(IT-NEWSWIRE.COM, November 08, 2022 ) The global Sports Analytics Market size to grow from USD 2.5 billion in 2021 to USD 8.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 27.3% during the forecast period. Various factors such as increasing spending on adoption of newer technologies, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of sports analytics technologies and services.
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Some major players in the Sports Analytics Market are IBM (US), SAS Institute (US), Salesforce (US), EXL (US), GlobalStep (US), Catapult (US), HCL (India), ChyronHego (US), Stats Perform (US), TruMedia Network (US), DataArt (US), Orreco (Ireland), Quant4Sport (Italy), Zebra Technologies (US), and Exasol (Germany).
Sports Association segment to account for a larger market size during the forecast period
Sports associations have struggled for years with the large amount of sports data that may be collected and the prohibitive cost of gathering that data internally. While many associations have successfully reduced costs through automation and outsourcing, crowdsourcing is emerging as a viable option. Analytics associations have been preoccupied with tracking physical performance statistics of their players for over a decade in order to understand which athletes work the hardest on the field. They want all of the information, including distance travelled, velocity, acceleration, and the distance between players, among other things. Because of their precision and capacity to collect data in real time, electronic wearables are an attractive offer. Individual teams can easily adopt them in practice, but in competitive games, the barriers can be higher because they require league-wide agreement.
Football in Team Sports to have the largest market size during the forecast period
Football is one of the major sports in the team sports segment that uses various optical tracking solutions to boost player performance. Salesforce focuses on offering game changing visualizations through dashboards that provide play-by-videos and statistical data in form of dashboards. ChyronHego is another company which provides TRACAB solution to capture live tracking data of the player’s performance during matches and provide technology that drives ticket pricing to engage fan experience. Real-time tracking solutions are used in FIFA World Cup, National Football Leagues, and Football clubs to analyze the player’s performance. National Football League (NFL) uses hard-hitting analysis for accurate decisions as well as for improving player’s health through electronic health record devices which track on-field performance of players.
APAC to hold higher CAGR during the forecast period
The Sports Analytics Market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, who are adopting the newer technologies to have a competitive advantage over the established players. China, Japan, and India have displayed ample growth opportunities in the Sports Analytics Market.
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Mr. Aashish Mehra