Published On: December 2022
The demand for sports analytics is anticipated to rise in the future as on-field data becomes more crucial for analyzing team performance, tracking individual players, keeping tabs on injuries, and optimizing individual players' training regimens. To prepare a strategy, choose the team, and choose the starting lineup of players for the game, the team management compares off-field and on-field data of individual players. According to sports analytics market analysis, managers' greater reliance on real-time data to plan training sessions and create various strategy games is anticipated to drive market growth.
As per the sports analytics market outlook, the sports analytics market is to register a CAGR of 20.2% to reach USD 8,321.5 million by 2027.
Sports analytics growth will be fueled by shifting sports dynamics and technology adoption
The unpredictability of the sports market and the rapid adoption of new technologies are expanding the use of sports analytics solutions globally. According to sports analytics market analysis, the demand for software distributed via the cloud is increasing as businesses concentrate on reducing upgrade and maintenance costs. This is because cloud-based solutions provide advantages, including rapid scalability, low price, easy access, and uninterrupted service.
Superclubs are well-known due to their historical history of success, which has boosted their fan base and brand value, attracted great sportspeople from all over the world, and consequently raised sponsorships and investments. The future of football, according to these elite teams, is analytics.
Additionally, the rise in competition, the need to improve decision-making to outperform rivals, and the influence of social media have all accelerated the adoption of sports analytics. A significant development is also clubs and teams connected to analytics organizations.
As a result, during the projected period, the sports tech market size is likely to grow due to changing sports dynamics and increasing technology usage in sports. The top associations and teams have already deployed sports analytical systems and recruited expert analysts to improve team and individual performance by gathering insightful knowledge and getting a competitive edge over rivals on and off the field.
Groups like the National Basketball Association (NBA), Royal Spanish Football Federation, German Football Association, and many more have previously used analytical methods to predict the outcomes of upcoming game events.
Teams have also implemented sports analytics systems to evaluate the players' overall performance, fan engagement, and level of health
The growing adoption of cutting-edge sports technologies to obtain quantitative information for improving game performance and the preference among coaches and team managers to use real-time data to create gaming strategies and schedule training sessions will contribute to the sports analytics market size growth. Additionally, the increasing investment by sports organizations to adopt a data-driven decision-making strategy, from player recruitment to fan engagement, is predicted to increase demand. According to sports analytics market analysis, the market for sports analytics is anticipated to expand dramatically with the rise of wearable technologies, human performance labs, and instances of sports gambling.
A lack of understanding of the advantages of sports analytics solutions and the integration of data from data silos may hamper growth
While organizations in other regions struggle to deploy analytics and other technologies due to strict governmental restrictions and poor technology penetration, North America and Europe have experienced increasing demand for technologies, such as big data analytics, AI, and ML, to enhance their performance.
Additionally, sports organizations from various locations rely on conventional methods of analysis and hire former athletes or athletes themselves to teach their sports physiotherapists and teams to examine the health of their athletes.
Value extraction from data has become essential for organizations to effectively target important customers, reduce risks, and gauge business performance. Sufficient information must be available to monetize these data assets.
Market growth was facilitated by rapid digitization
Rapid digitization has had a favorable effect on this market during the COVID-19 pandemic. Additionally, the significant increase in COVID-19 patients limited offline retail, forcing businesses to embrace technology. Further, offline visits or meetings were removed with implementation of AI-powered operations. Furthermore, the post-COVID-19 phase has allowed engineers to increase software development and provide effective solutions for sportspeople worldwide. During the pandemic, these factors accelerated the sports analytics market growth.
One of the key challenges limiting the overall market growth is the lack of awareness regarding the advantages of sports analytics and the high cost of sports analytics solutions.