How Has the Sports Broadcasting Technology Market Size Evolved in Recent Years?
The sports broadcasting technology market has seen considerable growth due to a variety of factors.
• The market size of sports broadcasting technology has witnessed significant expansion in the last few years. The projections predict that it will expand from $76.17 billion in 2024 to $81.95 billion in 2025, with a compound annual growth rate (CAGR) of 7.6%.
Growth during the earlier period can be ascribed to factors such as internet and digital streaming, advancements in camera technology, introduction of satellite broadcasting, inclusion of augmented reality (AR), mobile viewing, and secondary screen exploitation.
What Are The Predictions for The Sports Broadcasting Technology Market in the Coming Years?
The sports broadcasting technology market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, there will be a significant growth in the sports broadcasting technology market as it is projected to reach a size of $108.33 billion by 2029, with a compound annual growth rate (CAGR) of 7.2%.
This growth during the forecast period is attributed to factors such as emerging 5G technology, developments in artificial intelligence (AI) and machine learning, advancements in virtual reality (VR) and mixed reality (MR), personalized and interactive content, and the incorporation of wearable technology. Key trends to look out for during the forecast period would include immersive viewing experiences, 5G-enabled broadcasting, the application of artificial intelligence (AI) in production, data analysis and visual representation, and workflows based on the cloud.
Which Drivers Are Accelerating Growth In The Sports Broadcasting Technology Market?
The expansion of the sports broadcasting technology market is projected to be fuelled by the surge in on-demand streaming services. These services, often referred to as video-on-demand (VOD) platforms, provide a vast collection of various multimedia content such as films, television shows, documentaries, and original productions for viewers to access at their leisure. The growing prevalence of streaming services can, be attributed to their cost efficiency relative to traditional television, as well as their availability, convenience, and diverse original programming lineup. Sports broadcasting technology is employed by these streaming services to transmit live sports events, highlights, and analytical content, and to effectively distribute high-quality video streams over the internet to ensure smooth viewing and reduce buffering. For example, ERA, a U.S.-based organization, reported that in January 2024, UK expenditures on music streaming subscriptions, vinyl records, and CDs increased by 9.6% in 2023, nearly double the rate of growth in 2022 (+5%). Moreover, the UK entertainment industry expanded by 7% throughout 2023. Consequently, the emergence of on-demand streaming services is a key driver of the sports broadcasting technology market's growth.
What Are The Core Segments Of The Global Sports Broadcasting Technology Market?
The sports broadcasting technology market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Technology: Analog, Digital
3) By Platform: OTT (Over-The-Top), Radio, Television
4) By End User: Broadcaster, Studios And Content Developer, Distributors
Subsegments:
1) By Solutions: Software, Hardware, Cloud Solutions, Data Analytics And Visualization Tools
2) By Services: Consulting Services, Integration And Installation Services, Maintenance And Support Services, Managed Services
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What New Trends Are Influencing The Sports Broadcasting Technology Market?
Prominent companies in the sports broadcasting technology market are adopting innovative technologies, such as sports cloud platforms, to consolidate their market presence. Sports cloud platforms create a highly interactive and entertaining sphere for sports aficionados using technology that intensifies user engagement and enjoyment of sports events. For instance, Tech Mahindra, an information technology service and consultation firm based in India, unveiled the Sports Cloud Platform in November 2023 to deliver a captivating fan experience. Crafted in partnership with Amazon Web Services, Inc. (AWS), a US-based cloud computing firm, the platform harnesses real-time analytics, artificial intelligence (AI), machine learning (ML), augmented reality/virtual reality (AR/VR), and Web 3.0. It is aimed at boosting the digital capabilities of sports leagues, franchises, and bodies, providing fans with a higher level of engagement and customized experience.
Who Are the Key Players In The Sports Broadcasting Technology Market?
Major companies operating in the sports broadcasting technology market are:
• IBM Corporation
• Orange S.A.
• NBC Universal Media LLC
• Warner Bros. Discovery Inc.
• NEC Corporation
• ESPN Sports Media Ltd.
• Fox Corporation
• Rohde & Schwarz GmbH & Co KG
• Belden Inc.
• NEP Group Inc.
• AvL Technologies Inc.
• Viaplay Group AB
• Sportradar AG
• SKY Network Television Ltd.
• Evertz Microsystems Ltd.
• Deltatre Limited
• beIN MEDIA GROUP
• Supersport
• Global Invacom Group
• VSN Video Stream Networks S.L.
• Muvi One
• Staige GmbH
• OMB Broadcast
• Hangzhou HAOXUN Technologies Co. Ltd.
• EasyBroadcast
What Are The Regional Insights Into The Sports Broadcasting Technology Market?
North America was the largest region in the sports broadcasting technology market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sports broadcasting technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
