The global sports technology market is projected to reach $25.7 billion by 2030, with a compound annual growth rate of 26.2% from 2023 to 2030. This growth is driven by the increasing adoption of fan engagement technologies, investments in sports data analytics, athlete technology, and the rise in sports events.
The demand for data-driven decision-making and operational efficiency is also contributing to the market expansion. However, challenges such as limited monetization avenues, cybersecurity risks, and integrating new technologies with legacy systems may hinder growth.
Key trends in the sports technology market include the use of generative AI, NFT-based ticketing for event access, and predictive analysis software for teams and coaches. The market is segmented based on offering, technology, sport, end user, and geography to provide a comprehensive understanding of market dynamics.
In 2023, sports analytics is expected to dominate the market, driven by the demand for real-time player performance insights. The big data segment is poised to lead, with advancements like multicore processors facilitating innovative applications in sports. Ball sports are projected to hold the largest market share in 2023 due to the adoption of sports technologies for game enhancement.
Sports clubs are expected to be the largest end-user segment in 2023, utilizing advanced technologies for player management and performance analytics. Europe is set to lead the market in 2023, with renowned football clubs leveraging data-driven approaches for talent scouting and player development.
Key players in the sports technology market include Apple Inc., SAP SE, Garmin Ltd., and Samsung Electronics Co., Ltd. The market outlook includes high-growth segments, historical market size, forecasts for 2023-2030, major drivers, opportunities, challenges, competitive landscape, recent developments, strategies adopted by key players, and key geographic trends.