Sports Analytics Market: Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024
In most of the sectors, analytics is transforming industries completely and changing the aspect of consumer experience by providing them the offerings which they expect for. Sports organizations and leagues utilizes analytics for data driven decisions, rather than based on gut feelings and intuitions.
Sports analytics is rapidly becoming an integral component for most of the global sporting events, with leading sports federations such as UEFA and NFL and organizations such as MLB and Manchester United using sports analytics solutions to enhance constructive engagement with their prospective sponsors and to expand their fan base.
Sports analytics can be used to monitor and analyze individual players as well as overall teams, thereby enabling team managers and support staff to make constructive decisions to enhance overall performances. Sports analytics by using predictive models, predicts about the team or players who can succeed and in which season there will be highest tickets sold, and what can boost the fan experience.
According to Infoholic Research, the global sports analytics market is expected to reach at a revenue of $4.5 billion by 2024, growing at a CAGR of 43.5% during the forecast period. The growing demand for providing athletes with detailed analogy with various performance indicators, enhancing fans experience by leveraging data generated through social media and smartphones, and optimizing revenues through ticket pricing are some of the key drivers that are expected to boost the growth of the sports analytics market during the forecast period.
Market Segmentation Analysis
The report provides in-depth qualitative insights, and validated market forecasts or projections based on certain assumptions and historical data for the market. The projections and trends featured in the report have been derived using proven research methodologies and assumptions based on the vendor’s portfolio, blogs, whitepapers, and vendor presentations. Thus, the research report represents every side of the market and is segmented based on regional markets, components, and applications.
The report covers and analyzes the sports analytics market. Major vendors across different verticals are planning for high investments in this market, and as a result, the market is expected to grow at an impressive rate in the upcoming years. The key players are adopting various organic as well as inorganic growth strategies such as mergers & acquisitions, collaboration & partnerships, joint ventures, and few other strategies to be in the strong position in the market.
The report contains an in-depth analysis of the vendors profile, which includes financial health, business units, key business priorities, SWOT, strategies, and views. The prominent vendors covered in the report include IBM, SAP, SAS, STATS, Opta, TruMedia Networks, Catapult, Zebra technologies, Sports Mechanics, and others. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
IBM, SAP, SAS, and STATS are the key players in the sports analytics market. Under Armour’s Health Box the connected fitness system which is created for monitoring, measuring, and managing factors of progress. IBM Watson Analytics is being used by these connected devices for providing data and insights required for improving performance. University of North Carolina Athletics Department and Rams Club are using SAS analytics to gain more insights into fan engagement and maximize their revenue streams.
The report also includes the complete insights of the industry, and aims to provide an opportunity for the emerging and established players to understand the market trends, current scenario, initiatives taken by the government, and the latest technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and to take informed decisions.
North America holds the largest market share in 2017 and is expected to dominate the sports analytics market during the forecast period. The factors driving the growth of the market in North America include high integration of sports analytics solutions in this region and early adopters of sports analytics by teams of MLB and NBA in this region, which has made the difference by enhancing their game and optimizing revenues. Moreover, increasing demand from sports organization to enable them to increase their fan retention and revenue opportunities has further bolstered the need of sports analytics solutions. For example: Fanisko, a fan engagement platform provider has now become official fan engagement partner for North American Hockey League (NAHL), North American 3 Hockey League (NA3HL), North American Prospects Hockey League (NAPHL) which will engage fans to stay updated and increase revenue opportunities for NAHL, NA3HL, NAPHL.
The report provides an in-depth analysis of the sports analytics market. Sports analytics enhances fan experience and provides performance statistics of team as well as individual player to improve the game. For example: In 2008 Beijing Summer Games, in Taekwondo the match referee gave an incorrect decision as he missed a winning hit, but the decision was reversed after an hour from that time onwards analytics made its importance in sports sector. Sports analytics helps sports organizations as well as individual players in attaining competitive edge and enable them in taking effective decisions and developing effective game strategies. The report discusses components, applications, and regions related to this market. Further, the report provides details about the major challenges impacting the market growth.