Sports Analytics Market Size is expected to reach USD 16.45 billion by 2031, growing at a CAGR of 20.02%: Straits Research
New York, United States, March 19, 2024 (GLOBE NEWSWIRE) -- "Sports analytics" refers to analyzing sports data, such as player performance, business operations, and recruitment. It includes on-field and off-field analytics, such as player and team analysis, health assessment, video analysis, fan engagement, and admission pricing. Individual athletes, teams, and sports enterprises benefit from competition participation. It contributes to the expansion of the fan bases of athletes, the development of merchandise sales, and the acquisition of sponsorships. Sports analytics aids in evaluating the performance of athletes, promotes enhanced decision-making, and reduces operational costs.
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Growing Demand for Real-time Data Access Drives the Global Market
According to Straits Research, "The global sports analytics market was valued at USD 3.19 billion in 2022. It is estimated to reach USD 16.45 billion by 2031, growing at a CAGR of 20.02% during the forecast period (2023–2031)." Real-time data access has become the most crucial aspect of business development as consumers spend more of their income online than ever. With the advancement of technology and AI, real-time data has emerged as a crucial factor for consumer acquisition, one of the most important aspects of any organization. Intelligent business decisions necessitate real-time data.
In the past decade, sports analytics in the major leagues have exploded. This is because more data is now available due to the development of tracking devices and the constantly rising popularity of different sports, particularly team sports. Consequently, the increasing demand for real-time data access is anticipated to propel the market's expansion over the forecast period.
Availability of Cost-effective and High- End Computing Solutions Creates Tremendous Opportunities
On and off the field, sports organizations have been utilizing HPC technology, allowing them to analyze vast quantities of data on a single platform to make appropriate decisions and adjustments. Digital platforms enable the production of customized content and the cultivation of meaningful relationships with developers, real-time and static statistics, and geolocation applications to enhance the in-venue experience. Therefore, the ability of a sports organization to win games, develop coaches and players, maintain operations, and attract, serve, and retain supporters relies heavily on the rapid evolution of technologies. Thus, the rapid digital innovation resulting in the availability of cost-effective and high-end computing solutions is anticipated to present vendors functioning in the global sports analytics market with lucrative growth opportunities.
Regional Analysis
North America sports analytics market share is anticipated to exhibit a CAGR of 18.9% during the forecast period. The regional market expansion can be ascribed to increasing urbanization, technological advancements, and higher disposable income. The region comprises nations like the United States, Canada, and Mexico. The United States has a greater concentration of companies than Canada and Mexico, resulting in higher availability of high-end computing solutions. In addition, the increasing prevalence of sports among young people positively affects social integration and economic growth. The region's increasing prominence has led to the rapid expansion of the sports industry, which has increased the demand for player and performance analysis.
Europe is estimated to exhibit a CAGR of 20.3% over the forecast period. Due to the willingness of many developed nations to implement new technologies, the sports analytics market in Europe is expected to experience significant expansion. Germany is anticipated to hold a dominant position in the European sports analytics market. The rising demand for sports activities drives market expansion in Germany, presenting exciting investment opportunities for key stakeholders. In addition, the United Kingdom is anticipated to experience substantial development over the forecast period due to rising investments in sports technology for data-driven decisions. To comply with stringent government regulations and quality standards, businesses in various industries across the country are adopting sports analytics.
Key Highlights
- Based on sport, the global sports analytics market is bifurcated into football, cricket, baseball, basketball, rugby, and others. The football segment dominates the global market and is projected to exhibit a CAGR of 17.7% over the forecast period.
- Based on type, the global sports analytics market is segmented into on-field and off-field. The on-field segment owns the highest market share and is estimated to exhibit a CAGR of 18.5% during the forecast period.
- Based on components, the global sports analytics market is divided into solutions and services. The solutions segment is the most significant contributor to the market and is predicted to exhibit a CAGR of 19.02% over the forecast period.
- Based on the deployment model, the global sports analytics market is divided into on-premises and cloud. The cloud segment is the most significant revenue contributor and is expected to exhibit a CAGR of 20.7% over the forecast period.
- Based on application, the global sports analytics market is divided into performance tracking and analysis, health assessment and injury prediction, fan engagement and digital experience analysis, event ticket pricing and merchandise sales, player scouting and valuation, and others. The performance tracking and analysis segment accounts for a large market share and is expected to grow at a CAGR of 20.4% throughout the forecast period.
- North America is the most significant global sports analytics market shareholder and is anticipated to exhibit a CAGR of 18.9% during the forecast period.
Competitive Players
The key global sports analytics market players Salesforce.Com Inc., Stats LLC, Catapult Group International Ltd., Accenture plc, Oracle, IBM Corporation, Sportradar AG, Deltatre, Hudl, SAP SE, SAS Institute Inc., Trumedia Networks, Experfy Projects, and others.
Market News
- In March 2023, Rithmm, an innovative predictive-analytics sports betting application, announced its release and general availability for installation on the Apple App Store and Google Play. It was a finalist in the prestigious MIT Sloan Sports Analytics Conference startup competition, enabling users to make wiser, more intuitive wagers.
- In March 2023, Cipher Sports Technology Group announced the launch of Convertr, an analytics and data-matching platform for sports wagering customers.
Global Sports Analytics Market: Segmentation
By Sport
- Football
- Cricket
- Baseball
- Basketball
- Rugby
- Others
By Type
- On-Field
- Off-Field
By Component
- Solutions
- Services
By Deployment Model
- On-Premises
- Cloud
By Applications
- Performance Tracking and Analysis
- Health Assessment and Injury Prediction
- Fan Engagement and Digital Experience Analysis
- Event Ticket Pricing and Merchandise Sales
- Player Scouting and Valuation
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- Rest of the World
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