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Revolutionizing Athletics: Sports Technology Market Surpasses USD 13.33 Billion in 2022, Poised for 19.73% CAGR Growth by 2030 | HCL Technologies Limited, IBM Corporation, Infosys Limited

Revolutionizing Athletics:  Sports Technology Market Surpasses USD 13.33 Billion in 2022, Poised for 19.73% CAGR Growth by 2030 | HCL Technologies Limited, IBM Corporation, Infosys Limited

Report Ocean is a comprehensive analysis of the “Sports Technology Market”  that includes both qualitative and quantitative data. The report covers various regions and provides insights into major industry changes, challenges faced by businesses and competitors, and potential new opportunities in the market. It also includes a SWOT analysis, Porter’s Five Forces model, and a value chain review to help readers understand the industry’s position in the market and the stakeholder positions.

The Global Sports Technology Market, valued at approximately USD 13.33 billion in 2022, is set for a robust growth rate exceeding 19.73% over the forecast period from 2023 to 2030. The sports technology sector focuses on designing innovative applications and technologies to support research and the development of intervention techniques for enhancing athletic performance, sports analytics, fan engagement, broadcasting and media coverage, and sports venue management.

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In recent years, sports technology and data have emerged as critical components of athletic development and performance. The market is driven by the increasing use of new technologies such as the Internet of Things (IoT) and data analytics, along with social media integration, across a variety of sports. Moreover, the Sports Technology market is expected to expand rapidly with the increasing adoption of eSports Technology. According to the Republic of Estonia E-Residency, the esports market was valued at over USD 1.38 billion in 2022 and is estimated to grow as high as USD 1.87 billion by 2025. The higher revenue in the esports industry is evident from the fact that 532 million people worldwide watched esports in 2022, projected to reach up to 640 million by 2025.

Increased investments by organizations in implementing the latest technologies for tracking players’ performances and engaging fans indicate a paradigm shift in the industry that will support market growth. Furthermore, the development of AI and ML technologies is predicted to present significant prospects for the expansion of the Sports Technology industry in the upcoming years. However, the anticipated rise in startup costs and financial limitations may restrain market expansion throughout the forecasted period from 2023-2030. The shortage of analysts in the workforce could pose additional difficulties for the development of the Sports Technology business.

Key Regions and Market Players:

The key regions considered in the Global Sports Technology Market study include Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Europe dominated the Sports Technology market, accounting for over 30% of the global industry’s sales in 2020, and this dominance is anticipated to persist throughout the forecast period. The region is driven by numerous football leagues incorporating smart device integration for better player, league, and audience management. The Asia Pacific region is expected to witness the fastest growth in the Sports Technology sector over the coming years due to the expanding sports industries in countries like India, Japan, and China. In India, several sports leagues are gaining popularity among young people, and regional competitions significantly impact the sector’s growth.

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Major Market Players:

  • Cisco Systems, Inc.
  • Apple Inc.
  • Modern Times Group MTG
  • Panasonic Corporation
  • SAP SE
  • Sony Corporation
  • Oracle Systems Corporation
  • HCL Technologies Limited
  • IBM Corporation
  • Infosys Limited

Recent Developments:

  • In February 2022, Biocon announced the acquisition of Viatris’ biosimilar portfolio for USD 3.335 billion, strengthening Biocon’s biosimilar product portfolio and improving revenue generation.
  • In August 2021, The U.S. Food and Drug Administration (FDA) approved an expanded label for Eli Lilly and Company’s rapid-acting insulin, Lyumjev (Sports Technology lispro-AABC injection) 100 units/mL, indicated to improve glycemic control in adults with type 1 and type 2 diabetes, to include administration via continuous subcutaneous Sports Technology infusion (CSII) with an Sports Technology pump.
  • In July 2021, Semglee, a first-of-its-kind Sports Technology product made by India’s Biocon, received United States approval. Semglee, manufactured by Biocon Biologics, a Bengaluru-based pharmaceutical company, is both interchangeable with and biosimilar to Lantus, a long-acting Sports Technology product already approved in the United States.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also provides detailed information about crucial aspects such as driving factors & challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro markets for stakeholders to invest in, along with a detailed analysis of the competitive landscape and product offerings of key players.

