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Sports Tech Market Is Expected To Reach USD 40.2 Billion By 2026

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A new market research report published by MarketsandMarkets—Sports Technology Market with COVID-19 Impact by Technology (Devices, Smart Stadiums, Sports Analytics, and eSports), by Sports (Soccer, Baseball, Basketball, Ice Hockey, Rugby, Tennis, Cricket, Golf, eSports) and Geography – Global Forecast to 2016—stated that the global Sports Technology Market would be valued at USD 17.9 billion in 2021. They further projected that by 2026, this market value is expected to hit USD 40.2 billion at a CAGR of 17.5 percent between 2021 and 2026.

According to experts, this market growth might be a result of significant changes in audience engagement, increasing sports events, online and offline, sports betting and the growing demand for data-driven decisions and operations. One of the key global trends that further contribute to this trend are smart stadiums, which resulted in an increase in the number of sports events being held globally.

Technological innovation in smart stadiums is also driving numerous projects worldwide. To put it short, the growth opportunities for the sports technology market are pretty high in Europe and the U.S., owing to favorable economic and sports environments.

There are a few more trends in sports that you might be interested in. Technology is changing the sports betting industry, if this is something you would like to learn more about, you can begin by checking out reliable sportsbooks.

Trend #1 Smart Stadiums are Projected to Hold the Largest Share of Sports Technology Market

Smart stadiums refer to a venue that is equipped with the latest information and communications technology to enhance the visitor experience. Thanks to the adoption of digital technologies and improved commercialization of stadiums, the demand for smart stadiums will only improve. This will, in turn, benefit world tournaments and pro leagues. How?

Due to the coronavirus pandemic, the number of spectators allowed to sporting events is quite limited. This results in significant financial losses for sports facility operators, clubs, ticket sellers, and more. Hence, the demand for smart solutions was on the rise to help bring the fans and revenue back while also ensuring safety.

Trend #2 Soccer is Predicted to Hold a Significant Market Share in the Sports Technology Market in 2021

Compared to tennis, golf, and other sports, the adoption of sports technologies was considerably higher in soccer. FIFA is also making significant efforts to introduce global wearable standards for use by all soccer teams.

The primary goal is to have all professional teams leverage the same data-tracking technologies when training their players. Ultimately, a few of these technologies will even be used in live matches to ensure players and coaches get to track the performance of teams as well as individual players.

These devices are also likely to open a host of possibilities for broadcasting sports events and allowing fans to get in-depth statistics of players. Back in January 2020, Sportlogig and Telemetry Sports joined forces to offer unique data and contextual insights to power the premier Nation Collegiate Athletic Association (NCAA) football product of Telemetry Sports. This partnership resulted in Telemetry offering improved data and advanced analysis for college-level soccer events, effective starting January 2020.

Trend #3 Sports Technology Market in North America will Grow at the Highest CAGR During the Forecast Period

When it comes to technology adoption, North America is a true leader. This advanced region is also the largest sports technology market in the world. Currently, a lot of stadium operators, players, sports teams, and event organizers are adopting the most advanced sports technologies to transform their digital operations.

Furthermore, the growing demand for network management and massive data consumption during matches and events are pushing event operators to adopt solutions that will efficiently reduce data consumption without hindering spectator experience.

The World of Sports is Changing

Thanks to technological advancements, sports have become safer yet more competitive for athletes. It profoundly improves the sports fan experiences, thereby making sports more accessible and enjoyable than ever before.

Gone are the days of sports simply being about physicality and real-life experiences. Currently, technological innovations are making the experience better, allowing users to engage more with the events than ever before. Whether you are an avid enthusiast or work in the sports industry, your experience will be a lot better and different from years ago.

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