According to the latest report by IMARC Group, titled "Sports Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global sports analytics market reached a value of US$
1085.4 Million in 2022. Sports analytics involves the utilization of various statistical and mathematical approaches in order to provide competitive advantages to individuals and teams. Various developments in management technologies and data collection methods are significantly supporting its demand across the sports sector. Some of the commonly adopted sports analytics methods include convolutional neural networks (CNN), data science, machine learning (ML), logistic regressions, hypothesis testing and historical data analysis. Additionally, it includes analyzing the associated peripheral activities, such as performance and team strategies, using analytical data for building a strong team. As a result, it aids in ensuring high returns on investments (ROIs) and increasing overall income.
Global Sports Analytics Market Trends:
The global market is primarily driven by the widespread popularity of sports among the masses. Along with this, a substantial rise in data generation across the sports sector and rapid digitization that has led to the escalating utilization of wearable devices are providing an impetus to the market. Furthermore, the increasing investments by sports agencies in the deployment of advanced techniques for upgrading the existing sports infrastructure is providing a boost to the demand for sports analytics. Moreover, continual technological advancements and the adoption of big data, machine learning (ML) and the internet of things (IoT) for measuring the patterns in a sport are creating a positive market outlook. AI and ML-powered applications help in predicting in-game foot traffic, analyzing the chances of customers renewing their package and optimizing training for professional athletes, thereby gaining prominence on the global level. Additionally, extensive research and development (R&D) activities for improving wireless sensor technologies and real-time analytics are acting as another growth-inducing factor. Other factors, including continual improvements in the information technology (IT) sector and intensive business competition in the sports sector, are also favoring the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$
3,097.8 Million by 2028, registering a CAGR of
18.6% during 2023-2028.
- On the basis of the component, the market has been bifurcated into software and services.
- Based on the analysis type, the market has been segmented into on-field (player and team analysis, video analysis and health assessment) and off-field (fan engagement and ticket pricing).
- On the basis of the sport, the market has been categorized into football, cricket, hockey, basketball, American football and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Chyronhego Corporation, Experfy Inc., HCL Technologies, International Business Machines Corporation, iSportsAnalysis, Oracle Corporation, Qualitas Global Services, SAP SE, Sas Institute Inc., Sportradar AG, Stats Perform and Tableau Software LLC (Salesforce.com Inc.).
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