Market research future insights:
The Sports Analytics Market industry is projected to grow from USD 1.91 Billion in 2023 to USD 13.45 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 27.60% during the forecast period (2023 - 2032). By gathering and analysing data, sports analytics educates athletes, coaches, and other staff members so they may make better judgments both during and before sporting contests. Sports analytics is the study of sports statistics, which covers activities like athlete performance, business operations, and recruitment. The data may be used to the advantage of competitors, teams, and sports businesses.
Demand for Real-Time Data Access is Growing: The development of sports applications is being given new chances by the ongoing developments in wireless (sensor) and mobile technology.
Growing Demand for Predictive Insights into Fan Preferences: Because fans are seen as true brand partners for sports, there has been an increase in demand from businesses in the sports and related industries for predictive insights into fan preferences in order to enhance fan experiences and better serve them.
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Key Players:
Key Companies in the Sports Analytics Market include,
- Experfy Projects
- Oracle
- IBM Corporation
- Sportradar AG
- Tableau Software
- Deltatre
- Hudl
- SAP SE
Regional analysis:
Asia-Pacific, North America, Europe, and the rest of the world are all regions where the global sports analytics market has been researched. In 2020, North America held the greatest market share with 42.3% of the total. One of the major regional markets, North America is anticipated to have substantial development in the sports analytics industry due to the region's strong need for flexible, scalable, and affordable computing.
Because there are so many developed countries in Europe and because they are so keen to accept new technology, the market for sports analytics is predicted to increase significantly. Germany is anticipated to lead this region's sports analytics market in Europe.
Some of the key elements that foresee the increase in sports analytics solutions include the growing inclination among team managers and coaches to use real-time data to create gaming plans and plan training sessions in the area.
Market segmentation:
The market for sports analytics has been divided into different regions, sports, types, components, deployment models, and applications.
The well-known business ChyronHego offers a TRACAB solution for gathering real-time information on a player's performance during a game as well as technology that determines ticket prices to attract spectators.
Depending on the sport, the global sports analytics market has been divided into football, cricket, baseball, basketball, rugby, and other sports. A CAGR of 43.1% is anticipated for the study period for the football sector, which had the greatest market share in 2020.
On-field and off-field analytics have been separated into several categories in the global sports analytics industry.
The worldwide sports analytics market has been divided into solutions and services depending on components.
The worldwide sports analytics market has been segmented into on-premises and cloud computing based on deployment methodology.
According to application, the global sports analytics market has been divided into player scouting and valuation, fan engagement and digital experience analysis, health assessment and injury prediction, performance monitoring and analysis, and others.
By Sport:
- Football
- Cricket
- Baseball
- Rugby
- Others
By Type:
- On Field
- Off Field
By Component:
- Solutions
- Services
By Deployment:
- Model On
- Premise Cloud
By Application:
- Team Performance Analysis
- Video Analysis
- Health Assessment
- Data Interprtation And Analysis
- Fan Engagement And Digital Experience Analysis
- Others
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Sports Analytics Industry Developments:
January 2023: The NFL announces a new partnership with Amazon Web Services (AWS) to use machine learning and artificial intelligence to improve the league's data analytics capabilities.
February 2023: The NBA launches a new data analytics platform called NBA Stats Central, which provides fans with access to a wide range of data and insights about the league.
March 2023: The MLB announces a new partnership with Google Cloud to use artificial intelligence to improve the league's video replay system.
April 2023: The NHL launches a new data analytics initiative called NHL Next Gen Stats, which provides fans with real-time data about the game.
May 2023: The NCAA announces a new partnership with IBM to use artificial intelligence to improve the selection process for the NCAA Tournament.
June 2023: The FIFA World Cup begins in Qatar, and the tournament features a number of new technologies that are powered by sports analytics, such as goal-line technology and facial recognition software.
These are just a few of the many sports analytics industry developments that have taken place in 2023. As the use of data analytics in sports continues to grow, we can expect to see even more innovative and cutting-edge applications of this technology in the years to come.
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