Global Sports Technology Market Size, Share, Trends and Industry Analysis 2022 - 2027

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.

The growth of the 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.

Driver: Increasing focus on delighting and engaging fans at stadiums

Sports event organizers are investing in digital technologies to create unforgettable game-viewing experience in stadiums and on digital devices.

Stadium owners are mounting and instrumenting various technologies, such as high-density Wi-Fi, location-based services, digital kiosks, 360-degree ultra-high definition (UHD) cameras, and digital signage, to enhance the spectator experience in stadiums. In August 2022, Cisco, launched The Connected Scarf, in support of the brand's partnership with Manchester City FC and City Football Group. Cisco's brand-new scarf is a piece of wearable technology that helps monitor a fan’s emotional journey throughout a football match to provide insight into the interconnection between the club and its supporters.

Restraint: High initial investments and budget constraints

Sports technologies are expensive. Stadium operators need huge investments to transform a stadium into a smart one. Millions of dollars are required for the renovation and implementation of advanced technologies in a traditional stadium.

However, low frequency of events and inconsistent footfalls are discouraging stadium operators from making big investments. The low frequency of events can be attributed to a stadium’s location, such as economically deprived areas, enterprise zones, or industrial areas, and event hosting compatibilities. Before making such investments, stadium operators also need to consider the teams that would play in the hosted event, expected attendance, and their returns.

Opportunity: Increasing adoption of AR and VR in sports

AR and VR are being implemented in various stadiums to enhance experience for fans and players, improve sports broadcasting, enrich interactive advertising, etc.

For instance, In May 2022, Star Sports and Quidich Innovation Labs teamed up to create this incredible AR showcase using the Unreal Engine, a powerful real-time 3D game engine, coupled with Quidich’s proprietary real-time drone tracking system, Spatio. VR live streaming was used in Tokyo Olympics to provide a 360-degree experience to audiences who could not attend the games. Manchester City Football Club is building the world's first football stadium inside the metaverse by getting assistance from virtual reality (VR) experts at Sony.

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Challenge: Complexities in upgrading and replacing legacy systems

Sports technologies integrate multiple hardware, software, and network elements that can be complex to configure sometimes. The integration of different hardware such as proximity sensors, smart meters, smart thermostats, relays, network switches, gateways, and actuators with automation software over conventional infrastructure may become complex.

Furthermore, these systems are unable to integrate with new-generation smart devices due to protocol issues. Hence, traditional and outdated systems are incapable of communicating efficiently with technologically advanced systems. Integration complexities are expected to hinder the market’s growth in the coming years.

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