Sports Tech Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 18.82 Billion |
| Market Size (2029) | USD 49.38 Billion |
| CAGR (2024 - 2029) | 21.31 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sports Tech Market Analysis
The Sports Tech Market size is estimated at USD 18.82 billion in 2024, and is expected to reach USD 49.38 billion by 2029, at a CAGR of 21.31% during the forecast period (2024-2029).
- The sports technology market is rapidly evolving, propelled by technological advancements and an increasing demand for enhanced fan engagement and improved athlete performance. The integration of artificial intelligence (AI) and big data analytics is transforming performance analytics for athletes and teams. These technologies facilitate real-time data collection and analysis, refining training methodologies and game strategies.
- AI Coaching Bots are gaining traction. Objective performance metrics generated by computer vision eliminate subjectivity, offering precise data vital for training strategies and game plans. MobiDev is automating training procedures using human pose estimation, while BeOne Sports exemplifies an AI coaching bot, granting smartphone access to feedback from professional athletes.
- Sports analytics algorithms are crucial in evaluating sports performance, training, sleep/rest balance, and achievements. For example, PlaySight's solution employs optical sensors to monitor the training court and automatically recognize actions.
- AI-driven injury prevention gained momentum when NFL partnered with AWS to create the Digital Athlete. This innovative technology employs sensors in a player's protective suit to gather data, crafting a virtual representation of NFL players to forecast potential injuries.
- Yet, the high cost of implementing advanced sports technologies can deter smaller organizations or teams, hindering widespread adoption. Moreover, as data analytics usage rises, so do concerns about data privacy and security, underscoring the need for robust cybersecurity measures.
- In the context of COVID-19, sports broadcasting stands as a primary revenue source for sports organizations. With COVID disrupting events and TikTok shortening attention spans, broadcasters faced challenges with audiences spending less time on lengthy games. However, the rising popularity of AR and VR offers hope for regaining viewer attention. In 2023, Apple and Walt Disney Co unveiled their collaboration to weave Apple Vision Pro into augmented reality broadcasting, enabling viewers to watch up to five games simultaneously, complete with picture-in-picture features and on-screen statistics.
Sports Tech Market Trends
Football to Hold Significant Market Share
- Modern technologies have fundamentally transformed the game of football. The NFL (National Football League) stands at the forefront of American television. According to Forbes, a significant 67% of the NFL's revenue is derived from TV and streaming partnerships. Many football clubs are now leveraging 'wearable smart technology' during training and matches to gather and analyze player data, enabling experts to discern players' strengths and weaknesses. This underscores the immense value of such data.
- Take STATSports, for example. Clients like Liverpool FC and Arsenal FC empower coaches to monitor real-time player metrics during training, including accelerations, decelerations, average pace, heart rate, and maximum speed.
- E-Nano autonomously gathers and analyzes surface data from football pitches, monitoring factors like soil moisture and compaction. This data aids groundskeepers in maintaining top-quality pitches, enhancing playability, and reducing injury risks.
- Orreco’s Motion Data Collective employs machine learning to pinpoint players nearing their limits, potentially heading for injury. They claim an impressive ability to identify 85% of hamstring injuries with 86% specificity.
- Virtual reality (VR) is bridging the gap between fans and stadium experiences. Sky's Sky Worlds Beta allows fans to enjoy Premier League matches in VR. Meanwhile, Manchester City, in collaboration with Sony, is pioneering a proof of concept (PoC) for fans to interact in a virtual Etihad Stadium within the metaverse.
- Moreover, football clubs worldwide are harnessing AI algorithms to assess player performance, derive insights, and refine game strategies. IBM reports that China leads globally in exploring and implementing artificial intelligence (AI), closely trailed by India and Singapore.
Asia Pacific to Register Major Growth
- In the Asia-Pacific region, both public and private entities are increasingly investing in sports, leading to a rise in the number of leagues. With a vast fan base and numerous major sporting events annually, athletes are turning to electronic devices and advanced analytics solutions to gain a competitive edge.
- Sports analytics services are becoming commonplace across the region, and there's a growing demand for advanced sports electronic devices to enhance performance. The market's growth is being accelerated by the pervasive use of technology and digitalization, especially through wearables and social media.
- Countries like Australia, India, China, and Japan, which host numerous sporting events, are seeing a surge in the adoption of electronic sports devices. India, with its booming cricket leagues like the Indian Premier League (IPL) and rising interest in football and basketball, is swiftly emerging as a key player in the sports technology market.
