Sports Technology Market by Technology, Sport and End User - Global Forecast to [2022-2027]
MarketsandMarkets Research Pvt. Ltd.
6 min read
MarketsandMarkets Research Pvt. Ltd.
Chicago, March 26, 2023 (GLOBE NEWSWIRE) -- The Sports Technology Marketby Technology (Devices, Smart Stadiums, Sports Analytics, Esports), by Sport (Soccer, Baseball, Basketball, Ice Hockey, Rugby, Tennis, Cricket), End User (Sports Associations, Clubs, Leagues) and Region - Global Forecast to 2027, The growth of the sports technology market can be attributed to increasing focus on delighting and engaging fans at stadiums, growing pressure to improve player and team performance, and surging adoption of esports technology.
Increasing adoption of AR and VR in sports
AR and VR are being implemented in various stadiums to enhance experience for fans and players, improve sports broadcasting, enrich interactive advertising, etc.
For instance, In May 2022, Star Sports and Quidich Innovation Labs teamed up to create this incredible AR showcase using the Unreal Engine, a powerful real-time 3D game engine, coupled with Quidich’s proprietary real-time drone tracking system, Spatio. VR live streaming was used in Tokyo Olympics to provide a 360-degree experience to audiences who could not attend the games. Manchester City Football Club is building the world's first football stadium inside the metaverse by getting assistance from virtual reality (VR) experts at Sony.
Sports technology market in Asia Pacific to grow at highest CAGR during the forecast period.
Asia Pacific is a high-potential market for sports technology, with vast opportunities for the development and implementation of new technologies. China, Japan, India, Australia, and Singapore are constructing new stadiums and redeveloping the existing ones.
China is the biggest market in Asia Pacific. The emergence of new sports leagues in the region is driving the demand for smart stadium infrastructure to compete with international leagues and create new revenue streams. Sports organizations, such as the Melbourne Cricket Association, Sahara Force India, Indian Premier League (IPL), New Zealand Cricket, and the Board of Control for Cricket in India (BCCI), use smart technologies for hosting major international and domestic tournaments. Asia Pacific countries are emerging players in professional sports, with the popularity of professional leagues and tournaments in the region growing rapidly
“Browse in-depth TOC on " Sports technology Trends,Growth Drivers"
Apple is one of the most innovative companies, which designs and develops hardware, application software, and services for different consumer electronics products. The company has a prominent focus on R&D. This has helped the company yield profits and increase its revenue over the past few years. It has displayed impressive top-line growth through its innovative products. For the sports wearables market, Apple has a broad range of high-performance products such as wireless AirPods (earbuds) and Apple watches with virtual assistants and additional AI functionalities to detect early signs of strokes and diabetics. The company rightly tapped into the new opportunities across the value chain with a prior focus on integrating different products and services across the value chain. For instance, the company integrates its wearable products with proprietary OS, bringing a synergized experience to the users.
IBM is a leading smart stadium and sports analytics product and solution provider. Its product ecosystem consists of Building Management Center, IBM Intelligent Operations Center, IBM Social Media Analytics, IBM Sports Enterprise 360/365, Identity and Access Security, and Application Security. These solutions enable enhanced spectator experience and optimize stadium operations. IBM has recently announced innovative new fan experiences leveraging AI underpinned by hybrid cloud technologies. This will enable millions of fans worldwide to experience the excitement and vibrant environment surrounding events such as the Grand Slam, where fans were restricted to experiencing the matches at home due to COVID-19 restrictions. IBM has been associated with major sports events, such as the Master Golf Tournament, US Open Golf Tournament, French Open, Australian Open, and Wimbledon. The company provides strategic consulting and technology solutions for stadium optimization and fan experience and engagement. It largely focuses on partnering with different sports organizers to provide digital fan engagement experiences.
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