Growing Adoption of Wearable Devices by Sportsman is expected to drive the Growth for Sports Analytics Market

The wearable devices have become relevant in tracking sports performance as the athlete's interference can be minimized to a large extent. This technology is utilized to enable players and coaches to stay mindful of fitness objectives as well as development. At the same time, the system can also be customized to monitor, avoid and diagnose player injuries. These factors play a crucial role in tracking the fitness condition of the athletes across the various sports fields. These increased utilization of wearable devices by athletes, the market is estimated to have favorable growth over the forecasted period.

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Data Bridge Market Research analyses that the sports analytics market is expected to grow at a CAGR of 43.9% in the forecast period of 2022 to 2029 and is expected to reach USD 14,228.89 million by 2029. Cloud, IoT, big data and analytics, mobility, and social media are just a few examples of advanced technologies that have sparked innovation and transformation in the business ecosystem. The rapid development of data science experts' evaluation capabilities has been facilitated by the accumulation of big data in a single location. Enterprises can optimize vital business processes, functions, and objectives by leveraging the advantages and challenges of big data sports analytics.

High usage of connected and integrated technologies is expected to drive the Market's growth rate

The proliferation of the internet and the availability of various ways to access it has resulted in a massive increase in the amount of data generated. As a result, the advancement and expansion of high-speed internet services would be aided. Sports analytics companies are now deploying data scientists and analysts to process collected data due to the exponential rise in individual and organizational data. The rise of connected and integrated technologies has given sports analytics solution providers a platform to capitalize on the internet's development and unprecedented growth. This encourages businesses to invest in sports analytics. As a result, these factors boost the sports analytics market growth.

Report Scope and Market Segmentation

Segment Analysis:

The global sports analytics market is segmented into six notable segments which are based on the component, sports type, application, deployment mode, organization mode, and analysis type.

• On the basis of component, the global sports analytics market is segmented into software/platform and services. In 2022, the software segment is expected to dominate the global sports analytics market with the highest CAGR of 42.7% in the forecast period of 2022 to 2029. The software/platform segment is expected to dominate due to rising adoption of sports analytics software/platform can be largely attributed to the growing preference for cloud-based software solutions.
• On the basis of sports type, the global sports analytics market is segmented into team sports and individual sports. In 2022, the team sports segment is expected to dominate the global sports analytics market the highest CAGR of 44.6% in the forecast period of 2022 to 2029. The team sports segment is expected to dominate in the sports analytics market as leagues are the primary users of sports analytics solutions. Football, baseball, and basketball leagues have the highest adoption rate of these solutions, particularly for selecting players. 
• On the basis of application, the global sports analytics market is segmented into player and team valuation, performance analytics, fan engagement, broadcast management, health assessment, video analysis, and others. In 2022, the player and team valuation segment is expected to dominate the global sports analytics market

The player and team valuation segment is expected to dominate the global sports analytics market

In 2022, the player and team valuation segment is expected to dominate the global sports analytics market with the highest CAGR of 46.8% in the forecast period of 2022 to 2029. The increased growth of the player and team valuation segment is attributed to advancements in technologies like big data to get scientific sports data delivered in an easy to understand format that offers an opportunity for coaches, individuals, schools, teams, and sporting organizations to make informed decisions and improve overall performance.

• On the basis of deployment, the global sports analytics market is segmented into cloud and on premise. The cloud segment is expected to dominate the global sports analytics market with the highest CAGR of 45.2% in the forecast period of 2022 to 2029. The cloud segment is expected to dominate due to increasing demand for structured and visualized data in the market, which will help to increase the demand for cloud-based deployment mode.
• On the basis of organization mode, the global sports analytics market is segmented into large enterprise and SME's. The large enterprise segment is expected to dominate the global sports analytics market with the highest CAGR of 42.7%

The large enterprise segment is expected to dominate the global sports analytics market

In 2022, the large enterprise segment is expected to dominate the global sports analytics market with the highest CAGR of 42.7% in the forecast period of 2022 to 2029. The large enterprise segment is expected to dominate the sports analytics market due to the wide use of analytics in large enterprises to enhance the organization's business performance to work effectively. The emergence of AI and ML technologies is further augmenting the growth of the market.

