The adoption of analytics has drastically transformed the sports technology. Analytics are being heavily leveraged to facilitate numerous advancements such as smart stadiums, automated sports journalism, and esports. Furthermore, the key insights derived using analytics are aiding in enhancing athletes' performance and increasing fan engagement. Witnessing such a favourable business backdrop, key industry participants have increased the use of advanced technologies such as the internet of things (IoT), big data analytics, machine learning, and advanced wireless connectivity. This, in turn, has promoted healthy competition among participants, which is further expected to drive robust innovation in the sports domain. Sports data analytics has also proved to be a useful tool for making important strategic decisions. Considering these factors, the global sports technology market is projected to attain new heights of growth in the upcoming years.
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Proliferating Applications of Predictive Analytics to Stimulate Sports Technology Market Growth
Of late, predictive analytics has gained significant prominence in the sports technology market. It is aiding in improving the fitness and overall health of athletes by curating personalised training and diet plans. Additionally, with the support of AI-enabled predictive analytics, athletes can identify patterns and create better strategies to emerge victorious in competitions. The AI-enabled analytics platforms also help in comprehending huge volumes of data to make accurate match predictions. Furthermore, AR and VR models are being leveraged to assess players' performance and build AI referees. Therefore, as the prospects of predictive analytics rise, the global sports technology market is expected to witness robust adoption in the upcoming years.
Increased Adoption of Smart Wearables to Create Positive Dynamics in Sports Technology Market
In recent times, the sports industry has witnessed a spree of technological development. Amid these advancements, wearable technology has experienced significant adoption. Smart wearables are being utilised to monitor critical aspects of athletes' vitals, monitor fatigues, and discover injury recovery rates during and after training. In addition to this, wearable technologies are helping athletes to drastically improve their performance. Moreover, it can also be utilised to determine potential risks associated with injuries such as damaged tendons, concussion, and exhaustion. Team administrators, trainers and coaches are leveraging it to reduce sports-related sickness. Against this backdrop, the sports technology market is projected to reach sound maturity.
North America to Lead Global Sports Technology Market Owing to Wide-spread Adoption of Sports Technologies
The rapid adoption of numerous sports technology across developed economies in North America is enabling the region to gain a competitive edge in the global sports technology industry. The advanced healthcare infrastructure coupled with steady economic growth is also playing a prominent role in the regional market expansion. Seeing this, key industry participants in the region have increased their investment in furthering technological advancement of the sports domain. Apart from this, the United States is experiencing a boost of tech start-ups providing different solutions such as analytics, smart stadiums, and wearables.
Leading Market Players
Some of the major players in the sports technology industry include IBM, CJ Corporation, Fitbit, Activision Blizzard, Garmin, Fujitsu, Ericsson, SAP, Cisco, Oracle, Panasonic, Tencent, Apple, Samsung, and Catapult Sports.
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