The sports technology market size is expected to grow by USD 24.56 bn from 2021 to 2026. The market is expected to record a year-over-year growth rate of 21.48% in 2022.
The sports technology market has been segmented by technology into three segments, namely AI ML, IoT, and AR VR. By technology, the AI ML segment will have significant market share growth during the forecast period. AI can perform automated tasks, assist in performing tasks efficiently and quickly, help with better decision-making, and automate decision-making processes.
Read more WHOOP Acquires Sports Tech Startup PUSH To Unlock Deeper Strength-Training Insights
Some of the primary growth drivers for the sports technology market are the rising number of sports technology events, launch of new platforms, and growing participation in sports tournaments, according to a senior analyst at Technavio. The market forecast reports by Technavio help organizations make confident business decisions with the help of thorough research and expert analysis, says a press release.
- Agile Sports Technologies Inc. – The company offers Volleymetrics that can record and upload analytics with automatic smart cameras and saves time.
- Athlete Intelligence – The company offers VECTOR MouthGuard that is a highly accurate head impact monitoring wearable device for team contact sports.
- Catapult Group International Ltd. – The company offers wearable technology such as Catapult Vision that brings pre- and post-match analysis and Catapult AMS that elevates the management and communication of data.
- Chetu Inc. – The company offers sports analytics and athlete performance solutions that build a suite of sports analytics tools designed for ultimate performance intelligence.
- Cisco Systems Inc. – The company offers sports technology such as Esports.
- Based on geography, the sports technology market has been segmented into five regions, namely North America, Europe, APAC, South America, and MEA.
- 43% of the growth is expected to originate from North America.
- The US and Canada are the key countries for the sports technology market in North America.
- Market growth in this region will be faster than the growth of the market in North America, Europe, APAC, South America, and MEA.
- The launch of innovative and improved sports technology products and platforms, growing Internet penetration, and the launch of advanced video game consoles will drive the growth of the sports technology market in North America during the forecast period.
- The sports technology market size is expected to accelerate at a CAGR of 23.09% during the forecast period.
- The market is fragmented due to the presence of many vendors holding significant market share.
- The research report offers information on several market vendors, including Agile Sports Technologies Inc., Athlete Intelligence, Catapult Group International Ltd., Chetu Inc., Cisco Systems Inc., Epicor Software Corp., Firstbeat Technologies Oy, International Business Machines Corp., Jonas Club Software, and SAP SE.
Read more Tokyo Olympics: Indian Olympic Association acquires Dhyana Rings For Its Athletes To Improve Mental Wellness
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.