At a compound annual rate of 8.2%, the global smart sports equipment market will grow from $3.46 million in 2021 to $3.74 trillion in 2022. At 8.4% compound annual growth rate (CAGR), the smart sports equipment market will reach $5.17 billion by 2026.
Smart sports equipment sales are made by organizations, sole traders, partnerships, and other entities that use smart equipment to track player performance. Smart sports equipment provides more detailed information about form and performance than simple metric tracking such as steps taken or calories burned.
Smart balls, smart tennis sticks, smart hockey sticks and smart bats are the main products in this smart sports equipment market. Smart balls are intelligent balls that have an embedded electronic chip.
Smart balls are made by integrating smart technology such as IoT and data analytics into sporting equipment. Smart sports equipment can be connected to smartphones via wireless synching and smartphone synchronization.
These products can be purchased through specialty shops, franchises, and other retailers. End-users, such as women and men, use smart sports equipment.
In 2021, North America was the biggest region in smart sports equipment sales. The fastest-growing region is Asia Pacific, according to the forecast.
Smart sports equipment is expected to grow due to the growing demand for data-driven analysis. Data-driven analytics can be used in sports coaching. Sensors are embedded into the equipment to help develop winning strategies and analyze the performance.
Data science can be used by professional coaches to create hyper-personalized matches for athletes and other plans. They can also analyze data from their equipment to identify and correct mistakes made by players.
These modern accessories allow players to overcome any challenges they face during training sessions or games by studying the data and becoming more effective.
Forbes predicts that sports analytics will generate more than $4 billion in revenue by 2022. This is because it helps a number of sports organizations as well as players in many ways.
Smart sports equipment is growing because of the increasing demand for data-driven analysis and monitoring of sporting events.
Artificial Intelligence is playing a massive role in this smart equipment as well.