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The detailed segments and sub-segments of the market are explained below.

By Technology:

  • Device
  • Smart Stadium
  • Esports
  • Sports Analytics

By Sports:

  • Soccer
  • Basketball
  • Ice Hockey
  • Tennis
  • Cricket
  • Esports
  • Others

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • ROE
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • RoAPAC
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa

Global Sports Technology Market Report Scope:

  • Historical Data: 2020 – 2021
  • Base Year for Estimation: 2022
  • Forecast Period: 2023-2030
  • Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
  • Segments Covered: Technology, Sports, Region
  • Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
  • Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

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Advantages of Opting for Our Market Research Report:

Strategic Decision-Making:

Our market research reports provide invaluable insights for strategic decision-making. By analyzing industry trends, market dynamics, and emerging opportunities, businesses can make informed choices that align with their long-term goals and objectives.

Market Understanding:

A comprehensive understanding of the market is crucial for success. Our reports delve deeply into market size, segmentation, and growth drivers, ensuring businesses have a nuanced comprehension of the landscape they operate in, aiding in effective planning and execution.

Competitive Intelligence:

Staying ahead of the competition is paramount. Our reports offer detailed competitive intelligence, highlighting key players, their market share, strategies, and strengths. This enables businesses to identify opportunities for differentiation and develop robust strategies for sustainable growth.

Customer Insights:

Understanding customer behavior is fundamental to success. Our research provides in-depth customer insights, including preferences, buying patterns, and needs. This information is instrumental in tailoring products and services to meet customer expectations and enhance overall satisfaction.

Risk Mitigation:

Every business venture involves risks, and our reports are designed to identify and assess potential risks within the industry. This proactive approach empowers businesses to develop risk mitigation strategies, ensuring resilience in the face of challenges and uncertainties.

Investment and Funding Decisions:

For investors and stakeholders, our reports offer a reliable foundation for investment decisions. Through thorough analysis of market trends and growth projections, we provide essential information to support sound investment and funding choices, maximizing returns on investment.

Validation and Credibility:

Our market research reports undergo rigorous analysis and validation processes, ensuring the credibility of the information presented. Businesses can rely on our reports as trustworthy sources, fostering confidence in decision-making processes and strategic planning.

Long-term Business Planning:

Successful businesses thrive on effective long-term planning. Our reports provide a forward-looking perspective, forecasting industry trends and potential challenges. This foresight is indispensable for crafting robust business plans that stand the test of time and dynamic market conditions.

Key Questions Answered by the Report:

  • What are the driving factors for market growth?
  • What challenges and limitations does the market face?
  • What emerging opportunities exist in the market?
  • What potential threats and risks could impact the market?
  • What is the current market size and growth rate?
  • What are the market segments and their sizes?
  • Which regions are projected to experience the highest growth and market share?
  • What variables affect different geographical areas?
  • Who are the major players in the market and their rankings?
  • What recent partnerships, launches, expansions, or acquisitions have occurred among the companies profiled?
  • What are the comprehensive profiles of the top market players, including business overview, insights, product benchmarking, and SWOT analysis?
  • What is the present market outlook, considering recent changes and growth possibilities?
  • What are the drivers, obstacles, and restrictions in both developing and emerging regions?
  • How does the market analysis utilize Porter’s five forces analysis?
  • How does the Value Chain provide insights into market dynamics?

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About Report Ocean:

Report Ocean stands as a preeminent provider of market research reports within the industry. Renowned globally, we are acclaimed for delivering insightful and informative research reports. Our commitment lies in furnishing clients with a comprehensive blend of both quantitative and qualitative research outcomes. As an integral component of our expansive global network and thorough industry coverage, we offer an in-depth reservoir of knowledge that empowers strategic and well-informed business decisions. Our approach integrates cutting-edge technology, advanced analysis tools, and our proprietary research models, all underpinned by years of expertise. This synergy allows us to craft essential details and facts that consistently surpass expectations.

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