Dublin, Nov. 17, 2020 (GLOBE NEWSWIRE) -- The "Sports Technology Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component and Technology" report has been added to ResearchAndMarkets.com's offering.
Increasing popularity of esports, rising demand for a comfortable sport viewing experience, and growing integration of social media with stadium technology are the major factors driving the growth of North American sports technology market.
Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. The adoption of sports technology in APAC is majorly driven by penetration of internet and cloud technology, emergence of professional leagues, and sports digitalization. There are major sports leagues and active participants in sports, such as cricket, hockey, badminton, and athletics, as well as esports in India, China, Australia, Pakistan, Sri Lanka, and Bangladesh. China is the largest esports market in APAC.
The use of sports technology to improve spectator experience and stadium operations positively impacts the market growth. Professional sports bodies have adopted new and innovative technologies, such as digital signage, smart stadiums, sports data analytics, and wearable devices.
Due to the proliferation of sporting events, smart stadium is one of the significant trends globally. Additionally, the growing number of massive prize pool events and the ever-increasing number of sports leagues across developed and emerging economies provide market players multiple lucrative opportunities.
Due to the presence of a limited number of players, the market is consolidated in nature. To develop innovative technologies and maintain their position in the market, players make significant investments in research and development activities. For example, Fitbit, Inc. a global provider of wearables, collaborated with Google LLC in April 2018 to accelerate digital health and wearables innovation. However, the US sports leagues began suspending their seasons in early March 2020 due to COVID-19 pandemic.
Mandatory social distancing has significantly impacted the global sports industry. For millions of fans, live sports have taken the biggest hit, by shutting down games and ending broadcasts. Restrictions on sports events and mass gatherings in most of the countries are expected to affect the growth of sports industry, which minimizes the adoption of sports technology among end users, such as , coaches, clubs, leagues, and sports associations. The factors mentioned above are expected to impede market growth in 2020 and mid-2021.
Impact of COVID-19 on North American Sports Technology Market
North America is a critical market for the growth of various sports related solutions & services owing to the presence of developed countries such as the US and Canada in this region. Presently, US is the world's worst affected country due to COVID-19 outbreak with highest number of confirmed cases and deaths, as per the recent WHO statistics.
The high number of COVID cases have resulted in a negative impact on country's and region's economy and there has been a decline in overall business activities and growth of various industries operating in the region. Developed countries such as the US are major markets for the growth of sports technology market and the ongoing interruptions in the growth of sports industry due to cancellations and postponement of various big sports events due to COVID-19 outbreak are affecting the revenue of key market players operating in the North America region.
Some of the major US sports leagues have suspended their seasons scheduled to happen in 2020 and mandatory social distancing is further aggravating the negative impact on the US sports industry. Major League Soccer, Major League Baseball, Women's National Basketball Association, and United States Women's Open Championship are some of the organizations and events that have been postponed/cancelled due to the pandemic.
The slowdown in North American sports industry is also resulting in financial challenges for teams, clubs, leagues, and sports organizers present in the region. Hence, the ongoing COVID-19 crisis and critical situation in the US is anticipated to impact the sports technology market growth in North America region in a negative manner for at least for the next few quarters.
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. Sports Technology Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Sports Technology Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Acceptance of Wearable Equipment by Athletes
5.1.2 Increasing Investments in Sports Industry
5.2 Market Restraints
5.2.1 High Upfront Costs and Budget Constraints
5.3 Market Opportunities
5.3.1 Artificial Intelligence (AI) and Internet of Things (IoT) to Provide Growth Opportunities to Sports Technology Market
5.4 Future Trends
5.4.1 Onset of Virtual Reality (VR) and Augmented Realty (AR) in Sports
5.5 Impact Analysis of Drivers and Restraints
6. Sports Technology Market - Global Analysis
6.1 Global Sports Technology Market Overview
6.2 Sports Technology Market - Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Five Key Players
7. Sports Technology Market Analysis - By Component
7.2 Sports Technology Market, By Component (2019 and 2027)
7.3.2 Hardware: Sports Technology Market - Revenue and Forecast to 2027 (US$ Million)
8. Sports Technology Market Analysis - By Technology
8.2 Sports Technology Market, By Technology (2019 and 2027)
8.3 Tracking System/Hawk-Eye Technology
8.3.2 Tracking System/Hawk-Eye: Sports Technology Market- Revenue and Forecast to 2027 (US$ Million)
8.4 Broadcast Technology
8.5 Virtual Reality
8.6 Wearable Technology
9. Sports Technology Market - Geographic Analysis
10. Sports Technology Market- COVID-19 Impact Analysis
11. Industry Landscape
12. Company Profiles
12.1 Key Facts
12.2 Business Description
12.3 Products and Services
12.4 Financial Overview
12.5 SWOT Analysis
12.6 Key Developments
Catapult Group International Ltd
Hawk-Eye Innovations Ltd.
Strivr Labs, Inc.
Zebra Technologies Corporation
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