LONDON, April 24, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the sports technology market identifies the increasing popularity of eSports to have a significant impact on the growth of the sports technology market in the future. Esports involves organized video gaming competitions that are designed for spectators, providing an experience that is similar to that of traditional professional sports events. The sports technology used in esports focuses on improving internet speed and connectivity, as well as enhancing graphics to provide viewers with a better experience.
For example, the Free Fire World Series (FFWS) Singapore, an esports event that took place in May 2021, attracted a peak viewership of 5.41 million, representing a 168% increase compared to the FFWS 2019 Rio, which attracted 3.9 million peak viewers.
Due to the consistent rising demand the global sports technology market is projected to expand from $15.1 billion in 2022 to $17.8 billion in 2023, with a compound annual growth rate (CAGR) of more than 18%. The sports technology market is then anticipated to reach $33 billion by 2027, exhibiting a CAGR of more than 16.5%.
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The sports technology market is dominated by several major players, including Apple Inc., ChyronHego Corporation, Cisco Systems Inc., HCL Technologies Limited, IBM Corporation, Infosys Limited, Modern Times Group MTG and Oracle and North America was the largest region in the sports technology market in 2022.
Key players in the market are focusing on developing new technologies that can improve gameplay, increase fan engagement, and enhance player performance. One such example is the collaboration between HCL Technologies Limited, an India-based technology company, and Cricket Australia in June 2021. They developed a digital innovation platform that utilizes data-driven approaches to increase involvement from cricket players, fans, and partners. The initiative aims to foster unity and enthusiasm among cricket fans using technology. The new platform is expected to significantly contribute to the sport of cricket and help Cricket Australia enhance the on- and off-field performance of the Australian National Team.
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Overall the sports technology market will experience significant growth in the forecast period, with the penetration of eSports playing a crucial role in driving its expansion. The sports technology market report offers accurate insights, including market characteristics, top drivers, key market segments, and trends, that players can analyze to capitalize on this growth opportunity.
Going forward, The Business Research Company recommends companies to continue innovating and leveraging technology to drive growth and address challenges. Moreover, the market presents opportunities for emerging players to enter and disrupt the market with novel and unique products and services.
Sports Technology Global Market Report 2023 by The Business Research Company provides insights on the sports technology market size, sports technology market segments, sports technology market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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