Sports Technology Market to Receive Overwhelming Growth of 19.73% by 2029: Analyzed by Industry Trends, Growth
August 5, 2022
Sports Technology market was valued at USD 11.13 billion in 2021 and is further estimated to reach USD 47.00 billion by 2029,PUNE, MAHARASHTRA, INDIA, August 5, 2022 /EINPresswire.com/ -- Sports Technology market report is helpful in assessing the effectiveness of advertising program and helps identify the causes of consumer resistance. It reveals the nature of demand for the firm’s product to know if the demand for the product is constant or seasonal. The report aids to know how patents, licensing agreements and other legal restrictions affect the manufacture and sale of the firm’s products. The market study of Sports Technology report helps minimize the risks of uncertainties and helps in taking sound decisions. The report ascertains the reputation of the firm and its products. The market analysis and competitor analysis helps the firm in determining the range in terms of sizes, colors, designs, and prices, etc. within which its products are to be offered to the consumers.
Sports Technology market research report market research report enables organizations to get clarity on current business drifts and anticipated future advancements. The principal regions of market examination, for example, market definition, competitive investigation, market segmentation and research technique are considered carefully and accurately all through the report. It gives clarification about different definitions and division or characterizations of the business, applications of the business and value chain structure. The report proves to be a one-stop solution for acquiring minute details regarding the Sports Technology market.
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Outdoor sports such as cricket, football, soccer, and rugby have largely integrated sports technology. In terms of income, games are king in the sports technology business. Furthermore, due to a surge in the usage of sports technology in games such as badminton, chess, and swimming, indoor sports activities are also contributing significantly to the industry. Indoor sports are now adopting sports technology at a slower rate than outdoor sports.
Data Bridge Market Research analyses that the sports technology market was valued at USD 11.13 billion in 2021 and is further estimated to reach USD 47.00 billion by 2029, and is expected to grow at a CAGR of 19.73% and during the forecast period of 2022 to 2029.
The sport technology section is primarily concerned with the creation of novel applications and technologies to aid research and the development of intervention strategies to improve athletic performance. Sports technology and data have become a vital aspect of athletic growth and performance in recent years. Because technology and data play such an important part in improving player development and sporting performances, the income side of sports is also growing.
Report Scope and Market Segmentation
Details Forecast Period 2022 to 2029
Base Year 2021
2020 (Customizable to 2019 – 2014)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Technology (Device, Smart Stadium, Esports, Sports Analytics), Sports (Soccer, Baseball, Basketball, Ice Hockey, American Football/Rugby, Tennis, Cricket, Golf, Esports, Others)
U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA)
Market Players Covered
Fitbit LLC (US), IBM (US), Telefonaktiebolaget LM Ericsson (Sweden), Cisco Systems, Inc. (US), FUJITSU (Japan), SAP SE (Germany), Oracle (US), LG Electronics. (South Korea), SAMSUNG (South Korea), Apple Inc. (US), Garmin Ltd. (US), SONY INDIA (India), Panasonic Corporation (Japan), Catapult (Australia), NEC Corporation (Japan), SHARP CORPORATION (Japan), MODERN TIMES GROUP (Sweden), Activision Publishing, Inc. (US), Tencent Holdings Ltd. (China), CJ CHEILJEDANG CORP. (South Korea), and HCL Technologies Limited (India).
The growing demand for data-driven decisions
The increased pressure on players and teams to improve their performance
Desire for sports technology is increasing as esports technology becomes more widely adopted and as demand for fan involvement grows
Sports Technology Market Dynamics
Major factors that are expected to boost the growth of the sports technology market in the forecast period are as follows:
Rise in the adoption of emerging technologies
The market is likely to be driven by the increasing adoption of emerging technologies such as the internet of things (IoT) and data analytics, as well as social media integration, across numerous sports will further accelerate the growth of the sports technology market.
Growing adoption of sports technology
Soccer has had a higher rate of adoption of sports technologies than tennis, golf, and other sports is further anticipated to propel the growth of the sports technology market.
Growing investments by various organizations
Due to increased investments by numerous organisations in adopting the latest technologies for tracking players’ performance and engaging fans, among other activities, the business is undergoing a paradigm shift which will further contribute to the market growth.
In addition, the arrival of AI and ML technologies is further estimated to provide potential opportunities for the growth of the sports technology market in the coming years.
On the other hand, the rise in the initial investments and budget constraints is further projected to impede the growth of the sports technology market in the targeted period. However, the dearth of professionals with analytical skills might further challenge the growth of the sports technology market in the near future.
This sports technology market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the sports technology market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Sports Technology Market
The pandemic of COVID-19 has had a huge impact on the sports technology market. The COVID-19’s impacts has reverberated through the world’s health, educational, financial, and commercial sectors, and the sports environment is no exception. Due to the outbreak and spread of the virus, nonstop sporting activities around the world had come to a halt. The completion of domestic leagues has been postponed due of Euro2020. However, in the post-COVID scenario, sports technology market is projected to be positively impacted.
In February 2021, PUSH, a Toronto-based sports technology firm, teamed with Catapult to assist coaches plan, track, measure, and enhance player performance off the field.
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Competitive Landscape and Sports Technology Market Share Analysis
The sports technology market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to transportation management system market.
Some of the major players operating in the sports technology market are:
Fitbit LLC (US)
Telefonaktiebolaget LM Ericsson (Sweden)
Cisco Systems, Inc. (US)
SAP SE (Germany)
LG Electronics. (South Korea)
SAMSUNG (South Korea)
Apple Inc. (US)
Garmin Ltd. (US)
SONY INDIA (India)
Panasonic Corporation (Japan)
NEC Corporation (Japan)
SHARP CORPORATION (Japan)
MODERN TIMES GROUP (Sweden)
Activision Publishing, Inc. (US)
Tencent Holdings Ltd. (China)
CJ CHEILJEDANG CORP. (South Korea)
HCL Technologies Limited (India)
Key Points of the Report
The analysis of growth trends of Global Sports Technology market is based upon the CAGR calculated from 2022-2029.
To analyze the functioning of the market in each region, the market share and growth rate of each geographical region are evaluated.
It includes all of the necessary details on the market’s major producers, customers, and distributors.
Customization of the Report:
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