Sports Technology Market Growing with Healthy CAGR by 2024 – Market News Store

Sports Technology Market Growing with Healthy CAGR by 2024

Global Sports Technology Market: Overview

Sports technology has found a plethora of applications in sports events such as cricket, rugby, soccer, etc. Sports technology has garnered prominence over the recent years, owing to rise in the indoor sports activities such as table tennis, chess, etc., as well as outdoor activities such as athletics, rugby, cricket, and tennis.

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Global Sports Technology Market: Growth Factors

The rise in the acceptance of wearable equipment by athletes across different countries is likely to extend the growth graph of the sports technology market in an upward direction. Apart from this, the wide acceptance of the internet of things in the sports sector has played a key role in fan engagement and players physical growth. Introduction of new kinds of sports technologies has helped in making players mentally strong, assisted physiotherapists, and helped in improving the training programs to enhance the performance of the sportspersons in various sports events. All these aspects will drive the growth of the sports technology market in the near future.

Moreover, uses of AI-based solutions and big data analytics in sports have helped in performance evaluation, effectively handling of ticket sales activities, athlete training, and sponsorship activations. This, in turn, will boost the industry trends over the years to come. However, the increase in Cybersecurity threats and hacking issues are projected to diminish the growth of the sports technology market. Nevertheless, a rise in the acceptance of new technologies in sports media is set to spur the sports technology industry progression. Additionally, growing need for new techniques such as analytics and wearable equipment for enhancing athlete performance and team performance will offer lucrative growth avenues for the sports technology business.

Global Sports Technology Market: Segmentation

The sports technology market can be segmented into technology, sports, application, component, and end user. On the basis of technology, the sports technology market is sectored into the device, sports analytics, smart stadium, and esports. Sports wise, the industry is divided into soccer, swimming, golf, rugby, basketball, tennis, ice hockey, badminton, cycling, and baseball. Application wise, the market is divided into active and passive applications. Component wise, the industry is divided into software, services, and wearable devices & sports equipment. Based on the end user, the industry is classified into coaches, sports associations, clubs, and leagues.

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Global Sports Technology Market: Regional Analysis

Based on the region, the sports technology market can be divided into five main regions: North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. The sports technology market growth in the Asia Pacific is influenced by an increase in the sale of software & hardware and rise in the funding of new sports technologies in China and India. In addition to this, the thriving e-sports sector in the Asia Pacific will further proliferate the market scope in the region. The sports technology market in Europe is anticipated to gain traction in the years ahead, subject to the utilization of new technologies in sports across various European nations. Furthermore, the rise in the blockchain technology and AI in the European region will further boost the regional market scope.

North America and Latin American markets have huge growth prospects and will steer the overall market earnings in the near future.

Global Sports Technology Market: Competitive Players

Few of the main participants in sports technology market are Accenture Plc, IBM Corporation, Oracle Corporation, SAS Institute Inc., Precision Technologies GmbH, Tableau Software Inc., Catapult Group International Ltd., and Krossover Intelligence Inc.

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Global Sports Technology Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • The UK
    • France
    • Germany
  • The Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa
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