The global sports technology market size is expected to reach USD 34.99 billion by 2025, growing at a CAGR of 20.3% over the forecast period, according to a study conducted by Grand View Research, Inc. The growing adoption of IoT technologies, coupled with the integration of social media with stadium technologies, and the need for real-time player statistics are the key factors driving the market growth over the forecast period. Additionally, upcoming international and national sports events and substantial enhancements in spectators engagement are expected to surge the demand for sports technology.
Stadiums across developed and emerging economies are being renovated to offer facilities such as better smart parking, operational efficiency, enhanced security, and next-generation viewing experience. Currently, Artificial Intelligence (AI)-based sports analytics is of key importance while developing strategies for boosting individual performance, scouting new talent, and reducing injuries. Moreover, the increasing focus on delighting & engaging fans at the stadium and growing demand for data-driven decisions & operations are also expected to influence the market growth. Additionally, the U.S. Supreme Court has legalized sports betting, which is expected to positively influence the market growth.
The growth of the European region can be attributed to the increasing disposable income and rising demand for wearable devices in emerging economies such as Russia, Poland, Greece, and Turkey. The emergence of professional leagues, digitalization of sports, and increasing penetration of internet & cloud technology are driving the Asia Pacific market growth. Moreover, sports organizations, including New Zealand Cricket, Indian Premier League (IPL), Sahara Force India, and Melbourne Cricket Association, are using advanced technologies for hosting tournaments.
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Further key findings from the study suggest:
- The smart stadium segment is expected to dominate the market by 2025 owing to the increasing construction of smart stadiums across emerging economies
- The basketball segment is projected to register a CAGR of 21.0% from 2019 to 2025 as market players are focused on developing new ways to integrate wearable technologies in basketball games
- The Asia Pacific regional market is estimated to register a CAGR of 23.0% over the forecast period owing to growth in social media analytics, IoT, internet adoption, and smart devices
- The prominent market players include IBM Corporation; Cisco Systems, Inc.; Telefonaktiebolaget LM Ericsson; SAP SE, among others.