Global Sports Technology market, which is likely to amass revenue worth nearly 41.88 (USD Billion) by 2026, will register a CAGR of nearly 21.4% during the period from 2020 to 2026.
Sports Technology Market
The global Sports Technology market, which is likely to amass revenue worth nearly 41.88 (USD Billion) by 2026, will register a CAGR of nearly 21.4% during the period from 2020 to 2026. The report offers assessment and analysis of the Sports Technology market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Sports technology has gained humongous popularity in outdoor activities including football, rugby, cricket, and soccer. Apart from this, indoor sports activities are contributing notably towards the sports technology industry growth. The use of sports technology in swimming, badminton, and chess is likely to offer new growth avenues for the market over the estimated timespan.
A prominent surge in the acceptance of wearable equipment by athletes across the globe is set to steer the expansion of sports technology industry over the forecast timeline. The adoption of connected things in the sports activities is anticipated to play a major role in influencing the expansion of sports technology market in the years ahead. Sports technology assists in knowing the injury status of the players and helps the coaches as well as physiotherapists in lessening the pain.
Moreover, the use of artificial intelligence in sports has brought automated ticket sales, raising athlete performance in sports events, enhancing athlete training, and assessing the performance of sportspersons. This, in turn, will steer the expansion of sports technology industry over the assessment timeline. With the onset of augmented reality and virtual reality in sports sector, the market for sports technology is anticipated to gain traction over the period from 2020 to 2026.
Asia Pacific To Register Highest Growth Rate Over 2020-2026
The expansion of sports technology industry in Asia Pacific over the estimated timeline is due to surge in the funding of sports technology in countries like India and China. Additionally, humongous rise in e-sports activities in the region will add notably towards the regional market size over the forecast timeframe. Onset of HD and 3D TV as well as high bandwidth are likely to prompt the market growth trends in the region.
Key participants profiled in the report include Tent, GSoccerin, Cisco, SAP, Modern Times Group, Apple, Sharp, Oracle, Activision Blizzard, IBM, Sony, Fujitsu, Panasonic, Ericsson, CJ Corporation, Fitbit, Samsung, LG, and NEC.
A prominent surge in the adoption of wearable equipment by athletes across the globe is set to steer the expansion of sports technology industry over the forecast timeline.
The CAGR of the industry is expected to be nearly 21.4% during the forecast timeline.
Asia Pacific will contribute remarkably towards the global market share over the estimated timeline.
The key market players include Tent, Cisco, Modern Times Group, Apple, Sharp, Oracle, IBM, Sony, Fujitsu, Panasonic, Ericsson, CJ Corporation, Fitbit, Activision Blizzard, Samsung, LG, SAP, GSoccerin, and NEC.