• On the basis of analysis type, the global sports analytics market is segmented into on-field and off-field. In 2022, on-field segment is expected to dominate the global sports analytics market with the highest CAGR of 44.4% in the forecast period of 2022 to 2029. The on-field segment is expected to dominate in the sports analytics market due to the growing use of analytical solutions in outdoor games such as football, baseball, basketball, hockey, and cricket, among others, also the usage of analytical tools in sports provides an ample amount of data related to the player's performance and fitness which helps in boosting the growth of the market.

Major Players

Data Bridge Market Research recognizes the following companies as the major sports analytics market players in sports analytics market are IBM (U.S.), Sportradar AG (Switzerland), Synergy Sports (U.S.), DataArt (U.S.), SAP SE (Germany), TABLEAU SOFTWARE, LLC (U.S.), SALESFORCE Inc. (U.S.), Oracle (U.S.), Qualitas Global (India), SAS Institute Inc (U.S.)., HCL Technologies Limited (India), GlobalStep, LLC (U.S.), TruMedia Networks, Inc. (U.S.), ICEBERG Sports Analytics (Canada), SPORTSMECHANICS (India), Stats Perform (U.K.), Experfy, Inc. (U.S.), Catapult Group International Ltd. (U.S.), orreco (Ireland), Zebra Technologies Corp. (U.S.), Exasol (Germany) among others.

Market Development

• In January 2021, TruMedia Networks, Inc. launched the NFL playoffs for the player's tactics and injuries, advancing the holistic view and launches. The company is going to strengthen the services enhancing the business portfolio for the company.
• In February 2020, Opta conducted the proposals for the OptaPro Analytics Forum, which provided football analytics conferences to enhance decision-making and strategic planning. The company enhanced the business performance delivering more profit and income to it.
• In June 2019, HCL Technologies Limited had a partnership with the Cricket Australia for the digital technology which provides an immersive digital experience to cricket fans, players, partners, employees, and volunteers across the country and around the world, through CA's digital offerings. The partnership strengthened the blueprint of business models enhancing the global position for the company. 
• In October 2020, orreco partnered with an American skateboarder, Mariah Duran, helping atheletes in better understand the effects of the period on the performance. The company enhanced the business performance delivering more profit and income to them.
• In September 2020, Catapult Group International Ltd launched performance analysis for the football movement, introducing unprecedented performance analysis in recording and usage of data for specific soccer movements such as changes of direction, accelerations, decelerations, and jumps. The company enhanced its business by launching the software which has attracted many customers to it.

Regional Analysis

Geographically, the countries covered in the sports analytics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

Europe is the dominant region in sports analytics market during the forecast period

Europe dominated the sports analytics market owing to the continuously investing in research and development to for introduction of new and innovative products according to the consumer preferences. Europe will continue to dominate the sports analytics market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period.

Asia-Pacific is estimated to be the fastest growing region in sports analytics market

Asia-Pacific is expected to grow during the forecast period due to the growing digitization trends and sports prevalence in these countries in this region. Moreover, the rapidly expanding sports industry in China is also estimated to boost the market growth within the region.

COVID-19 Impact Analysis

The outbreak of COVID-19 adversely impacted the sports industry. The adverse impact on the market is attributable to cancellation or postponement of major sporting events (such as marathons, football tournaments, athletics championships, basketball games, handball, ice hockey, and rugby, among others) at the international, regional, and national levels to protect the health of athletes. As a result, the pandemic is expected to slow the market's revenue growth, owing to the slowdown in the sports industry, which is a major driver of the market. On the other hand, major sporting organizations have expressed their support for efforts to stop the virus from spreading. Therefore, the market suffered an overall loss during the COVID.

Frequently Asked Questions (FAQs)

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