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The global sports analytics market size was valued at USD 1.79 billion in 2021. The market is projected to grow from USD 2.22 billion in 2022 to USD 12.60 billion by 2029, exhibiting a CAGR of 28.1% during the forecast period. Based on our analysis, the global sports analytics market exhibited an average growth of 22.2% in 2020 as compared to 2019.
These solutions offer game insights that aid management officials, coaches, and athletes in enhancing their game strategy, skills, and performance. It provides an advanced approach to crunching numbers to predict previous win-loss records and opponent history as well as to conclude the outcome of a future sporting event. The sports industry implements these solutions to obtain a competitive edge through excellent decision and strategy making. The sports industry utilizes analytics to increase player performance and a team’s quality of play, prevent injury, increase revenue, and enhance other enhancements.
Moreover, the incorporation of machine learning and artificial intelligence technologies in sports analytics is creating profitable opportunities for the market.
Increased Adoption of AI-Based Solutions to Boost Market Growth
The pandemic had a significant impact on all enterprises' operating activities. Sports organizations started resorting to online solutions. With the support of AI-based technologies, many companies have already implemented these solutions for athletes to enhance fan experience and gain unique insights. However, the COVID-19 pandemic has halted the market for a while, declining the revenue growth in 2020.
The organizations were thinking about enhancing sports analytics and refining them, which would positively affect the companies’ growth. Thus, the implementation of the solutions aided in offering actionable intelligence by which users can modify interferences to their athletes’ precise needs. The rising adoption of digital technologies, such as AI, automation, digitization, and Big Data, to the COVID-19 pandemic is expected to fuel the market growth.
The increased market readiness to purchase AI-based software could lead to even faster AI adoption of the core sports analytics than projected, resulting in stronger AI and overall revenue growth in the coming years.
Thus, the aforementioned factors will boost the sports analytics market growth.
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Changing Sports Dynamics and Technology Adoption to Drive Sports Analytics Growth in the Forecast Period
The unpredictable market condition and advanced technological implementation rates are increasing the utilization of these solutions worldwide. As companies focus on dropping upgrade and maintenance costs, the demand for software delivered on the cloud is being maximized as cloud-based solutions offer benefits such as rapid scalability, low cost, easy access, and uninterrupted service.
Superclubs are famous due to their noteworthy history of achievement, which has compelled their fan base and brand value, attracting star athletes from all over the globe, and thus boosting sponsorships and investments. These elite clubs view analytics as football’s next frontier.
Moreover, the increasingly competitive nature, necessity to develop decision-making to gain an advantage over their competitors, and social media impact have propelled the acceptance of analytics exponentially. Further, clubs and teams associated with analytics organizations are an important trend. For instance,
The growing competitive environment, the need for enhanced decision-making to obtain an advantage over their competitors, the necessity for strategy execution for matches on the field, and social media impact off the ground are projected to drive the adoption of analytics.
Thus, the changing sports dynamics and rising technology adoption in sports are likely to fuel the sports analytics market share during the forecast period.
Rising Adoption of Big Data Analytics to Boost Market Growth
The usage of innovative technologies, such as Big Data, IoT, cloud, and analytics, mobility, and social media, has led to transformation and innovation, inspiring growth in the business environment. This demand for in-depth knowledge has enhanced the acceptance of Big Data and related technologies. The increasing growth in data capacity is due to the development of businesses globally, which drives the continuous increase in data sources and volumes.
Sports companies embrace sports analytics to develop decision-making and aid individual and team performance. By using cost-effective solutions, small sports firms might gain a surplus from this solution and improve their team's position in their respective competitions. Additionally, the industry's usage of several technologies, such as Big Data analytics, offers a lucrative probability for the technological development in sports analytics.
Advancements in Machine Learning (ML), Artificial Intelligence (AI), and Big Data have transformed the entire sports industry, which is further expected to create ample growth opportunities for the market.
Hence, the rising adoption of technologies, such as Big Data, AI, ML, IoT, cloud, and others, is expected to propel the market.
Lack of Awareness about the Benefits of Sports Analytics Solutions and Integration of Data from Data Silos May Impede Growth
North America and Europe have seen increasing demand for technologies, such as Big Data analytics, AI, and ML, to enhance their performance while companies in the other regions lack in implementing analytics and other technologies due to stringent political factors and low technology penetration.
Furthermore, sports organizations across regions depend on traditional analysis approaches and employ retired athletes or sportspersons as trainers to train their sports physiotherapists and teams to study the health of their athletes.
Mining value from data has become a crucial necessity for businesses to effectively target valuable customers, mitigate risks, and estimate business performance. Monetizing these data assets require the availability of an adequate amount of information. However, data merging from different data sources into meaningful information can spur several new challenges for businesses, especially centralized business enterprises.
Thus, the abovementioned factors are hampering the market.
Cloud Segment to Dominate Owing to Rapid Digital Transformation
Based on deployment, the market is bifurcated into cloud and on-premises. The cloud segment is leading owing to the growing demand for structured and visualized data in the market, which is anticipated to rise the demand for cloud-based deployment models. Furthermore, the growing demand for cost-effective, secure, and scalable solutions is anticipated to boost private cloud demand across large enterprises. During the forecast period, cloud services are probable to lead the market share. The growth can be attributed to increased penetration of digital transformation, connected devices, and growing automation among small & medium-sized businesses.
