North America Increasing Global Dominance in Sports Analytics Market
The sports analytics market is expected to witness a CAGR of 43.5% to reach $4.5 billion by 2024
Bangalore, India, November 29, 2018: With its recently published study “Sports Analytics Market – Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global market for sports analytics will continue to grow, owing to the increasing digital platforms generating huge volume of onfield and off-field data in sport events, and increasing demand for real-time data analytics within sports organizations for enhancing viewers experience and improving player performances.
Sports Analytics enables decision makers such as coaches, leagues, managers, and athletes in making fact-based decisions which results in improving player and team performances, identifying top performers, and enhancing coordination within the teams. Enhancing fans experience by leveraging social media and smartphones and optimizing revenues through ticket pricing are driving factors which will steer market growth. This trend is expected to continue during the forecast period 2018–2024, fueling the sports analytics market growth at a CAGR of 43.5% to reach $4.5 billion by 2024.
North America dominates the sports analytics market, followed by Europe and APAC. Due to the increasing number of leagues in this region and higher adoption of sports analytics as well as player tracking systems among the major sports organizations, this region is expected to hold the largest market share. For example: National Basketball Association (NBA) a men's professional basketball league in North America are using player tracking technology for evaluating efficiency of players by analyzing players movement. Major League Baseball a professional baseball organization in the US and National Football League a professional American football league are also using sports analytics for enhancing efficiency and strategic insights.
The team performance application segment contributed majorly towards the sports analytics market. The next significant share for sports analytics market is attributed by athlete performance, owing to the increasing need of athletes in identifying their strengths and weakness to improve efficiency of their game. On the other hand, the pricing optimization enjoy a relatively smaller market share, although its adoption is expected to increase over the years, consequently generating much higher revenues for sports analytics.
“Worldwide sports sector is witnessing significant changes and like several other industries, this sector is also being disrupted by globalization, cultural changes, and technology advancements. Sports organizations are looking for analytical solutions and are adopting data driven decision-making strategy to grow their fan base and remain competitive. With the growth in the sports industry, sports and technology are further becoming more connected to each other which will benefit sports organization, fans, and teams. Sports analytics has experienced tremendous rise over the past few years as it can contribute to success on the field as well as in the ticket counter by raising ticket revenues. The market is expected to continue its growth during the forecast period.” said Sonam Chawla, Research Analyst, Infoholic Research.
Key insights of the report include:
- Key Components
- Solution Suite
- Major Application Areas:
- Industry outlook: Market trends, drivers, restraints, and opportunities