Sports betting legalization by the US Supreme Court in states, such as Montana, Illinois, Iowa, New Hampshire, New Jersey, and New York, is expected to positively influence the growth of the sports technology market during the forecast period. On the flip side, it takes a high initial investment and an extended timeframe for the return on investment (ROI) to deploy sports technology. This is expected to hamper the market growth. Moreover, growing risk of technology glitches is anticipated to challenge the growth of the sports technology market during the forecast period.
The sports technology market was valued at US$ 24,135.2 million in 2019 and is projected to reach US$ 65,419.5 million by 2027; it is expected to grow at a CAGR of 13.5% during 2020–2027.
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Impact of COVID-19 Pandemic on Sports Technology Market
The COVID-19 outbreak is anticipated to affect the growth rate of global sports technology market in 2020 and early 2021 owing to the cancellation of various large sports tournaments and uncertainty regarding future sports events. All the major countries in regions, such as Europe, Asia Pacific, and North America, have imposed strict restrictions on organization of sport events, mass gatherings, movement of people/goods, and other business activities. Such restrictions are anticipated to affect the growth of overall sports industry globally and thus, adoption of sports technology solutions would also get impacted in a negative manner.
Strategic Insights
The sports technology market players are mainly focusing on the development of advanced and efficient products.
Rising Acceptance of Wearable Equipment by Athletes Fuels Market Growth
A significant increase in acceptance of wearable equipment by athletes worldwide is set to drive the growth of the sports technology market during the forecast period. The adoption of connected devices in sports activities is expected to play a significant role in influencing the expansion of the sports technology. In addition, wearable devices help understand the players’ injury status and allow the coaches and physiotherapists to reduce the pain. Various wearable products based on fitness, such as fitness bands, smartwatches, and fitness patches, have gained unprecedented popularity and are boosting the sports technology market growth. Further, the ability of wearable devices to provide in-depth insights into data-driven analysis has enabled business owners to develop effective workplace policies and adopt practices among the athletes that avoid fatigue or exhaustion. Thus, surge in the acceptance of wearable equipment by athletes is one of the major factors driving the growth of the sports technology market.
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