- As per the General Administration of Sport of China, China's outdoor sports participation has surged, with over 400 million participants by the end of 2023. This growth is fueled by rising consumer demand, government backing for the sports industry, and the allure of new activities.
- Moreover, regional players are teaming up with research institutes to develop cutting-edge analytics tools for various sports. For example, in August 2023, researchers from IIT Madras partnered with the Inspire Institute of Sports to develop advanced boxing analytics software, aiming to boost India's medal tally at the 2024 Olympics.
Sports Tech Industry Overview
The sports tech market is highly competitive and fragmented, primarily driven by the presence of major players. These key players employ strategies such as mergers, acquisitions, and product innovations to maintain a competitive edge and broaden their global footprint. Key player include Fitbit LLC, IBM Corporation, Apple Inc. and others.
The sports technology market is poised for significant growth as organizations increasingly recognize the importance of leveraging technology to enhance fan engagement and improve athlete performance. With advancements in AI, data analytics, smart stadiums, and wearable technologies driving innovation, stakeholders must navigate challenges such as high initial investments and data privacy concerns while capitalizing on emerging opportunities within this dynamic market landscape. The future looks promising for sports technology as it continues to transform the industry globally.
Sports Tech Market Leaders
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Fitbit LLC
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IBM Corporation
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TTelefonaktiebolaget LM Ericsson
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Cisco Systems, Inc.
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Fujitsu Technology
*Disclaimer: Major Players sorted in no particular order
Sports Tech Market News
- October 2024: Rice University’s Office of Innovation and Rice Athletics have formed a strategic partnership with BeOne Sports, an innovative startup founded by Rice alumni that is pioneering advanced sports performance technology. This collaboration aims to elevate Rice’s status as a national leader in athletic achievement and research-driven innovation, positioning the university as a testing ground for state-of-the-art, holistic care technologies for student-athletes.
- March 2024: Atos has launched a new Sports Technology Centre of Excellence in Riyadh, bringing its leading global track record in the sports arena to the Middle East. The official worldwide IT Partner of the Olympic Games and Paralympic Games is ramping up its sports focus in the Middle East.
Sports Tech Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of Impact of macroeconomic trends
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Focus on Delighting and Engaging Fans at Stadiums
5.1.2 Surging Adoption of Esports Technology
5.2 Market Restraints
5.2.1 High Initial Investments and Budget Constraints
6. MARKET SEGMENTATION
6.1 By Sports Type
6.1.1 Football
6.1.2 Cricket
6.1.3 Baseball
6.1.4 Tennis
6.1.5 Other Types
6.2 By Geography***
6.2.1 North America
6.2.2 Europe
6.2.3 Asia
6.2.4 Australia and New Zealand
6.2.5 Latin America
6.2.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Fitbit LLC
7.1.2 IBM Corporation
7.1.3 TTelefonaktiebolaget LM Ericsson
7.1.4 Cisco Systems, Inc.
7.1.5 Fujitsu Technology
7.1.6 SAP SE
7.1.7 Oracle Corporation
7.1.8 Samsung Corporation
7.1.9 Apple Inc.
7.1.10 Garmin Ltd.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
Sports Tech Industry Segmentation
Sports Technology refers to the use of technology to improve athletic performance, training, analysis, and overall sports experience. It encompasses a wide range of areas, from wearable technology and data analysis to virtual reality and e-gaming.
The sports tech market is segmented by sports type (football, cricket, baseball, tennis, other type), by geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Sports Type | |
| Football | |
| Cricket | |
| Baseball | |
| Tennis | |
| Other Types |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Sports Tech Market Research FAQs
How big is the Sports Tech Market?
The Sports Tech Market size is expected to reach USD 18.82 billion in 2024 and grow at a CAGR of 21.31% to reach USD 49.38 billion by 2029.
What is the current Sports Tech Market size?
In 2024, the Sports Tech Market size is expected to reach USD 18.82 billion.
Who are the key players in Sports Tech Market?
Fitbit LLC, IBM Corporation, TTelefonaktiebolaget LM Ericsson, Cisco Systems, Inc. and Fujitsu Technology are the major companies operating in the Sports Tech Market.
Which is the fastest growing region in Sports Tech Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Sports Tech Market?
In 2024, the North America accounts for the largest market share in Sports Tech Market.
What years does this Sports Tech Market cover, and what was the market size in 2023?
In 2023, the Sports Tech Market size was estimated at USD 14.81 billion. The report covers the Sports Tech Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Sports Tech Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Sports Tech Industry Report
Statistics for the 2024 Sports Tech market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Sports Tech analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
