CHICAGO, Dec. 5, 2022 /PRNewswire/ — The sports technology market is estimated to grow from USD 21.9 billion in 2022 to reach USD 41.8 billion by 2027; it is expected to grow at a CAGR of 13.8% from 2022 to 2027 according to a new report by MarketsandMarkets™. The growth of the sports technology market can be attributed to increasing focus on delighting and engaging fans at stadiums, growing pressure to improve player and team performance, and surging adoption of esports technology.
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The sports technology market for devices is expected to hold largest share in 2023.
The high market share is expected to be driven by the increasing adoption of smartwatches and smart wristbands for tracking the performance of athletes. The sale of smartwatches continued at a higher rate through online retail channels, as many consumers have been using smartwatches to monitor their health and fitness during the lockdown, leading to higher adoption in sports as well. For instance, in July 2022, Garmin launched the world’s first dedicated GPS-running smartwatch with solar charging, the Forerunner 955 Solar, with up to 49 hours of battery life in GPS mode.
The sports technology market for sports athletes is expected to grow at the highest CAGR during the forecast period.
Advancement in sports technology is booming as teams are becoming more concerned about athlete performance and health. Athlete performance technologies, such as wearable devices and sensors, are being used to optimize training, game-day decision-making, and recovery. Companies such as NormaTec, Rapid Reboot, and Air Relax are offering pneumatic recovery units to help athletes enhance blood flow and circulation, improving recovery after a hard workout or big game.
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The sports technology market in North America is expected to hold the largest size during the forecast period.
The sports technology market in North America is expected to hold the largest share during the forecast period. The US is the home of many leagues and teams, leading to increased demand for technologically advanced stadiums. For instance, Sofi stadium in the US has over 2,500 Wi-Fi 6 access points which offer faster speeds for immersive-experience applications. Numerous smart stadium vendors have their presence in the US and are leveraging advanced technology to provide a better and more connected stadium for their spectators. For instance, Cisco and Hollywood Park entered a partnership that forms the technology leader as the IT network services partner of SoFi Stadium and Hollywood Park.
Key players in the sports technology market include IBM (US), Ericsson (Sweden), Cisco (US), Fujitsu (Japan), Huawei (China), Intel (US), SAS Institute (US), SAP (Germany), Oracle (US), NEC Corp.(Japan), Sharp Corp. (Japan), Samsung Electronics (South Korea), Fitbit (US), Apple Inc. (US), Garmin Ltd. (US), Xiaomi Corp. (China) Sony Group Corp. (Japan), Panasonic Corp. (Japan), Modern Times Group (Sweden), Activision Blizzard (US), Tencent Holdings Ltd. (China), Catapult (Australia), and Zebra Technologies (US). Most of the leading companies have adopted partnerships and acquisitions as key strategies to boost their revenues in the sports technology market.
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