Market Research Future (MRFR) will be publishing a cooked research report on the “Global Sports Analytics Market” that contains information from 2020 to 2027.
The Sports Analytics Market industry is projected to grow from USD 1.91 Billion in 2023 to USD 13.45 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 27.60% during the forecast period (2023 - 2032).
MRFR recognizes the following companies as the key players in the global sports analytics market: Oracle (US), IBM Corporation (US), Sportradar AG (Switzerland), Deltatre (UK), Hudl (US), SAP SE (Germany), SAS Institute Inc. (US), Trumedia Networks (US), Salesforce.Com Inc. (US), Stats Perform (US), Catapult Group International Ltd. (Australia), Accenture plc (Ireland), and Experfy Projects (US).
The process of applying mathematical and statistical ideas to sports and related activities is known as sports analytics. The application of mathematical and statistical rules to sports is known as sports analytics. In all sports, data analysis is crucial. Analysts assist teams in extracting useful information from data and practice these skills to improve the team's performance. Analysts use individual player statistics to assess their performance and make informed decisions about deploying them in their teams. They also provide information that aids in the recruiting of athletes as well as diet plans to assist them in performing at their best. Sports analysts use data to boost fan participation and increase ticket and item sales, resulting in increased earnings.
Real-time data is required to make smart business decisions. The lack of real-time data access puts organizations and their customers at a significant disadvantage. Real-time can assist a company in gaining a competitive advantage. Major league sports analytics has grown tremendously in the last decade. This is due to the rapidly growing popularity of various sports, particularly team sports, and the development of tracking devices; currently, more data has become available than ever before. Thus, the growing demand for real-time data access is expected to drive the growth of the global sports analytics market during the study period.
Predictive models that can compute probabilities of sports win/loss prospects and analyze player performance have been designed to advance the field of predictive analytics. As teams and ticket suppliers compete with the at-home experience, analytics can help improve the sports fan experience. Many sports organizations are attempting to anticipate fan desires and demands via team-specific mobile applications that offer exclusive content and in-seat concession ordering. Sports media firms can now produce more detailed material at scale and provide it to fans more conveniently. Thus, the increasing demand for predictive insights into fan preferences is expected to drive the growth of the global sports analytics market during the forecast period.
COVID-19 Impact Analysis
While video games and online casino gaming witnessed tremendous growth during the COVID-19 pandemic, the gaming industry was not completely immune to the virus. E-sports, which take the form of multiplayer game competitions, has been one of the first parts of the gaming industry to be affected. Furthermore, there have been several developments across the IT industry for the purpose of ensuring business continuity by enabling remote working for employees.
The global Sports analytics market has been segmented on the basis of sport, type, component, deployment model, application, and region.
The global sports analytics market, based on sport, has been segmented into football, cricket, baseball, basketball, rugby, and others.
The global sports analytics market, based on type, has been segmented into on-field and off-field. The on-field segment accounted for the largest market share in 2020 and is estimated to register a CAGR of 59.7% during the review period
The global sports analytics market, based on component, has been segmented into solutions and services.
Based on the deployment model, the global sports analytics market has been divided into on-premises and cloud.
The global sports analytics market, on the basis of application, has been segmented into performance tracking & analysis, health assessment & injury prediction, fan engagement and digital experience analysis, event ticket pricing & merchandise sales, player scouting & valuation, and others.
Key Findings of the Study:
- The global sports analytics market is projected to reach a value of USD 8,321.5 million by 2027, with a CAGR of around 20.2% during the forecast period from 2021 to 2027.
- North America accounted for the largest market share in 2020. The US is anticipated to be the dominating country in the regional market due to its developed economy. In addition, the growing popularity has led to the rapid growth of the sports industry, which has consequently increased the demand for the analysis of the players and their performances.
- Europe is expected to be second-largest market in 2020. The region is projected to witness significant growth over the forecast period due to Increasing investment in sports technology for data-driven decisions..
- The major sports analytics market companies based in the US and the UK are expanding their business in Asia-Pacific. Furthermore, government initiatives towards digitization and booming digital platform are the factors in the developing countries in the regional market.
- Availability of cost-effective and high-end computing solutions is the key opportunities in this market.