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According to a new research report published by The Insight Partners titled Sports Technology Market Outlook 2027 – COVID-19 Impact and Global Analysis – by Component (Hardware, Software and Services) and Technology (Tracking/Hawk-Eye Technology) , broadcast). technologies, virtual reality, wearable devices and other technologies), the market was estimated at $24,135.2 million in 2019 and is projected to reach $65,419.5 million by 2027; it is expected to grow at an average rate of 13.5% per year from 2020 to 2027.

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Market Overview – Sports Technology Market

In emerging economies, the importance of sports is steadily increasing, which leads to an increase in public spending on the development of the sports industry, in particular the creation of sports infrastructure, the creation of sports teams and the attraction of large-scale investments. 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, Japanese Professional Baseball, National Basketball Association, English Premier League, National Hockey League, Continental Hockey League, Russian Premier League and Indian Premier League are some of the major leagues around the world. Similarly, the federal government of India has allocated a budget of $262 million for the “Helo program” 2018-2020 to develop the sports industry. Since 2012, investments in sports-related startups have increased by almost 30% annually. In 2015 alone, investors spent almost $1 billion on sports technology startups. Investors are actively looking for innovative and disruptive technologies to grow businesses in the sports industry. Thus, increasing investment in emerging markets is one of the main drivers of the growth of the sports technology market in the forecast period.

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The large number of COVID cases has had a negative impact on the economy of the country and the region, and in general there has been a decrease in business activity and the growth of various industries operating in the region. Developed countries such as the US are the main markets for the growth of the sports technology market, and the constant disruption in the growth of the sports industry due to the cancellation and postponement of various major sports events due to the COVID-19 outbreak is affecting the revenues of the major market players operating in the region. North America. Some major US sports leagues have suspended their scheduled 2020 seasons, and mandatory social distancing is further exacerbating the negative impact on the US sports industry. Major League Soccer, Major League Baseball, the Women’s National Basketball Association, and the Women’s US Open 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 creating financial problems 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 sports technology market in North America, at least in the next few quarters.

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Contacts

Contact Us: If you have any questions about this report or would like more information, please contact us: Contact: Sameer Joshi Email: [email protected] Phone: +1-646-491-9876