Global Sports Tech Market might gain 55.14 billion by 2030
The sports industry is one of the largest and most rapidly growing industries globally. The rising popularity of sports means that the various teams and athletes need to offer higher-quality performance and engage the audience more effectively. Such demand, on the other hand, is leading to the growth of the sports technology market. Grand View Research, Inc. expects the latter’s size to reach USD 55.14 billion by 2030. It also forecasted CAGR to expand by 20.8% from 2023 to 2030.
The use of technology in the sports industry has transformed the way we watch and experience sporting events. Professional sports organizations have implemented innovative technologies including wearable devices, smart stadiums, sports analytics, and digital signage. They aim to create smart infrastructures, engage spectators, and improve team performances. Analysts expect this trend to continue and drive the growth of the sports technology market.
How will the Sport Industry generate such growth?
The sports industry is evolving rapidly. One of the most significant changes is the adoption of smart stadiums. Companies hope this new tech will enhance the fan experience, improve safety, and increase operational efficiency. Additionally, wearables should record a compound annual growth rate of approximately 14.0% over the forecast period. Experts predict that the use of monitoring tools in athletic training will eventually be widespread, allowing for greater ease of training. This will also aid in post-injury recovery and improve one’s in-game performance.
Furthermore, it might come across as a surprise, but cricket might take the spotlight over the next several years. Yeah, that’s right. Analysts predict that the expansion rate of cricket fandom will be remarkable by 2030 due to its rising global appeal. Around 6.58 billion video views were recorded across all ICC platforms for the 2022 ICC Men’s T20 World Cup. That shows a 65% rise compared to the 2021 year’s figures. Such an increase presents a significant opportunity for the sports technology market to continue to grow.
Why the Sports Tech Industry is the Next Big Thing!
That’s not all, though. In 2022, the sports leagues segment saw an increase in revenue of 45.8%, largely due to the implementation of technological solutions in sports events. By employing these solutions, companies can make more precise decisions and supply better experiences to fans and spectators.
As you see, the sports technology market is poised for rapid growth by 2030. Analysts think that the sports’ recent popularity as a source of entertainment and the organizations’ attempts to engage the audience effectively will bolster this sector. They estimated that the global sports tech market has the potential to grow by 55.14 billion by 2030.
With the increasing adoption of smart technology, the sports industry is set to transform the way we experience sporting events and offer more immersive and exciting competitions.