The sports technology market is expected to be worth $41.8 billion by 2027, as per the report
The sports technology market is expected to expand from $21 billion in 2022 to $41.8 billion by 2027, according to a special report by MarketsandMarkets.
Estimated growth has been attributed to the continued push for better on-field activations for fans, innovations related to player and team performance and the rise of esports technology. The research by MarketsandMarkets, which focuses on the B2B space, found that the projected high market share for sports technology has a lot to do with the dramatic adoption of smartwatches and smart wristbands in the athletes performance space.
The report stated that the sale of smartwatches online has grown immeasurably, and specifically highlighted Garmin’s running watch, the Forerunner 955 Solar, which includes solar charging with up to 49 hours of battery life in its GPS mode. Garmin’s Forerunner 935 smartwatch, which prioritizes heart rate monitoring and exercise analytics, is also a leader, particularly in the field of triathlon.
Individual teams have also driven the rise of athlete performance technology due to their focus on wearable devices and sensors that determine training, playing decisions, and injury recovery. MarketsandMarkets has pointed to companies such as NormaTec, Rapid Reboot and Air Relax whose products improve blood flow and circulation in gamers.
Meanwhile, North America is expected to hold the largest share of sports technology throughout the forecast period, with venues like SoFi Stadium containing more than 2,500 Wi-Fi 6 access points to create a more immersive experience for fans. Connected stadiums are on the rise, as the report cited Cisco’s and Hollywood Park’s IT network partnership.
The sports tech boom has also spawned venture capital firms like KB Partners, which recently closed a massive $127 million early-stage sports tech fund, as well as sports accelerators like Techstars. Jordan Flegel, managing director of Techstars accelerators in Indianapolis, told SportTechie earlier this year that sports tech funding in North America could reach more than $10 billion by the end of the year, which would turn out to be a conservative forecast.