Sports Sport Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type (Devices, Smart Venues, Analytics & Statistics, Esports, By Sport (Soccer, Baseball, Basketball, Ice Hockey, American Football/Rugby Others ), By End-user (Sports Clubs, Sports Associations, Sports Leagues), By Region, Competition 2018-2028
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationSports Sport Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type (Devices, Smart Venues, Analytics & Statistics, Esports, By Sport (Soccer, Baseball, Basketball, Ice Hockey, American Football/Rugby Others ), By End-user (Sports Clubs, Sports Associations, Sports Leagues), By Region, Competition 2018-2028
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 44.8 Billion |
| CAGR (2023-2028) | 18.9 % |
| Fastest Growing Segment | Sports Clubs |
| Largest Market | North America |
Market Overview
Global Sports Sport Market was valued at USD 44.8 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 18.9 %through 2028. The growth can be attributed to the increasing need for technology-based services in the sports arena driven by a strong emphasis on the involvement of audience and entertainment activities and the digital transformation of arenas/stadiums. The sports technology market has witnessed developments in recent times owing to increased investments by numerous organizations in adopting the latest technologies for tracking players' performance and engaging fans. For instance, in February 2023, STATS LLC extended its collaboration with United Soccer League. Through this initiative, the company is offering Opta services to fan-facing platforms, on-field performance, and broadcasting tools of USL.
Key Market Drivers
Market CAGR for sports technology is being driven by the rising adoption of emerging technologies. The rising adoption of the latest appearing technologies with data analytics, artificial intelligence (AI), and machine learning (ML) throughout the different sporting leagues and events is anticipated to fuel the sports technology market. The digital transformation of sports arenas for team management viewership engagement demands technology-driven decision-making in sports. The rising number of sports leagues across the globe is creating more chances for infrastructural development and the adoption of advanced technology services.
The sports technology market is experiencing a transition due to the increasing investments by numerous players in adopting cutting-edge technologies for monitoring the health of players and stats performance when engaging viewers. The sports technology market is growing due to the growing investment in ticket sales, event marketing, and operations. The effective monitoring of sports by their management teams is enhanced with the digitization and adoption of AI. The new and improved technologies adopted by the professional-level sports leagues include smart stadiums, data analytics, and performance-tracking wearables. The emerging technologies and analytical tools are adopted by the league team owners to improve the performance of the players and increase viable business opportunities. There are various benefits, like profitability for organizers, investors, and team owners, due to the transformation into a franchise model.The sports event organizers investing in digital technologies have resulted in the creation of unforgettable game-viewing experiences on digital devices and in the stadiums. Technologies such as high-density Wi-Fi, location-based service, digital kiosks, 360-degree ultra-high-definition cameras, and digital signage are being mounted and instrumented by the stadium owners to improve the spectator experience in the stadiums.
AR and VR are being included in different stadiums to improve the experience for fans and players, increase interactive advertising, improve sports broadcasting, etc. Thus, driving the Sports Technology market revenue. There are multiple software, hardware, and network elements that are integrated by the sports technologies and can be complex to configure sometimes. Furthermore, these systems are not able to integrate with new-generation smart devices because of protocol issues. Hence outdated and traditional systems are not capable of communicating efficiently with technologically advanced systems.
Key Market Challenges
The global sports market is a multibillion-dollar industry that impacts people's lives on various levels. It encompasses a wide array of sports, each with its own set of fans, athletes, and institutions. Some of the most popular sports in the world include soccer, basketball, cricket, and tennis, which have fan bases that transcend national borders. Additionally, there is a growing interest in emerging sports like esports, which involve competitive video gaming, and niche sports like ultimate frisbee and parkour.
At the professional level, sports leagues and teams are major players in the global sports market. For example, the National Football League (NFL) in the United States, the English Premier League in soccer, and the National Basketball Association (NBA) are among the most prominent and financially successful sports organizations. These leagues generate revenue from ticket sales, broadcasting rights, merchandise, and sponsorships, making them economic powerhouses.
Moreover, the sports market encompasses a vast ecosystem of ancillary industries. Sportswear and equipment manufacturers, like Nike and Adidas, profit from athletes and teams promoting their products. The sports media industry, including television networks and digital platforms, broadcasts games and related content, attracting advertisers and subscribers. Additionally, the construction and maintenance of sports facilities, from stadiums to golf courses, contribute to the market's economic vitality.
Challenges Facing the Global Sports Market
The global sports market faces numerous challenges that can be grouped into several categories, including economic, social, and technological challenges.
Economic Challenges
Financial SustainabilityMaintaining the financial health of sports organizations can be challenging. Player salaries, stadium maintenance, and operating costs can strain budgets, especially for smaller teams or in less popular sports.
Revenue InequalityIn many sports, there is a significant revenue gap between the top-tier organizations and smaller ones. This imbalance can hinder competitiveness and limit the growth potential of less affluent teams.
Fan EngagementWhile sports remain a significant part of popular culture, attracting and retaining fans in the digital age can be difficult. Changing consumer behaviors and entertainment options make it challenging for sports to maintain their viewership.
Social Challenges
Inclusivity and DiversityThe sports industry is under scrutiny for its lack of diversity and inclusion. Addressing issues of race, gender, and other forms of discrimination is essential to promoting a more equitable and welcoming sports environment.
Health and SafetyConcerns about the physical and mental health of athletes are growing. Concussions, injuries, and the long-term effects of competitive sports are subjects of intense debate and regulation.
Sportsmanship and Fair PlayThe integrity of sports is at risk from issues like doping, match-fixing, and unsportsmanlike conduct. Ensuring fair competition is an ongoing challenge.
