Farukh Kitchlew | Dec 6, 2023 | 0
Sports Technology Market Soars: +$29.9B by 2027
From 2022 to 2027, the sports technology market is expected to increase by $29.95 Billion. The market will grow at a CAGR of 23.36% during the projection period. The research provides an up-to-date analysis of the worldwide market landscape, the latest trends, drivers, and the overall market environment. The growing number of sports technology events significantly drives the global sports technology market’s expansion. Sports technology events are not confined to internet viewers. The use of sports technology in physical places broadens the target audience, actively promotes the concept of sports technology in the field, and boosts the morale of sports technology players.
Visual Technology Uses and Accomplishments:
Introducing visual technologies for sports is a new trend in the worldwide sports technology market. Visual technologies like virtual reality (VR) and artificial intelligence (AI) are gaining traction in general sports viewership and illustration. Furthermore, sports leagues, organizations, and coaches increasingly utilize VR to provide prospective athletes with real-time experiences. VR enables athletes to improve their game vision, boost endurance, and forecast the movements of their opponents, allowing them to improve their methods. Such changes are expected to continue, driving the expansion of the market focus throughout the forecast period.
Concerns About System Integration And Interoperability:
System integration and interoperability concerns are roadblocks to the global sports technology market’s expansion. In general, sophisticated technology use has expanded rapidly in numerous industries, including sports. This poses issues for system integration and interoperability. Vendors must supply IT solutions that interface smoothly with the end-user IT infrastructure of the sports business. Technical errors during operations can cost clubs and leagues money and diminish operational efficiencies. However, integrating numerous IT systems on traditional IT infrastructure might lead to many cross-platform system integration challenges, hamper market expansion throughout the projection period.
Sports Technology Market 2023-2027:
Sports associations employ sports technology solutions such as sports plus to keep their operations running effectively. End-user (sports associations, clubs, and leagues), Technology (Artificial intelligence or machine learning, Internet of things, and Augmented reality or virtual reality), and Geography (Europe, North America, APAC, South America, and Middle East and Africa) are the segments used by Technavio to segment the market. Sports associations employ sports technology solutions such as sports plus to keep their operations running effectively. The applications of sports technology are:
- The distribution of program information to member clubs and people.
- The selection of event locations.
- The generation of registration forms.
- The monitoring of member activity.
- Application in sports analytics. It publishes player rankings based on accessible analytics data.
- Sports technology promotes events and keeps audiences and member clubs updated on the newest developments.
As a result, the many benefits of sports technology will increase its demand from sports associations, fueling the expansion of the market in focus throughout the projection period.