On Feld Segment to Generate Highest Share Due to Increasing Use of On Field Analytical Data
Based on type, the market is segmented into on field and off field. The on field segment held the largest revenue share in 2021, and the demand is expected to lead continuously during the anticipated period. The segment's growth is attributed to the growing usage of on field analytical data such as player & team analysis, health assessment, and video analysis. Implementing on field data analysis solutions in sports, including cricket, football, rugby, and swimming has improved in recent years.
Off field analytics primarily develops the operational and business efficiency of sports teams. Off field analytics is used by stakeholders, fantasy gaming, and betting applications to enhance productivity by building the right decisions. A growing trend among sports fans to comprehend sports dynamics is likely to boost the CAGR during the forecast period.
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Smart Wearable Technology to Produce Maximum Revenue Share Owing to Rapid Increase in Real-time Monitoring
Based on solution, the market is classified into video analytics, bio analytics, smart wearable technology, and others. Among them, the smart wearable technology segment held the maximum revenue share in 2021. Sports analytics contains huge datasets from teams and athletes that compute competition and training efforts. Wearable technology gadgets are being worn by players daily and offer significant opportunities for an in-depth view of players' recovery and stress.
Furthermore, video analytics is expected to grow at the highest CAGR during the anticipated period as it has numerous applications in sports and science. Athletes and coaches are using video analytics to analyze individual and team performances. Video analytics tools can be used for biomechanics research, gait analysis, and injury rehabilitation.
Big Data to Hold Maximum Share Backed by the Need to Create Unique Strategies for Teams
Based on technology, the market is classified into AI, Big Data, and others. Among them, the Big Data segment held the maximum revenue share in 2021 as specialized athletes and teams rely on this technology to win against their competitors. Present coaching uses Big Data, which builds winning strategies to aid individual players and the team. Data science enables trainers of specialized teams to produce customized athlete matchups and other strategies for each match. This way, the team’s strategies are unpredictable yet productive, fueling the market during the forecast period. For instance,
Moreover, AI is anticipated to grow at the highest CAGR during the forecast period owing to the advantages it offers to analyze and improve the performance of athletes. AI-based solutions aid in comprehending these crucial parameters. For instance,
Teams Segment Accounts for the Largest Share Fueled by Consistently Owing to Rising Popularity
Based on end-user, the market is classified into teams and individuals. Among these, the teams segment is expected to have the highest revenue share. Football is one of the most popular sports played and seen globally, which is likely to fuel the teams segment in the forecast period. For instance,
Data analytics in on-field games aids in gathering valuable insights such as passing trends, acceleration, player performance, and the number of touchdown passes. The exclusive benefits offered by the tools in football and high investments by football teams in data analytics solutions to obtain an advantage are anticipated to fuel the segment's growth.
North America Sports Analytics Market Size, 2021(USD Million)
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Geographically, the market is divided into five key regions, North America, Europe, Asia Pacific, the Middle East & Africa, and South America. They are further categorized into countries.
North America accounted for the highest market share in 2021. The growing demand for AI technology and video analysis in sports, with increasing investments in latest technologies by companies, such as the Major League Baseball (MLB), National Football League (NFL), and National Basketball Association (NBA), in the region is anticipated to boost the market in the North American region. The leading organizations in the market, comprising SAP SE, Tableau Software, LLC, and IBM Corporation are financing highly in research and development to satisfy their client needs and obtain a competitive edge.
Asia Pacific is projected to witness noteworthy growth in the forecast period. The countries, including China, Japan, and India are expected to experience strong demand owing to their robust building sports culture. Factors, such as rise in investments in sports, the declaration of numerous sporting leagues, and digitalization, are anticipated to play a vital role in the market growth.
Europe holds the second highest market share in the market. The growing need to apply advanced technologies and the increasing number of companies are likely to drive market growth in this region. Moreover, the escalating demand for advanced management communication solutions to develop the output of retaining employees and organizations and better identify and evaluate employee work would further improve the market growth.
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South America and the Middle East & Africa are projected to develop at a quick pace in the forecast period. The increase is attributed to growing government investments in emerging technologies such as 5G, Machine Learning (ML), Artificial Intelligence (AI), cloud, Big Data, and others by Brazil, Israel, and Mexico.
Key Players Emphasize on Advanced Sports Analytics to Strengthen their Positions
The global market includes a vibrant startup ecosystem. More than 100 startups are expected to develop and innovate sports analysis solutions for consumers in the market. Such market is expected to create strong competition, imposing existing companies to constantly update and implement new developments in product offerings. Therefore, increased competition is likely to increase the size of the market and create more opportunities for market participants. For instance,
An Infographic Representation of Sports Analytics Market
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The global sports analytics market research report includes prominent areas worldwide to get a better knowledge of the industry. Furthermore, the research provides insights into the most recent industry and key market trends as well as an analysis of technologies that are being adopted quickly worldwide. It also emphasizes some of the growth-stimulating restrictions and elements, allowing the reader to obtain a thorough understanding of the industry.
Value (USD billion)
By Deployment, Type, Solution, Technology, End-user, and Region
The market is projected to reach USD 12.60 billion by 2029.
In 2021, the market stood at USD 1.79 billion.
The market is projected to grow at a CAGR of 28.1% in the forecast period (2022-2029).
By deployment, the cloud segment is likely to lead the market.
Rising adoption of Big Data analytics is the key factor driving the market growth.
Oracle Corporation, WHOOP, SAP SE, Catapult, IBM Corporation, SAS Institute Inc., Sportradar AG, Kitman Labs, Stats Perform, and Orecco are the top players in the market.
North America is expected to hold the highest market share.
By solution, the smart wearable technology segment is expected to grow with the highest CAGR over the forecast period.
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