World Sports Technology Market Size to Hit $40.2 Billion By 2026 – Exclusive Report by ReportsnReports

PUNE, MAHARASHTRA, INDIA, September 29, 2021 /EINPresswire.com/ — According to the report published by ReportsnReports, the global sports technology market was valued at USD 17.9 billion in 2021 and is expected to reach USD 40.2 billion by 2026, at a CAGR of 17.5% between 2021 and 2026. The report offers an in-depth analysis of the market size, regional analysis, emerging and current trends, future estimations, Covid-19 impact and key players.

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The market growth can be attributed significant improvement in audience engagement, growing demand for data-driven decisions and operations, and increasing sports events, online and offline. In the recent years, professional sports bodies have adopted new technologies such as sports data analytics, smart stadiums, wearable devices, and digital signage to enhance their team performance, engage fans, and provide smart infrastructures. Smart stadiums are among the key global trends owing to the increase in the number of sports events being held worldwide. Technological innovations in smart stadiums drive the execution of several projects worldwide. The growth opportunities for the sports technology market are high in Europe and APAC owing to favorable economic and sports environments.

Leading players in the sports technology market includes IBM (US), Ericsson (Sweden), Cisco (US), Fujitsu (Japan), SAP (Germany), Oracle (US), Catapult Sports (Australia), NEC (Japan), LG (South Korea), Sharp (Japan), Samsung (South Korea), Fitbit (US), Apple (US), Garmin (US), Sony (Japan), Panasonic (Japan), Modern Times Group (Sweden), Activision Blizzard (US), Tencent (China), and CJ Corporation (South Korea).

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Covid-19 Impact: Due to COVID-19, the number of spectators admitted to sporting events is very limited. However, this led to strong financial losses for clubs, sports facility operators, ticket sellers, etc. Therefore, there was an increasing demand for smart solutions to bring fans and revenue back while also ensuring safety. For instance, NTT-Data came up with BioBarcode solutions. The BioBarcode is an extension of a personalized ticket around the biometric information of the viewer and the integration of a required health status. This information is available in compliance with all safety and data protection requirements and is encrypted and visually coded. These codes are identified by a corresponding scanner hardware read and controlled at the stadium’s inlet automates of the on-boarding process. Only the presence of a valid ticket, an authentic ID, biometric comparison by face recognition, and a current negative COVID-19 test or the verification of a vaccination for COVID-19 will allow for a fan to enter the arena.

Regional Analysis: Europe has the greatest number of professional and reputed football associations and clubs in the world. Different European football leagues, such as the Barclays English Premier League, Bundesliga (Germany), Scottish Premier League (Scotland), and La Liga (Spain), take place at regular intervals, and the management of these associations invest heavily in technologies for effective monitoring of games and players. Major football clubs, such as Manchester United, Arsenal, Chelsea, Real Madrid, Barcelona, and Liverpool, are part of such leagues. Sports technology helps management to analyze player data and check their fitness and overall on-field performance. Moreover, the gathered data helps analyze the opponent’s game strategy, helping teams devise their own. Team sports, such as football, basketball, and rugby, now leverage wearable and optical technologies for effective sports analytics during practice sessions and matches.

Research Coverage: The study covers the sports technology market. It aims at estimating the market size and growth potential of this market, across different segments, such as by technology, sports, and region. The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

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Related Report: Global Sports Sponsorship Market Size, Status and Forecast 2021-2027
Sports Sponsorship funds for commercial services such as sports competitions, training and other related activities. Sporting organizations across the world rely on sponsors to provide funds, products, and services, which drive the profitability for all the associations involved. Also, the increasing number of new sporting events worldwide is creating an avenue for new sponsorships across different sports. This includes the launch of new tournaments as well as the expansion of existing competitions in new venues. Such initiatives are attracting more audiences, which is encouraging sponsors to invest in these events.
Global Sports Sponsorship Scope and Market Size

Sports Sponsorship market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Sports Sponsorship market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application in terms of revenue and forecast for the period 2016-2027.
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Ganesh Pardeshi
ReportsnReports
+ 1 888 391 5441
ganesh.pardeshi@reportsandreports.com

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