Sports Technology Market: Software Segment Accounted For The Highest Revenue Share

 Sports Technology Industry Overview

The global sports technology market size is expected to reach USD 36.20 billion by 2028, registering a CAGR of 16.8% from 2021 to 2028, according to a new report by Grand View Research, Inc. The growth is attributed to the technological advancements that have improved the accuracy, engagement, and experience of both athletes and spectators. The technology is empowering a data-driven sports culture and providing a next-generation viewing experience.

 

The growing popularity of sports has triggered the need for improving operational efficiency and enhancing security in stadiums. Connected stadium technology can help in realizing a smart stadium leveraging crowd management solutions and advanced parking services, subsequently delivering a next-generation experience. A smart stadium can also provide wireless connectivity across the stadium for spectators, guests, vendors, and contractors.

 

Advanced technology has become more resilient and less burdensome, paving the way for new opportunities in athletics. Wearable technology is revolutionizing training by providing players’ real-time performance metrics, such as speed, distance covered, heart rate, and hydration level. Coaches and trainers can efficiently use this intricate data to design more effective training sessions and game tactics. For instance, a GPS player-tracking system can be used in soccer to record substantial data, such as distance, speed, pulse rate, acceleration rate, and impact from tackles, in real-time and can be used to prepare team strategies, assign players' positions in the game, and make substitutions.

Innovative systems based on the latest technologies are being used in most professional sporting events to help referees in making the right call. For instance, basketball referee uses instant replay, the third umpire in cricket has full access to the TV replays for certain situations, such as catch, run out, and boundaries, Video Assistance Referee (VAR) in soccer for decision review, and hawk-eye technology in tennis for ball tracking. Several leading sporting leagues have also started adopting these technologies in various forms.

Sports Technology Market Segmentation

Grand View Research has segmented the global sports technology market on the basis of technology, sports, and region:

Based on the Technology Insights, the market is segmented into Devices, Smart Stadium, Analytics & Statistics, and Esports.

  • The smart stadiumsegment accounted for the highest revenue share of over 57% in 2020. Smart stadium technology helps in enhancing the audience experience, increasing profitability, and strengthening stadium security. The technology comprises several sensors, cameras, and digital signage to provide real-time information on parking slots, ticketing lines, and food concessions, and other related information.
  • The smart stadium segment has been bifurcated into software and services. The software segment accounted for the highest revenue share in 2020 owing to the rising demand for building automation software for energy-efficient and secured stadiums. Factors, such as the growing need for environmental monitoring, assets management, and cleanliness and hygiene management within stadiums are expected to drive the software segment.
  • The Esports segment has been further divided into tickets & merchandise, sponsorship & advertisement, and others. The sponsorship & advertisement segment dominated the market in 2020 and is expected to retain the leading position over the forecast period. Esportsoffers a direct opportunity to reach the target audience during online and offline events leveraging video displays, posters, interactive advertising, and freebies.

 

Based on the Sports Insights, the market is segmented into American Football/Rugby, Baseball, Basketball, Cricket, Golf, Ice Hockey, Tennis, Soccer, and Others.

  • The soccer segment led the market in 2020 with a revenue share of more than 15%. The International Football Association Board approved the use of electronic tracking systems in 2015. In March 2018, FIFA allowed team analysts to share the players’ performance data with the coaches in real-time during live matches. Video Assistant Referee (VAR) was first used in the 2018 FIFA World Cup to help on-field referees in making decisions. In soccer, the technology can be used to gain actionable insights into a players’ fitness and make informed decisions.
  • The basketball segment is expected to register the fastest CAGR of over 18.0% from 2021 to 2028. The National Basketball Association (NBA) has realized several benefits due to the adoption of data analytics, mobile apps, wearables, and heart rate sensors. All the 30 NBA teams established their analytical department in 2020 to optimize the training sessions and improve the game-day performance. 

 

Sports Technology Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Major companies are focused on striking strategic partnerships and collaborations to gain a competitive advantage in the market. For instance, in October 2019, Modern Times Group (MTG) formed a strategic alliance with the Dutch football league Eredivisie to scale and improve FIFA 20 e-league. In April 2019, SAP SE collaborated with Team Liquid, an Esports team owned by Disney, to co-innovate and offer in-game data analysis-based feedback to improve player performance.

The market witnessed several M&A activities over the past few years. Companies also adopted inorganic growth strategies to gain a competitive edge. For instance, in July 2019, Telefonaktiebolaget LM Ericsson collaborated with AT&T to offer a 5G network infrastructure for MGM Resorts NBA Summer League. The collaboration envisages allowing the audience to participate in the games in a new way by streaming live video via the Samsung Galaxy S10 5G device. In August 2018, Tech Mahindra Ltd. made a 4-year deal with the U.S. football team Jacksonville Jaguars to provide modern tools based on AI and data analytics, among other latest technologies, to enhance the audience experience. Some of the prominent players in the global sports technology market include:

  • Apple Inc.
  • 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

 

Order a free sample PDF of the Sports Technology Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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