A recent study by Knowledge Sourcing Intelligence projects that the sports technology market will experience a compound annual growth rate (CAGR) of 15.69% from 2022 to 2029, reaching a total market value of $91.017 billion by 2029.
Sports technology encompasses a wide range of tools and systems aimed at enhancing athletes’ performance, training, analysis, and overall sports experience. The report covers various topics such as wearable technology, data analysis, virtual reality, e-gaming, body techniques, traditional sports equipment, and performance-enhancing machines. Currently, technology plays a crucial role in sports, significantly aiding athletes across various disciplines in improving their training and competitive performance.
Smart devices have also streamlined the process of monitoring match progress, making it more efficient and effective. Sports technology is applied in numerous areas, including score tracking, injury prevention, fan engagement enhancement, and the analysis of plays and goals.
The primary driver of growth in the sports technology market is the increasing demand for wearables. The advent of wearable technology represents a significant advancement, offering a variety of devices—from heart rate monitors to GPS trackers—that provide athletes and coaches with valuable data. This data is essential for optimizing training, preventing injuries, and refining skills. The market’s expansion is fueled by the continuous pursuit of the latest equipment for a competitive edge.
Sports technology meets various human interests and goals in sports. It includes not only body techniques but also traditional sports equipment used in competitions and performance-enhancing machines and methods employed outside of competitive settings.
Numerous product launches and collaborations are propelling the sports technology market forward. For instance, in January 2024, ITRI introduced iGolfPutter at CES, a smart system for indoor golf training that simulates a realistic outdoor golf course experience. It features advanced AI skeletal and putt analysis, immersive course simulation, and real-time remote competition capabilities.
The sports technology market is segmented into five categories based on type: wearable devices, digital signage, smart stadiums, sports analytics, and services. Sports analytics is expected to dominate the market due to its ability to process vast amounts of data from multiple sources, making it a preferred choice for optimizing sports performance.
In terms of sports, the market is divided into categories such as soccer, basketball, tennis, cricket, and others. Soccer is projected to hold the largest market share, driven by its global popularity and the extensive use of data analysis to gain a competitive advantage.
Geographically, North America is experiencing significant growth in sports technology, particularly in the United States, Canada, and Mexico. The demand is fueled by substantial investments in analytics, wearables, and training tools by large sports organizations, as well as the increasing adoption of fitness trackers and connected equipment by tech-savvy consumers. The combination of enthusiastic fans, well-funded teams, and a general affinity for gadgets positions North America as a leader in sports technology.
Key players in the sports technology market include IBM, CISCO, SAP SE, FITBIT Inc. (Google LLC), Ericsson, Fujitsu, Oracle, and Sony Corporation.
