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Sports Technology Market 2021-2027 will change the Future | Major Giants – STATSports Group, Zebra Technologies Corp., EON Reality
Increasing popularity of esports, rising demand for a comfortable sport viewing experience, and growing integration of social media with stadium technology are the major factors driving the growth of North American sports technology market. Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. The adoption of sports technology in APAC is majorly driven by penetration of internet and cloud technology, emergence of professional leagues, and sports digitalization. There are major sports leagues and active participants in sports, such as cricket, hockey, badminton, and athletics, as well as esports in India, China, Australia, Pakistan, Sri Lanka, and Bangladesh. China is the largest esports market in APAC.
According to our latest market study on “Sports Technology Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Hardware, Software, and Services) and Technology (Tracking System/Hawk-Eye Technology, Broadcast Technology, Virtual Reality, Wearable Technology, and Other Technologies),” the market was valued at US$24,135.2million in 2019 and is projected to reach US$ 65,419.5million by 2027; it is expected to grow at a CAGR of 13.5% from 2020 to 2027.
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The use of sports technology to improve spectator experience and stadium operations positively impacts the market growth. Professional sports bodies have adopted new and innovative technologies, such as digital signage, smart stadiums, sports data analytics, and wearable devices. Due to the proliferation of sporting events, smart stadium is one of the significant trends globally. Additionally, the growing number of massive prize pool events and the ever-increasing number of sports leagues across developed and emerging economies provide market players multiple lucrative opportunities. Due to the presence of a limited number of players, the market is consolidated in nature. To develop innovative technologies and maintain their position in the market, players make significant investments in research and development activities. For example, Fitbit, Inc., a global provider of wearables, collaborated with Google LLC in April 2018 to accelerate digital health and wearables innovation. However, the US sports leagues began suspending their seasons in early March 2020 due to COVID-19 pandemic. Mandatory social distancing has significantly impacted the global sports industry. For millions of fans, live sports have taken the biggest hit, by shutting down games and ending broadcasts. Restrictions on sports events and mass gatherings in most of the countries are expected to affect the growth of sports industry, which minimizes the adoption of sports technology among end users, such as, coaches, clubs, leagues, and sports associations. The factors mentioned above are expected to impede market growth in 2020 and mid-2021.ATO-GEAR B.V.; Catapult Group International Ltd; ChyronHego Corporation; EON Reality; TrinityVR, Inc.; PROTXX, INC.; Hawk-Eye Innovations Ltd.; STATSports Group; Strivr Labs, Inc.; and Zebra Technologies Corp. are among the key market players profiled in the report.
Impact of COVID-19 on North American Sports Technology Market
North America is a critical market for the growth of various sports related solutions & services owing to the presence of developed countries such as the US and Canada in this region. Presently, US is the world’s worst affected country due to COVID-19 outbreak with highest number of confirmed cases and deaths, as per the recent WHO statistics. The high number of COVID cases have resulted in a negative impact on country’s and region’s economy and there has been a decline in overall business activities and growth of various industries operating in the region. Developed countries such as the US are major markets for the growth of sports technology market and the ongoing interruptions in the growth of sports industry due to cancellations and postponement of various big sports events due to COVID-19 outbreak are affecting the revenue of key market players operating in the North America region. Some of the major US sports leagues have suspended their seasons scheduled to happen in 2020 and mandatory social distancing is further aggravating the negative impact on the US sports industry. Major League Soccer, Major League Baseball, Women’s National Basketball Association, and United States Women’s Open Championshipare some of the organizations and events that have been postponed/cancelled due to the pandemic. The slowdown in North American sports industry is also resulting in financial challenges for teams, clubs, leagues, and sports organizers present in the region. Hence, the ongoing COVID-19 crisis and critical situation in the US is anticipated to impact the sports technology market growth in North America region in a negative manner for at least for the next few quarters.
The research provides answers to the following key questions:
- What is the estimated growth rate of the market for the forecast period 2020–2027? What will be the market size during the estimated period?
- What are the key driving forces responsible for shaping the fate of the Sports Technology market during the forecast period?
- Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Sports Technology market?
- What are the prominent market trends influencing the development of the Sports Technology market across different regions?
- What are the major threats and challenges likely to act as a barrier in the growth of the Sports Technology market?
- What are the major opportunities the market leaders can rely on to gain success and profitability?
The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Sports Technology market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal with regard to different segments. The report predicts the influence of different industry aspects on the Sports Technology market segments and regions.
This report strategically examines the micro-markets and sheds light on the impact of technology upgrades on the performance of the Sports Technology market.
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An expert in SEO, Prashant carries an experience of over five years in the industry. He has the ability to analyze global industry trends that helps the leaders to make smarter decisions. An electrical, electronics and communication engineer, Prashant is able to predict future trends as they are changing fast with technological development.