DUBLIN--(BUSINESS WIRE)--Jun 2, 2021--

The global sports technology market was valued at USD 17.9 billion in 2021 and is expected to reach USD 40.2 billion by 2026, at a CAGR of 17.5% between 2021 and 2026.

The market growth can be attributed significant improvement in audience engagement, growing demand for data-driven decisions and operations, and increasing sports events, online and offline. In the recent years, professional sports bodies have adopted new technologies such as sports data analytics, smart stadiums, wearable devices, and digital signage to enhance their team performance, engage fans, and provide smart infrastructures.

Smart stadiums are among the key global trends owing to the increase in the number of sports events being held worldwide. Technological innovations in smart stadiums drive the execution of several projects worldwide. The growth opportunities for the sports technology market are high in Europe and APAC owing to favorable economic and sports environments.

The sports technology market for sport analytics is expected to grow at the highest CAGR from 2021 to 2026

Due to COVID-19, the number of spectators admitted to sporting events is very limited. However, this led to strong financial losses for clubs, sports facility operators, ticket sellers, etc. Therefore, there was an increasing demand for smart solutions to bring fans and revenue back while also ensuring safety. For instance, NTT-Data came up with BioBarcode solutions. The BioBarcode is an extension of a personalized ticket around the biometric information of the viewer and the integration of a required health status.

This information is available in compliance with all safety and data protection requirements and is encrypted and visually coded. These codes are identified by a corresponding scanner hardware read and controlled at the stadium's inlet automates of the on-boarding process. Only the presence of a valid ticket, an authentic ID, biometric comparison by face recognition, and a current negative COVID-19 test or the verification of a vaccination for COVID-19 will allow for a fan to enter the arena.

Soccer is expected to hold the largest market share in sports technology market in 2021

The adoption of sports technologies has been higher in soccer than in tennis, golf, and other sports. FIFA is making efforts to establish global wearable standards for use by all soccer teams. The idea is to have all professional teams using the same data-tracking technologies for training their players. Eventually, some of these technologies are expected to be used in live matches to help players and coaches track the performance of teams and individual players.

They are also anticipated to open a host of possibilities for broadcasting sports events and allowing fans to view in-depth statistics of players. In January 2020, Sportlogiq and Telemetry Sports partnered to provide unique data and contextual insights to power the premier National Collegiate Athletic Association (NCAA) football product of Telemetry Sports. As a result of this partnership, Telemetry is offering increased data and advanced analysis for college-level soccer events, effective from January 2020.

Europe to account for second largest size of sports technology market during forecast period

Europe has the greatest number of professional and reputed football associations and clubs in the world. Different European football leagues, such as the Barclays English Premier League, Bundesliga (Germany), Scottish Premier League (Scotland), and La Liga (Spain), take place at regular intervals, and the management of these associations invest heavily in technologies for effective monitoring of games and players.

Major football clubs, such as Manchester United, Arsenal, Chelsea, Real Madrid, Barcelona, and Liverpool, are part of such leagues. Sports technology helps management to analyze player data and check their fitness and overall on-field performance. Moreover, the gathered data helps analyze the opponent's game strategy, helping teams devise their own. Team sports, such as football, basketball, and rugby, now leverage wearable and optical technologies for effective sports analytics during practice sessions and matches.

Market Dynamics

Drivers

  • Expanding Demand for Fan Engagement
  • Increasing Need for Data-Driven Decisions
  • Growing Pressure for Player/Team Performance Improvement
  • Rising Adoption of eSports Technology

Restraints

  • High Initial Investments and Budget Constraints
  • Lack of Awareness Regarding Benefits of Sports Analytics Solutions

Opportunities

  • Advent of AI and ML Technologies
  • Emergence of Sports Leagues and Events with Large Prize Pools

Challenges

  • Lack of Professionals with Analytical Skills
  • Complexities in Upgrading and Replacing Legacy Systems

Companies Mentioned

  • Activision Blizzard
  • Apple
  • Arri
  • Catapult
  • Cisco
  • Coach Logic
  • Dartfish
  • Ericsson
  • EXL
  • Fitbit
  • Fujitsu
  • Garmin
  • Hudl
  • IBM
  • Longomatch
  • Modern Times Group
  • NACsport
  • Panasonic
  • Samsung
  • SAP SE
  • SAS
  • Sharp
  • Sony
  • Spiideo
  • Valve Corporation

For more information about this report visit https://www.researchandmarkets.com/r/m08dlc

Laura Wood, Senior Press Manager

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KEYWORD:

INDUSTRY KEYWORD: ENTERTAINMENT DATA MANAGEMENT SPORTS TECHNOLOGY ONLINE GENERAL SPORTS

SOURCE: Research and Markets

Copyright Business Wire 2021.

PUB: 06/02/2021 07:02 AM/DISC: 06/02/2021 07:02 AM

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