Pune, India, Aug. 23, 2022 (GLOBE NEWSWIRE) -- The global sports analytics market size was valued at USD 1.79 billion in 2021 and touched USD 2.22 billion in 2022. The market is expected to reach USD 12.60 billion by 2029, exhibiting a CAGR of 28.1% during 2022-2029. Further, evolving sports dynamics and the adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies are likely to propel industry growth. Fortune Business Insights™ presents this information in its report titled “Sports Analytics Market, 2022-2029.”
Key Industry Development
- March 2021- Red Bull Racing selected Oracle as its official partner for cloud infrastructure development. Red Bull shall utilize Oracle Cloud Infrastructure’s machine learning and artificial intelligence abilities to enhance business utilization globally.
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|Forecast Period 2022 to 2029 CAGR||28.1%|
|2029 Value Projection||USD 12.60 billion|
|Sports Analytics Market Size in 2021||USD 1.79 billion|
|Historical Data for||2018-2020|
|No. of Pages||150|
|Segments covered||By Deployment, Type, Solution, Technology, End-user, and Region|
|Sports Analytics Market to Surge Rapidly; Changing Sports Dynamics to Fuel Industry Growth|
|Rising Demand for Artificial Intelligence to Boost Market Growth in North America|
Drivers and Restraints
Rising Big Data Analytics Demand to Foster Industry Growth
Sports analytics is a software that provides game insights, helping management athletes and officials to elevate their strategy, skills, and performance. Increasing Big Data analytics demand may enhance the analytical software’s adoption. Furthermore, increasing growth in data capacity may bolster analytical software’s demand. Moreover, AI and ML technology advancements are likely to boost analytics software adoption. Additionally, strong demand for cloud, Big Data, Internet of Things (IoT), and technologies may bolster the sports analytics market growth.
However, lack of awareness regarding the benefits of sports analytics software is anticipated to hinder market growth.
Rising Demand for Artificial Intelligence to Boost Market Growth in North America
North America is projected to dominate the sports analytics market share due to the strong demand for artificial intelligence. The market in North America was valued at USD 711.0 million in 2021 and is expected to gain a huge portion of the global market share. Further, the rapid adoption of video analysis in sports is expected to foster the demand for the software.
In Europe, an increasing number of companies and the rising adoption of advanced management communication solutions are expected to enhance the product adoption. Further, the increasing number of companies in the region is expected to propel the industry’s growth
In Asia Pacific, the increasing product demand from India, Japan, and China is expected to fuel industry growth. Furthermore, rising investments in sports are expected to enhance the industry’s progress.
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Rapid Digitization Favored Market Progress
This market was positively impacted during the COVID-19 pandemic owing to rapid digitization. Further, the sudden spike in COVID-19 patients restricted offline retail, provoking companies to adopt digitalization. Further, the adoption of AI-powered operations eliminated offline visits or meetings. Moreover, the post-COVID-19 phase has empowered developers to boost software production and offer efficient solutions for athletes globally. These factors elevated industry growth during the pandemic.
Cloud Segment to Lead Owing to Rapid Digital Transformation
By deployment, the market is segmented into cloud and on-premises. The cloud segment is likely to lead due to rising transition to digital services.
On Field Segment to Dominate Market Share Attributable to Increasing On Field Analytical Data
By type, the market is segregated into on field and off field. The on field segment is likely to dominate due to rising on field analytical data.
Smart Wearable Technology Segment to Hold Major Share Attributable to Rising Demand for Real-time Monitoring
As per solution, the market is classified into video analytics, bio analytics, smart wearable technology, and others. The smart wearable technology segment may dominate due to rising demand for real-time monitoring.
Big Data Segment to Dominate Owing to Robust Adoption of Unique Team Strategy Creations
As per technology, the market is categorized into AI, Big Data, and others. The Big Data segment is anticipated to dominate due to the robust adoption of unique strategy creations for teams.
Teams Segment to Hold Major Market Share Attributable to Increasing Popularity
Based on end-user, the market is divided into teams and individual. The teams segment may hold a huge market share due to rising popularity.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Major Players Devise Acquisitions to Enhance its Brand Presence
The prominent companies operating in the market announce novel products to enhance their brand presence. For example, Catapult Group completed the acquisition of SBG Sports in June 2021 with plans for investing in scale capability, data science, and technology. This strategy may allow Catapult Group to enhance its resources and bolster its brand presence. Furthermore, manufacturers adopt research and development, mergers, acquisitions, partnerships, and expansions to establish a robust market position.
Companies Profiled in the Sports Analytics Market Report
- Oracle Corporation (U.S.)
- WHOOP (U.S.)
- SAP SE (Germany)
- Catapult (Australia)
- IBM Corporation (U.S.)
- SAS Institute Inc. (U.S.)
- Sportradar AG (Switzerland)
- Kitman Labs (Ireland)
- Stats Perform (U.S.)
- Orecco (Ireland)
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Major Points in TOC:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Sports Analytics Key Players Market Share Insights and Analysis, 2021
- Global Sports Analytics Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- By Type (USD)
- On Field
- Athlete Management
- Performance Management
- Personalized Coaching
- Health Management
- Sports Integrity Management
- Others (Injury Risk Analysis, and others)
- Off Field
- Ticketing, Sponsorships, and Advertising
- Fan Experience
- Others (Betting, and others)
- On Field
- By Solution (USD)
- Video Analytics
- Bio Analytics
- Smart Wearable Technology
- Others (Synchronized Multi-Angle Replay Technology (SMART) , and others)
- By Technology (USD)
- Big Data
- By End User (USD)
- By Region (USD)
- North America
- South America
- Middle East & Africa
- Asia Pacific
- North America Sports Analytics Market Size Estimates and Forecasts, By Segments, 2018-2029
- How big is the sports analytics industry?
The market is expected to reach USD 12.60 billion by 2029, exhibiting a CAGR of 28.1% during 2022-2029.
- Who are the Top Companies in the Sports Analytics Market?
Oracle Corporation, WHOOP, SAP SE, Catapult, IBM Corporation, SAS Institute Inc, Sportradar AG, Kitman Labs, Stats Perform, Orecco
- What is the market for sports analytics?
The global sports analytics market size was valued at USD 1.79 billion in 2021 and touched USD 2.22 billion in 2022. The market is expected to reach USD 12.60 billion by 2029, exhibiting a CAGR of 28.1% during 2022-2029
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