The Smarts Sports Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smarts Sports Equipment Global Market Report 2024, The smart weapons market size has grown strongly in recent years. It will grow from $15.04 in 2023 to $16.52 in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to export and international sales, growing demand for precision-guided munitions (pgms), growing demand for multi-role weapons, focus on electronic warfare and countermeasures, demand for interoperable weapons systems.
The smart weapons market size is expected to see strong growth in the next few years. It will grow to $23.31 in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to counter-terrorism efforts, budget allocations for defense, cybersecurity integration, modernization of armed forces, rising demand for precision strike weapons.. Major trends in the forecast period include artificial intelligence (ai) and machine learning (ml), miniaturization and increased autonomy, directed energy weapons (dew), counter-drone and counter-missile systems, human-machine teaming and decision support.
The increase in demand for data-driven analysis of sporting activities is expected to propel the growth of the smart sports equipment market. In sports, data-driven analytics are used in modern coaching as sensors are integrated into the sports equipment to develop winning strategies and analyze the performance of the player on the field or in a team as a whole. Coaches of professional teams can use data science to construct hyper-personalized athlete matches and other plans for every game they play and also can identify and analyze the mistakes made by the players by observing the data collected by their sports equipment. With these new modern sports accessories, players can overcome their challenges with every training session or every game by studying the data and being effective. According to Forbes, an American business magazine, sports analytics is predicted to generate over $4 billion in revenue by 2022, since it aids several sports organizations and players in a variety of ways. Therefore, increasing demand for data-driven analysis of sporting activities drives the growth of smart sports equipment market.
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The smarts sports equipment market covered in this report is segmented –
1) By Product Type: Smart Balls, Smart Golf Sticks, Smart Hockey Sticks, Smart Racket And Bats, Others Products
2) By Connectivity Features: Smartphone Synchronization, Wireless Synching, Real Time Data Syncing
3) By Distribution Channel: Franchise Stores, Specialty Stores, Others Stores
4) By End User: Men, Women
As the smart sports equipment market expands, new developing trends are emerging in the sector to keep up with the technological advancements surrounding the market. One such new development is Smart Sensors (Gen3+) developed by a US-based firm, Arccos Golf, in April 2022. Arccos Smart Sensors (Gen3+) provide automatic shot tracking powered by artificial intelligence and machine learning that tightly integrates hardware and software to pinpoint a player’s shots more accurately. Over the past three years, Arccos Data Scientists and Engineers have analyzed more than 500 million shots hit in 194 countries using Arccos sensors. When combined with the award-winning Arccos Caddie app, this provides users with Strokes Gained insights for each aspect of their game and each club in their bag.
The smarts sports equipment market report table of contents includes:
1. Executive Summary
2. Smarts Sports Equipment Market Characteristics
3. Smarts Sports Equipment Market Trends And Strategies
4. Smarts Sports Equipment Market – Macro Economic Scenario
5. Global Smarts Sports Equipment Market Size and Growth
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26. South America Smarts Sports Equipment Market
27. Brazil Smarts Sports Equipment Market
28. Middle East Smarts Sports Equipment Market
29. Africa Smarts Sports Equipment Market
30. Smarts Sports Equipment Market Competitive Landscape And Company Profiles
Top Major Players:
- NIKE Inc
- Golfsmith International Holdings Inc
- PUMA SE
- Adidas AG
- Wilson Sporting Goods Co
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