Global Sports Analytics Market Report 2022: Market to Grow from $2.5 Billion in 2021 to $8.4 Billion by 2026, at a CAGR of 27.3%
DUBLIN, March 31, 2022 /PRNewswire/ -- The "Global Sports Analytics Market with COVID-19 Impact Analysis by Component (Solutions, Services), Application, Deployment Mode, Organization Size, Industry Vertical, and Region (APAC, North America, MEA, Europe, Latin America) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The 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.
Traditional analytics platforms use static and stored data to analyze simple or complex patterns and react to any business situation. These platforms take days to analyze and weeks to act on the stored data. Sports analytics technology is the core enabler of big data, enabling businesses to use historical data and combine it with customer insights to predict future events. Big data is an ever-increasing technology that assists businesses in optimizing processes and minimizing operational costs.
The combination of real-time data streams, Artificial Intelligence (AI), Machine Learning (ML), and sports analytics can deliver competitive business advantages. Traditional analytics and BI systems use the deductive approach for analyzing data. This approach works well with structured data. Sports analytics, on the other hand, applies the inductive reasoning analysis approach, which deals with large datasets derived from ML, robotics, sensors, and AI.
It uses algorithms that carry out complex calculations on large data sets and discover interrelationships and patterns between them. Big data offers the capability to gather, manage, and examine data across business verticals, such as banking, healthcare, and agriculture, which has made it a trending topic in Information Technology (IT) for a decade. It has numerous applications, and one such field where it has revolutionized the entire landscape is the sports industry.
Data has always been crucial in sports to gain strategic decision-making capabilities and formulate other business strategies. Sports generate a large amount of data related to players, team performance, and the audience. Big data has made it easier and quicker for coaches, team managers, and sports associations to analyze the collected data and make optimum use of it. It further helps reshape existing business models, where sports are viewed as both commercial and technological platforms.
To transform sports arenas into a testbed facility for the implementation of IoT on a wide-scale deployment, the technology platform is expected to comprise a robust Wireless Fidelity (Wi-Fi) network, mobile and cloud computing, and Internet of Things (IoT) technologies. IoT would eventually digitalize stadium operations and provide fans with an enhanced connected experience.
A smart stadium, therefore, would use sophisticated technologies and robust infrastructure to enhance its operations to lure fans to the stadiums.
The major vendors in the global sports analytics market include 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).
Premium Insights
- Increasing Adoption of AI and ML Technologies to Boost Market Growth
- Performance Analytics Segment to Lead Market by 2026
- North America to Account for Largest Market Share in 2021
- Player Fitness and Safety and Esports Segments to Account for Largest Market Shares in 2021
Market Dynamics
Drivers
- Rising Adoption of Big Data and Other Related Technologies
- Increasing Investment in Sports Technology for Data-Driven Decisions
- Need for Player or Team Performance Improvement
Restraints
- Lack of Awareness About Benefits of Sports Analytics Solutions
- Budget Constraints to Hamper Sports Analytics Solutions' Adoption
- Data Security Concerns
Opportunities
- Rising Internet Proliferation and Growing Usage of Connected and Integrated Technologies
- Advent of AI and ML Technologies
- Complex Data Streaming to Increase Demand for Analytics
Challenges
- Integration of Data from Data Silos
- Lack of Professionals with Appropriate Analytical Skills
Sports Analytics Market: COVID-19 Impact
- Sports Analytics: Evolution
Case Study Analysis
- Case Study 1: Fox Sports Used IBM Ix to Deliver Personalized Video Experiences
- Case Study 2: Baylor University Deployed Catapult's S5 Wearable Devices to Analyze Player Performance
- Case Study 3: Dataart Offered Solutions to Analyze Sports Performance Over Single Platform
- Case Study 4: Sydney Sixers Used Pressbox Graphics to Delight Fans During the Big Bash
- Case Study 5: Wooga Got 80-100X Faster Analysis on Game Design with Exasol's Help
Document Type
- Innovation and Patent Applications
- Top Applicants
- Supply/Value Chain Analysis
Pricing Model Analysis
Porter's Five Forces Analysis
Tariff and Regulatory Landscape: Regulatory Bodies, Government Agencies, and Other Organizations
Technology Analysis
- Artificial Intelligence and Sports Analytics
- Machine Learning and Sports Analytics
- Internet of Things and Sports Analytics
- Cloud Computing and Sports Analytics
Regulatory Implications
- Sarbanes-Oxley Act of 2002
- General Data Protection Regulation
- Basel
- System and Organization Control2 Type Ii Compliance
- Iso/Iec 27001
Company Profiles
- IBM
- SAS Institute
- Hcl Technologies
- Salesforce
- Zebra Technologies
- Catapult
- Exl
- Chyronhego Corporation
- Global Step
- Stats Perform
- Exasol
- Dataart
- Trumedia Networks
- Orreco
- Quant4Sport
- Sportradar
- Whoop
- Kitman Labs
- Hudl
- Trace
- Kinduct
- Uplift Labs
- Sportlogiq
- Sporting Algorithms
- L2P Limited
For more information about this report visit https://www.researchandmarkets.com/r/bomnqb
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