Market Analysis
Market Research Future (MRFR) presumes the global sports technology market size to reach USD 43.6 billion, registering a CAGR of 10.7% from 2021–2027 (forecast period).
Strong Need for Data-Driven Decision-Making
Since the emergence of Artificial Intelligence (AI) and Machine Learning, data-driven decision-making has been prevalent in the corporate sector for a few years (ML). It has also given rise to a consolidated structure for businesses to take advantage of in order to improve collaborative decision-making with the support of reliable data, encouraging sporting teams and management all over the world to adopt innovative technology. However, the rapid adoption of data-driven decision-making models has resulted in a huge rise in data collection throughout each sporting event. Massive amounts of data must be processed, organized, and analyzed in order to gain a comprehensive understanding of player metrics, health, and performance across the league/tournament. Wearable device adoption delivers these stats to the team management for improved analysis, establishing the team strategy. As a result of the increased acceptance of developing technologies as a result of digitalization, there is a significant need for sports technology.
COVID-19 Impact on the Global Market
The COVID-19 pandemic has devastated many industries throughout the world, especially live sports and related industries such as broadcasting, hospitality, and transportation. Many scheduled tournament events, including the Tokyo Olympics, were rescheduled or had their structures changed to conform to social distancing standards. As a result, stakeholders are attempting to estimate the income and viewership impact of interrupted revenue generation and a dramatic decline in audience engagement and attendance.
Global lockdowns, particularly in China and other Asian countries, had a negative impact on digital signage and wearables production in 2020. Lean staff and constrained working hours hampered digital signs and wearables research & development, manufacture, and adoption. Due to restrictions imposed by various governments, distribution networks were temporarily disrupted in multiple regions, limiting the growth of the devices market in 2020. The cancellation of some highly anticipated sporting events resulted in a decrease in merchandise sales and ticket sales.
Request for copy of the report@ https://www.marketresearchfuture.com/sample_request/10579
Market Segmentation
The global sports technology market has been segmented into sports type, technology, and smart stadium.
By sports type, the global sports technology market has been segmented into Baseball, Basketball, Cricket, Ice Hockey, Tennis, Soccer, and Rugby),
By technology, the global sports technology market has been segmented into Devices, Wearables, Digital Signages, and Cameras.
By smart stadium, the global sports technology market has been segmented into Stadium & Public Security, Building Automation, Event Management.
Check discount@ https://www.marketresearchfuture.com/check-discount/10579
Regional Analysis
North America to Rule the Global Market
North America has always been at the forefront of emerging and innovative technologies. Due to the presence of multiple software businesses and data analytics service providers, the sports technology market in North America is a competitive market. The regional market has grown steadily over the last decade and is expected to increase at a similar rate as other regions. The well-developed culture of league sports in North America, as well as the spread of the technology industry, are important drivers driving the growth of this region's sports technology market. The United States and Canada are important countries to explore for market analysis in this region. Due to the growing trend of data-driven decision-making and wearable device developments, organizations in both of these countries are using AI/ML solutions.
Key Players
Apple Inc., Catapult Sports, ChyronHego Corporation, Cisco Systems, Inc., HCL Technologies Limited, IBM Corporation, Infosys Limited, Modern Times Group (MTG), Oracle Corporation, Panasonic Corporation, SAP SE, Sony Corporation, Stats LLC, and Telefonaktiebolaget LM Ericsson.
Industry News
In May 2021, UK-based Player maker introduced boot-mounted sensors to analyze everything from the wearer's shot velocity and foot usage to sprint pace and stride length in league-level soccer matches.
Get complete report@ https://www.marketresearchfuture.com/reports/sports-technology-market-10579