Technological Challenges
Media LandscapeThe way people consume sports is evolving rapidly. Traditional broadcast models are being disrupted by streaming services and digital platforms. The challenge is to adapt to these changes and monetize new forms of distribution effectively.
Data and AnalyticsThe sports industry is increasingly reliant on data and analytics for performance improvement, injury prevention, and fan engagement. Managing and securing this data presents both opportunities and challenges.
The Future of the Global Sports Market
Despite these challenges, the global sports market holds considerable potential for growth and innovation. Here are some key considerations for the future of the industry
Digital TransformationEmbracing digital technology and data analytics will be crucial for the future of sports. It enables better fan engagement, player performance improvement, and the development of new revenue streams.
Inclusivity and DiversityAddressing social challenges is essential to maintaining and expanding the fan base. Promoting diversity, equality, and inclusivity can attract new audiences and players.
Health and SafetyThe industry should continue to prioritize athlete safety. This includes research into injury prevention, mental health support, and minimizing the long-term health risks of high-impact sports. Sports organizations can tap into the global market by expanding their reach and seeking new fans and revenue streams outside their traditional markets.
SustainabilityMany sports organizations are beginning to address their environmental impact, considering sustainable practices in stadium construction, transportation, and waste management.
In conclusion, the global sports market is a multifaceted and ever-evolving industry that faces a range of challenges across economic, social, and technological dimensions. These challenges are balanced by significant opportunities for growth and innovation, including digital transformation, inclusivity, and sustainability. As the industry adapts to changing consumer behaviors and technological advancements, it has the potential to continue captivating and uniting audiences around the world, making sports a powerful force in global culture and economics.
Key Market Trends
Global Sports Market Is a Multibillion-Dollar Industry
The global sports market is a multibillion-dollar industry that impacts people's lives on various levels. It encompasses a wide array of sports, each with its own set of fans, athletes, and institutions. Some of the most popular sports in the world include soccer, basketball, cricket, and tennis, which have fan bases that transcend national borders. Additionally, there is a growing interest in emerging sports like esports, which involve competitive video gaming, and niche sports like ultimate frisbee and parkour.
At the professional level, sports leagues and teams are major players in the global sports market. For example, the National Football League (NFL) in the United States, the English Premier League in soccer, and the National Basketball Association (NBA) are among the most prominent and financially successful sports organizations. These leagues generate revenue from ticket sales, broadcasting rights, merchandise, and sponsorships, making them economic powerhouses.
Moreover, the sports market encompasses a vast ecosystem of ancillary industries. Sportswear and equipment manufacturers, like Nike and Adidas, profit from athletes and teams promoting their products. The sports media industry, including television networks and digital platforms, broadcasts games and related content, attracting advertisers and subscribers. Additionally, the construction and maintenance of sports facilities, from stadiums to golf courses, contribute to the market's economic vitality.
Segmental Insights
The sports leagues segment captured a revenue share of over 45% in 2022 owing to an increased usage of technological solutions in the popular leagues to facilitate accurate decision-making and improved fan experience. For instance, some of the popular technologies used in soccer are Video Assistant Referee, goal-line technology, and semi-automated offside technology among others.
The semi-automated offside technology was employed in soccer for the first time during the FIFA World Cup 2022 in Qatar. This technology tracks the data points related to the ball and the players obtained from the cameras fixed around the field at 50 times per second, which helps the analyst team and the management to generate insights from the game. This, in turn, is expected to drive the demand for the sports leagues segment over the forecast period.
Regional Insights
North America is home to some of the world's most prominent and lucrative professional sports leagues. The National Football League (NFL), Major League Baseball (MLB), the National Basketball Association (NBA), and the National Hockey League (NHL) are prime examples. These leagues have massive fan bases, attract significant television viewership, and generate substantial revenue through ticket sales, broadcasting rights, merchandise, and sponsorships. They set the standard for professional sports organizations worldwide.
Recent Developments
In September 2023, St. Louis CITY SC, a soccer club based in St. Louis, Missouri, collaborated with Cisco Systems, Inc. The partnership has enabled the club to leverage digital signage, Wi-Fi, security, and networking solutions to offer an immersive matchday experience to its fans.
May 2022Infosys Limited is a global company that offers next-generation digital services and consulting, and French Tennis Federation (FFT) launched its recent development that will help in a new era of technology-driven sports viewing and fan engagement.
Jul 2023OPPO Technologies announced that it will continue to empower global fans to immerse themselves in the excitement of sports using its technology and innovation. OPPO aims to bring more passion and inspiration to sports with its world-leading smart devices and technologies while allowing global fans to capture, enjoy, and share moments from their favorite sports.This year marks the 5th consecutive year of OPPO's partnerships with Wimbledon and Roland-Garros, bringing the powerful connection between technology and tennis. OPPO has been using its professional imaging technologies to capture inspiring moments from the tournaments and bring them to tennis fans worldwide.
Jul 2023Solid-state Electronics, a technology company, announced that it is set to redefine the future of e-sports technology to meet the growing demand for advanced technology to enhance gaming experiences. Integrating solid-state electronics into gaming devices promises to revolutionize the e-sports industry, offering unprecedented gaming experiences and setting new standards for competitive gaming.
Key Market Players
- Fitbit LLC
- IBM
- Telefonaktiebolaget LM Ericsson
- Cisco Systems, Inc
- FUJITSU
- SAP SE
- Oracle
- LG Electronics.
| By Type | By Sport | By End User | By Region | |
|
|
|
| |
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy