A new report published by MarketsandMarkets™ projects the global sports technology market valued at $17.9 billion in 2021 to reach $40.2 billion by 2026, a CAGR of 17.5% over five years. Significant improvement in audience engagement, increasing demand for data-driven decisions and operations, and the growth of online and offline sports events are driving the market forward.
The Smart stadium segment is projected to have the largest share of the market over this five year period due to the increasing number of sporting events and the technological innovations being implemented into stadiums to enhance spectator experience. Attendees have welcomed the technology integrated into stadiums, furthering its adoption that in turn is boosting the commercialization of the stadiums. While COVID-19 adversely impacted attendance, hurting clubs, sports facility operators, ticket sellers and others, technology kept or increased fan engagement.
Soccer is outpacing other sports in tech adoption with FIFA seeking to establish global wearable standards of technology for use by all soccer teams. With professional teams having the same data-tracking technologies for training their players, it is foreseen that some of these technologies will be added into live matches. Players and coaches can then track the performance of teams and individual players, opening up a range of possibilities in the broadcasting of sports events around the use of in depth statistics of players.
North America, the largest sports tech market, is furthest along in terms of technology adoption, transforming their operations digitally. This includes stadium operators, sports teams, players, and event organizers. One impact is the increased demand for network managers and solutions that efficiently reduce data consumption without hampering spectator experience.
Visit MarketsandMinds™ or the report at “Sports Technology Market with COVID-19 Impact by Technology (Devices, Smart Stadiums, Sports Analytics and eSports), by Sports (Soccer, Baseball, Basketball, Ice Hockey, Rugby, Tennis, Cricket, Golf, eSports) and Geography – Global Forecast to 2026“
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