Sports Analytics Market to Register 23.8% CAGR by 2031, Attributed to Proliferation of Internet

August 15 09:20 2024
Sports Analytics Market to Register 23.8% CAGR by 2031, Attributed to Proliferation of Internet
Skyquest Technology
Sports Analytics Market Size, Share, Growth Analysis, By Deployment(Cloud, On-premise), By Type(On Field, Off Field), By Solution(Video Analytics, BioAnalytics, Smart Wearable), By Technology(AI, Big Data, Other), By End-Use(Individual, Teams, e-Sports), By Sport(Football, Cricket, Basketball, Baseball), By Component(Software, Service), By Region – Industry Forecast 2024-2031

Sports Analytics Market size was valued at around USD 3.10 billion in 2022 and is projected to grow from USD 3.84 billion in 2023 to USD 4.75 billion by 2031 at a CAGR of 23.8% over the forecast period (2024–2031)

Sports analytics are expected to become more in demand throughout the forecast period as on-field data becomes more crucial for evaluating team performance, tracking players, keeping an eye on injuries, and improving individual player training routines. Through this, the management can assess player data on and off the field. This is to formulate a plan, select the squad, and establish the match’s starting lineup.

Using cutting-edge technology such as cloud, IoT, big data and analytics, agility, and social media has led to innovation and change. The business ecosystem’s economy has improved as a result. Digital technology has transformed conventional business models to create modern ones. Global business expansion is accelerating the growth of data sources and volumes, leading to an exponential rise in data volume. The ability to analyze large amounts of data at one location has made machine learning specialists in every firm more efficient at evaluating data. Through the utilization of big data sports analytics’ potential and challenges, businesses can optimize critical business processes, operations, and objectives.

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Top Player’s Company Profile

  • Oracle Corporation (US)
  • WHOOP (US)
  • SAP SE (Germany)
  • Catapult (Australia)
  • IBM Corporation (US)
  • SAS Institute Inc. (US)
  • Sportradar AG (Switzerland)
  • Kitman Labs (Ireland)
  • Stats Perform (US)
  • Orecco (Ireland)
  • Agile Sports Analytics LLC (US)
  • Experfy, Inc. (US)
  • Genius Sports Group (UK)
  • Arecont Vision Coaster LLC (US)
  • The Sportradar Group (Switzerland)
  • Zebra Technologies (US)
  • EXL (US)
  • HCL (India)
  • GlobalStep (US)
  • Exasol (Germany)

Integration of Social Media, Competition, and Growth in Sports Analytics Altogether

The adoption of analytics is growing rapidly due to various factors. It includes a competitive landscape, impact of social media, and need to build decision-making processes to gain a competitive edge. Moreover, clubs and teams affiliated with analytics businesses are a significant growth. For instance, some football teams and leagues have collaborated with Opta, a source of football sports data. Opta’s algorithms pinpoint each precise motion that an athlete makes in a particular location on the pitch, regardless of whether they have the ball. The following elements are expected to fuel the use of analytics: a more competitive climate; the need for better decision-making to gain an advantage over competitors; the need to put strategies into place for on-field competitions; and the impact of social media off-field.

Growing Influence of Startups on Sports Analytics Market

In the market, there is a growing startup system. More than a hundred startups are expected to develop sports analytic tools. In a market with this, fierce competitive rivalry is expected to push existing businesses to continuously introduce and update new product offerings. Therefore, rise inrivalry is predicted to lead to a larger market and more opportunities for market participants.

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Segments covered

Type (Individual Sports (Boxing, Tennis, Racing, Athletics and Other) Team Sports (Cricket, Football, Basketball, Baseball, Hocket and Others) and Esports)

Deployment (Cloud and On-premises)

End-Use (Sport Associate, Sport Teams, and Others)

Component (Software, and Service)

Application (Performance Application (Team Performance Analysis, Competitor Analysis and Workload Management) Player & Team Valuation, Player Fitness & Safety, Fans Engagement, Broadcast Engagement and Other)

Strategic Innovation by Key Players

  • July 2024: Leading data supplier Feed Construct will provide Live Sports Data SaaS, revolutionizing the collection of sports data. This comprehensive tool is expected to offer users rapid collection of data, arrangement, and utilization of sports data. Consequently, their operating efficiency will rise.
  • March 2023: Relo Metrics, a sponsorship analytics platform, is giving away free social media intelligence services to help European soccer teams profit from the expansion of the women’s game.
  • March 2023: Memryx Inc. and Cachengo merged to provide modular computing and storage services of Memryx Inc. with AI processors. Through their collaboration, edge-based data-intensive applications serving many industries, including retail analytics, sports analytics, and healthcare monitoring, can benefit from a unique solution.

 

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Transformative Influence of Technology in Sports Analytics Market

By leveraging cutting-edge technology, businesses are expanding through innovation and transformation. This is fueled by use of big data, the Internet of Things, cloud computing, analytics, mobility, and social media. This requirement for in-depth knowledge has led to a growth in the acceptance of Big Data and related technologies. Sports organizations utilize analytics to enhance decision-making and boost individual and team performance. Furthermore, the development of big data, AI, and ML significantly transformed the overall sports sector. This would present more opportunities for the sector.

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