Sports Technology Market Boasts Explosive Growth to Reach USD 79.43B by 2031
In a significant report released by SkyQuest Technology, the sports technology market is poised to experience unprecedented growth, with an estimated value of USD 79.43 billion by 2031, growing at a compound annual growth rate (CAGR) of 20.10% during the forecast period (2024-2031). The market, which was valued at USD 18.35 billion in 2023, is driven by technological advancements, increasing demand for digital solutions, and the need for data-driven decision-making.
According to the report, the global sports technology market includes a range of products and services, such as wearable devices, GPS tracking systems, and mobile apps, designed to improve athlete performance, enhance fan engagement, and reduce operational costs. Key players in the market include IBM Corporation, SAP SE, Catapult Sports Pty Ltd, Stats Perform, Opta Sports, Sportradar AG, Deltatre, Hawk-Eye Innovations Ltd, ChyronHego Corporation, PlayerMaker, Genius Sports Limited, and Kinexon GmbH.
The report provides an in-depth analysis of the market, including a segmentation analysis by product/service types, applications, and regional categories. It also includes data on sales and revenue forecasts for individual players in the market, as well as detailed profiles of leading manufacturers. Additionally, the report identifies major growth opportunities, including pricing strategies, production capabilities, and market value.
"The sports technology market is witnessing significant growth due to increasing demand for digital solutions and the need for data-driven decision-making," said a SkyQuest Technology analyst. "We expect this trend to continue in the coming years, driving the market towards USD 79.43 billion by 2031."
The report also provides valuable insights for stakeholders looking to navigate the complex sports technology market, including key aspects such as competitive analysis, sales analysis by region, and company profiles.
Market Share and Revenue Forecasts
- By product/service type: wearable devices, GPS tracking systems, mobile apps
- By application: athlete performance, fan engagement, operational costs
- By region: North America, Europe, Asia-Pacific, South America, Middle East, Africa
Key Players and Market Leaders
IBM Corporation SAP SE Catapult Sports Pty Ltd Stats Perform Opta Sports Sportradar AG Deltatre Hawk-Eye Innovations Ltd ChyronHego Corporation PlayerMaker Genius Sports Limited Kinexon GmbH