sports domain and take profound initiatives. For instance, in 2023, prominent sports data and analytics company SIS partnered with ReSpo.Vision. As a part of this deal, the latter will provide advanced soccer analytics data based on broadcast tracking technology to SIS. The companies will launch new products to automate and improve data collection, tracking, and development of cutting-edge metrics for soccer.

The analytics and statistics segment is further categorized into on-field and off-field. The on-field segment is expected to grow at a CAGR of more than 29.0% over the forecast period. The growth is attributed to the increasing demand for improving the on-field performance of players and teams. The on-field analytics solutions enable team managers to improve players’ health monitoring, in-game strategies, and other methods for enhancing their level of performance.

The development of innovative sports technology solutions for on-field data analytics is expected to offer lucrative opportunities for this segment. For instance, in June 2022, Stats Perform introduced Opta Vision, a new addition to its sports data and AI product portfolio. According to the company, this solution is likely to provide richer performance insights to professional teams.

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 Referee, goal-line technology, and semi-automated offside technology among others.

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, which helps the analyst team and the management to generate insights from the game. This, in turn, is expected to drive the demand for the sports leagues segment over the forecast period.

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. Teams and clubs collaborating with analytics firms are a burgeoning trend in the market. For example, several football clubs and leagues have partnered with Opta, one of the premier sources of football sports statistics. The analytics provided by Opta can track every move a player makes in a specific zone on the field, regardless of whether or not the player has the ball. This helps the clubs to focus on the specific area of improvement and continuously work on their strong point, which is expected to fuel the demand further.

Regional Insights

Europe accounted for around 30% 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, the increasing collaborations between key players in the region is positively influencing the market outlook. For instance, in November 2022, the SAP SE partnered with Valve Corporation to become the cloud analytics partner of the Dota 2 World Championship. SAP SE provided pre-match and post-match analysis, win & loss data, and other metrics. Such strategies by players in the region is expected to boost the market expansion over the forecast period.

Middle East and Africa is expected to record a CAGR of nearly 21% 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 market are focusing on technological developments, new product launches, and mergers & acquisitions to strengthen their market position. Strategic collaborations 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 September 2023, St. Louis CITY SC, a soccer club based in St. Louis, Missouri, collaborated with Cisco Systems, Inc. The partnership has enabled the club to leverage digital signage, Wi-Fi, security, and networking solutions to offer an immersive matchday experience to its fans. Some 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

• Amazon Web Services Inc.

• DELTATRE

• Ernst & Young Global Limited

• Genius Sports Group

• Microsoft Corporation

• SAS Institute Inc.

• Sportradar AG

• Synergy Sports

• CBS Sports Digital

• Draft Kings, Inc

• Dream 11 (Sporta Technologies Pvt. Ltd.)

• Dream Sports Group

• FanDuel Group

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 

      • Others

    • Services

  • Analytics & Statistics

    • On-field

      • Player & Team Analysis

      • Video Analysis

        • Performance Improvement

        • Refereeing Decisions

      • Health Assessment

    • Off-field

      • Fan EngagementTicket Pricing

        • Content Platforms

        • Fan Experience

        • Fantasy Sports

      • Others

  •  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

  • Rest of Europe

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Rest of Asia Pacific

  • South America

    • Brazil

    • Argentina

    • Rest of South America

  • Middle East and Africa (MEA)

    • UAE

    • Saudi Arabia

    • South Africa

    • Rest of Middle East & Africa