According to the new research report published by The Insight Partners, titled “Sports Technology Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Hardware, Software and Services) and Technology (Tracking System/Technology Hawk-Eye, Broadcast Technology, Virtual Reality, Wearable Technology, and Other Technologies), market was valued at US$24,135.2 million in 2019 and is projected to reach US$65,419.5 million by 2027; it is expected to grow at a CAGR of 13.5% from 2020 to 2027.
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Market Overview – Sports Technology Market
In emerging economies, the importance of sport has steadily increased, leading to increased public spending on the development of the sports industry, in particular the provision of sports infrastructure, building sports teams and attracting large-scale investment. For example, the Chinese government’s plan to increase the value of the country’s sports industry to $813 billion by 2025 is leading to large-scale investment in sports activities, including facilities, teams, leagues, events and other programs. National Football League, Major League Baseball, UEFA Champions League, Nippon Professional Baseball, National Basketball Association, English Premier League, National Hockey League, Kontinental Hockey League, Russian Premier League and Indian Premier League are some of the major leagues across the world . Similarly, the Indian federal government has set aside a budget of $262 million for the “Khelo program” for 2018-2020, to promote the sports industry. Since 2012, investments in sports-related start-ups have increased by almost 30% each year. Investors spent nearly $1 billion on sports tech start-ups in 2015 alone. Investors are actively seeking innovative and disruptive technologies to boost businesses in the sports industry. Thus, increasing investment in emerging markets is one of the major factors driving the growth of the sports technology market over the forecast period.
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The high number of COVID cases has had a negative impact on the economy of the country and the region and there has been a decline in overall business activities and the growth of various industries operating in the region. Developed countries such as the United States are major markets for the growth of the sports technology market and the continuous disruptions in the growth of the sports industry due to cancellations and postponement of various major sporting events due to COVID-19 outbreak is affecting the revenue of major market players operating in the North America region. Some of the major US sports leagues have suspended their scheduled 2020 seasons and mandatory social distancing is further compounding the negative impact on the US sports industry. Major League Soccer, Major League Baseball, Women’s National Basketball Association and the United States Women’s Open Championship are some of the organizations and events that have been postponed/cancelled due to the pandemic. The downturn in the North American sports industry is also causing financial challenges for teams, clubs, leagues and sports organizers operating in the region. Therefore, the current COVID-19 crisis and the critical situation in the United States are expected to have a negative impact on the growth of the North America sports technology market at least for the next few quarters.
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