Sports Technology Market

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 sports technology 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. 

Major Sports Technology Suppliers Include: 

• IBM (US),
• Ericsson (Sweden),
• Cisco (US),
• Fujitsu (Japan),
• Huawei (China),
• Intel (US),
• SAS Institute (US),
• SAP (Germany),
• Oracle (US),
• NEC Corp.(Japan),
• Sharp Corp. (Japan),
• Samsung Electronics (South Korea),
• Fitbit (US),
• Apple Inc. (US),
• Garmin Ltd. (US),
• Xiaomi Corp. (China)
• Sony Group Corp. (Japan),
• Panasonic Corp. (Japan),
• Modern Times Group (Sweden),
• Activision Blizzard (US),
• Tencent Holdings Ltd. (China),
• Catapult (Australia), and
• Zebra Technologies (US). Most of the leading companies have adopted partnerships and acquisitions as key strategies to boost their revenues in the sports technology market.

Top Market Players:

Apple is one of the most innovative companies, which designs and develops hardware, application software, and services for different consumer electronics products. The company has a prominent focus on R&D. This has helped the company yield profits and increase its revenue over the past few years. It has displayed impressive top-line growth through its innovative products. For the sports wearables market, Apple has a broad range of high-performance products such as wireless AirPods (earbuds) and Apple watches with virtual assistants and additional AI functionalities to detect early signs of strokes and diabetics. The company rightly tapped into the new opportunities across the value chain with a prior focus on integrating different products and services across the value chain. For instance, the company integrates its wearable products with proprietary OS, bringing a synergized experience to the users.

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IBM is a leading smart stadium and sports analytics product and solution provider. Its product ecosystem consists of Building Management Center, IBM Intelligent Operations Center, IBM Social Media Analytics, IBM Sports Enterprise 360/365, Identity and Access Security, and Application Security. These solutions enable enhanced spectator experience and optimize stadium operations. IBM has recently announced innovative new fan experiences leveraging AI underpinned by hybrid cloud technologies. This will enable millions of fans worldwide to experience the excitement and vibrant environment surrounding events such as the Grand Slam, where fans were restricted to experiencing the matches at home due to COVID-19 restrictions. IBM has been associated with major sports events, such as the Master Golf Tournament, US Open Golf Tournament, French Open, Australian Open, and Wimbledon. The company provides strategic consulting and technology solutions for stadium optimization and fan experience and engagement. It largely focuses on partnering with different sports organizers to provide digital fan engagement experiences.

Cisco has grown from being a seller of individual products and services to a seller of entire networking architecture and solutions. The company is one of the smart stadium market leaders. Cisco’s StadiumVision transforms and boosts the intensity of any sport for spectators. The Cisco Connected Stadium Wi-Fi Solution (a high-density Wi-Fi solution) enables fans to indulge in social media activities within stadiums. Cisco’s core strength lies in offering innovative products and solutions. The company spends a considerable portion of its revenue on R&D; it spent USD 6.3 billion in 2020. Its strong R&D helps develop and enhance product capabilities to gain a competitive edge in the market. The company has also adopted inorganic growth strategies to expand its footprint in new regions and enhance its product portfolio. For instance, in 2020, Cisco partnered with City Football Group to drive innovation; enhance connectivity for clubs, players and fans; and positively impact people and communities worldwide through sports.

Related Reports:

Sports Technology Market by Technology (Devices, Smart Stadiums, Sports Analytics, Esports), by Sport (Soccer, Baseball, Basketball, Ice Hockey, Rugby, Tennis, Cricket), End User (Sports Associations, Clubs, Leagues) and Region - Global Forecast to 2027

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