Growing number of smart sports stadiums and increasing adoption of new and more advanced technologies in the sports industry are key factors driving the market
— Emerging research
VANCOUVER, BC, CANADA, Aug. 18, 2022 /EINPresswire.com/ — The global sports tech market size is expected to reach USD 40.22 billion by 2028 and register a strong double-digit CAGR during the forecast period, according to the latest analysis from Emergen Search. The steady growth of the market can be attributed to the increasing adoption of new technologies in the sports industry such as big data analytics, artificial intelligence (AI), cloud services, wearable devices, and drones. The use of Video Assistant Referee (VAR) during the 2018 FIFA World Cup in Russia was the start of the trend, which is another key driver for the deployment of sports technology in the global sports industry. sport. The VAR system operated from a video control room and could communicate with the referee on the football pitch to review a game.
The researcher also discusses recent trends and developments including joint ventures, collaborations, investments, product launches, and acquisitions & mergers form a substantial part of the sports technology market research for the forecast period of 2021 to 2028. The report will enable companies to understand the opportunities, adapt to the demands and needs of their consumers, and focus on their best end users.
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Some highlights of the report
In June 2019, IBM and FOX Sports partnered to transform the production of the FIFA Women’s World Cup France 2019 event. This helped transform the production of the event by infusing the analysis of artificial intelligence and live streaming during the game.
The soccer segment accounted for the largest share of revenue in 2020, driven by the growing adoption of advanced technologies such as AI, big data analytics, cloud services, drones, and wearable devices.
Devices segment revenue is expected to grow at a rapid CAGR during the forecast period. Benefits offered by wearable devices include injury prevention during training, player safety assessment tool, and fitness and performance metrics, which is driving the demand for wearable devices.
Europe accounted for the largest revenue share of the global sports technology market in 2020. Rising adoption of advanced technologies in the sports industry is driving the market growth in the region.
The reports cover key developments in the sports technology market as organic and inorganic growth strategies. Various companies focus on organic growth strategies such as product launches, product endorsements and others such as patents and events. The inorganic growth strategy activities observed in the market were acquisitions, partnerships, and collaborations. These activities have paved the way for the expansion of the business and customer base of market players. Market payers of the sports technology market expect lucrative growth opportunities in the future with the growing demand for sports technology in the global market. The market is expected to grow at a significant CAGR during the forecast period.
Key players covered in this report
IBM, Ericsson, Cisco, Fujitsu, SAP SE, Oracle, NEC Corp., LG, Sharp Corporation, and Samsung Corporation
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Emergen Research has segmented the global sports technology market on the basis of sports, technology and region:
Sports Outlook (Revenue, USD Billion; 2021-2028)
Technology Outlook (Revenue, USD Billion; 2021-2028)
Sports Technology Market Segment by Region/Country includes:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Spain etc.)
Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia, etc.)
South America Brazil, Argentina, Colombia and Chile etc.)
Middle East and Africa (South Africa, Egypt, Nigeria and Saudi Arabia, etc.)
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You need to find out how this will affect the sports tech market today and over the next 10 years:
• Our 250-page report offers you 194 tables and 189 tables/graphs exclusively.
• The report highlights the top lucrative areas of the industry so you can target them – now.
• It contains an in-depth analysis of global, regional and national sales and growth.
• It highlights for you the key successful trends, changes and revenue projections made by your competitors.
This report tells you today how the sports technology market will develop over the next 10 years, and in line with variations in the economic downturn and rebound from COVID-19. This market is more critical today than at any time in the past 10 years.
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How will Sports Technology Market Report, 2021 to 2028 help you?
In summary, our 250-page report provides you with the following insights:
• Revenue forecast to 2028 for Sports Technology Market, market from 2021 to 2028, with forecast to include report segmentation and company size, each forecast at global and regional level – learn the outlook of the industry, finding the most lucrative places for investment and income.
• Revenue forecasts to 2028 for four regional markets and 20 key national markets – View forecast for sports technology market, market from 2021 to 2028 in North America, Europe, Asia-Pacific and LAMEA. The market is also anticipated in the United States, Canada, Mexico, Brazil, Germany, France, United Kingdom, Italy, China, India, Japan, and Australia, among other economies. important.
• Outlook for established companies and those looking to enter the market – including company profiles for 15 of the top companies involved in the sports technology market, 2021 to 2028.
Find quantitative and qualitative analyzes with independent predictions. Receive insights only our report contains, staying informed with invaluable business intelligence.
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Global sports technology market size expected to reach USD 40.22 billion by 2028