North America had a Considerable Share in Sports Technology Market
The total revenue generated by the sports technology market was USD 13,545 million in 2022, and it will power at a CAGR of 18.60% in the years to come, to reach USD 53,020 million by 2030, as stated by a report of P&S Intelligence.
The sports analytics category will grow the fastest at the rate of 19.6%, in the years to come. This can be due to the fact that sports technology can be utilized in performance analysis of the team, player analysis, health assessment, data interpretation, hospitality management, sales and marketing management, and others.
For example, Wimbledon and IBM, in June 2022, revealed a digital platform for player understandings.
The basketball category will grow the fastest at a rate of 19.1% in the near future. The growth is mainly because of the rapid acceptance of technology including mobile apps, heart rate monitoring sensors, data analytics, and wearable devices in this game for performance enhancement of the players.
Furthermore, the rugby category has revealed substantial development in the industry. Sports technology can grab the attention with the growing use of IoT sensors in this game.
It allows players to understand the collision impact of opponents in between the game and allows them to make smart choices to form a better game plan.
MEA will grow steadily at a rate of over 19% in the years to come. The growth has a lot to do with the forthcoming mega sporting events.
Furthermore, governments take quite a few steps for broadening their economy by investing in sporting events.
North America had a considerable share in the sports technology market in 2022, and it will continue like this in the years to come. This is since the requirement for sports technology is high, as a result of the presence of more than a few software companies, and the progressive culture of events, leagues, and games.
The U.S. holds the majority of the share. This is as a result of the obtainability of improved and better-quality sports technology platforms and products, the growing use of internet, the launch of pioneering video game consoles, and the high purchasing power.
Organizers of sports events are funding digital techs to make distinct game-viewing experiences in stadiums and on gadgets. Owners of the stadiums are improving their stadiums with technologies, for example location-based services, 360-degree ultra-high-definition cameras, Wi-Fi, digital kiosks, and digital signage, for enhancing the experience of the fans in the stadiums.
It is because of the increasing need of tracking the health and fitness of the players, the increase in demand for sports technology will continue to grow in the years to come.