Sports Clubs are Expected to Dominate the Global Sports Sport Market
The
growth can be attributed to the increasing need for technology-based services
in the sports arena driven by a strong emphasis on the involvement of audience
and entertainment activities and the digital transformation of arenas/stadiums.
According to TechSci
Research report, “Global Sports Sport Market - Industry Size, Share, Trends,
Competition Forecast & Opportunities, 2028”. The Global Sports Sport is anticipated to project robust
growth in the forecast period with a CAGR of 18.9% through 2028. The North
American Sports Technology market dominates the market because of the
well-developed league sports culture in the region. The presence of various
software companies and data analytics service provider that implements AI and
ML solutions for data-driven decision-making and wearable device makers are
boosting the growth of the sports technology market In the North American
region. The US is the key country, followed by Canada, for fueling the market
in this region.Further, the major countries studied in the market report are
The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India,
Australia, South Korea, and Brazil. The sports technology market has witnessed
developments in recent times owing to increased investments by numerous
organizations in adopting the latest technologies for tracking players'
performance and engaging fans. For instance, in February 2023, STATS LLC
extended its collaboration with United Soccer League. Through this initiative,
the company is offering Opta services to fan-facing platforms, on-field
performance, and broadcasting tools of USL.
The market growth is also
influenced by the adoption of artificial intelligence, which helps in keeping
track of players' health, fitness, and safety. An AI integrated into wearable
devices such as watches and heart rate monitors to track the players' whereabouts
off the field and ensure player safety during workouts. For instance, in the
National Association for Stock Car Auto Racing, LLC (NASCAR), deep learning is
used for recognizing the patterns in data and can be used in several commercial
applications ranging from voice recognition to computer vision.
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data Figures spread through 188 Pages and an in-depth TOC on " Sports Sport Market "
Recent Developments
May 2022:Infosys Limited is
a global company that offers next-generation digital services and consulting,
and French Tennis Federation (FFT) launched its recent development that will
help in a new era of technology-driven sports viewing and fan engagement. Sep
2021:Varcis Group (VARCIS) and Hong Kong Rugby Union (HKRU) announced their
strategic partnership to drive sports innovation, bringing the best sports
technology to Asia in 2021 and beyond. VARCIS and HKRU would collaborate to
promote the Hong Kong Sports Week, comprising the ASTWS, held in March/April
each year. July 2021: The acquisition of 13 Strides was completed by Stats
Perform; it is a sports visual content studio for increasing fan engagement
through attractive and integrative graphics in stadiums and broadcast screens.
Cricket is expected to
showcase a significant CAGR of around 21.5% during the forecast period. Cricket
is extremely popular in South Asian countries such as India, Pakistan, and
Bangladesh. Every year various major cricket events are organized around the
globe, such as the Indian Premier League, ICC Men's T20 World Cup, England, and
Wales Cricket Board, etc. These events attract a considerable number of
spectators and generate high revenues, which, in turn, contributes to the
segment’s growth.
Key market players in the
Global Sports Sport Market are following:-
- Fitbit
LLC
- IBM
- Telefonaktiebolaget
LM Ericsson
- Cisco
Systems, Inc
- FUJITSU
- SAP
SE
- Oracle
- LG Electronics.
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“The smart stadium segment
accounted for over 54% of the total revenue share in 2022 owing to the
increased popularity of these smart venues as they provide immense benefits to
the owners and spectators ranging from ticket management, seat upgradation, crowd
management, closet bathroom queue, social media updates, Wi-Fi network, food
ordering, merchandise sales, smart lightning, integrated security systems, and
emergency response management. Several stadiums are being renovated into smart
stadiums to offer a complete experience around the event, covering a range of
aspects such as operational efficiency, enhanced security, and smart
parking.The analytics & statistics segment is anticipated to record a
considerable CAGR of nearly 28% from 2023 to 2030. The growth can be attributed
to the advantages of employing analytics & statistics in sports. It
provides the teams, coaches, players, and fans valuable insights regarding
performance improvement, decision-making, and overall viewing experience. Several
new and established analytics companies are seeking opportunities to usher in
the sports domain and take profound initiatives. For instance, in 2023,
prominent sports data and analytics company SIS partnered with ReSpo.Vision. As
a part of this deal, the latter will provide advanced soccer analytics data
based on broadcast tracking technology to SIS. The companies will launch new
products to automate and improve data collection, tracking, and development of
cutting-edge metrics for soccer.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
Sports Sport Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast Segmented By Type (Devices, Smart Venues,
Analytics & Statistics, Esports, By Sport (Soccer, Baseball, Basketball,
Ice Hockey, American Football/Rugby Others ), By End-user (Sports Clubs, Sports
Associations, Sports Leagues), By Region, Competition 2018-2028.. has
evaluated the future growth potential of Global Sports Sport Market and provides statistics
and information on market structure, size, share, and future growth. The report
is intended to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Sports
Sport Market.
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