The global Sports Analytics Market size is expected to grow from USD 1.9 billion in 2019 to USD 5.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 22.0% during the forecast period. Major factor fueling the market growth are increasing investments in sports technology for data-driven decisions and need for player/ team performance improvement.
Cloud segment, among deployment models, to grow at a higher CAGR during the forecast period
The sports analytics market by deployment model is segmented into on-premises and cloud deployment models. The cloud segment is expected to grow at a higher CAGR during the forecast period due to the increasing digitalization trends, which enables players to reach the growing number of worldwide audiences. The adoption of cloud-based sports analytics solutions is increasing, as it provides business enterprises with analytical capabilities to understand player performance by providing dashboards, which give detailed view about individual player performance.
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Performance analysis segment to grow at the highest CAGR during the forecast period
The sports analytics market by application has been segmented into performance analysis, player fitness and safety, player and team valuation, fan engagement, and broadcast management. The performance analysis segment is the key segment, which helps coaches and players monitor dashboards having a detailed statistical analysis of players performance for improving performance during the match. A rise of fans engagement in stadiums in the sports platforms and the emergence of various data-driven solutions are the factors projected to drive the growth of this application.
Major sports analytics vendors include IBM (US), SAS Institute (US), Tableau Software (US), EXL (US), GlobalStep (US), Catapult (US), SportsSource Analytics (UK), HCL (India), Experfy (US), IceBergs Sports (Canada), Chyronhego (US), Stats Perform (US), Exasol (Germany), TruMedia Network (US), DataArt (US), Orreco (Ireland), Advanced Sports Analytics (US), Qualitas Global (India), iSportsAnalysis (UK), FORMCEPT (India), Quant4Sport (Italy), Physimax Technologies (US), and Zebra Technologies (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations, to further expand their presence in the global sports analytics market. Partnerships and collaborations have been the most dominating strategy adopted by the major players from 2017 to 2019, which has helped them to broaden their customer base and increase player performance by offering player tracking devices and tools to coaches and players.
IBM’s (US) IoT-enabled platform is a specialized sports analytics platform, which increases the performance of athletes. IBM Watson IoT platform is known to analyze and track the athlete performance with enhanced product development. The company’s cloud-based technology would increase its customer base and reach globally in the sports analytics market. The IoT platform provides a sensory device to players that can be put on the hands and used to analyze the performance of players for further matches. IBM’s IoT solutions would help the coaches and teams to monitor and analyze players performance, such as heartbeat rate, motion, and injury form sensory devices worn by players during a match. Over 100+ years the company has established itself as the largest technology and consulting company, thus increasing its customer reach globally. Watson IoT in sports analytics would deliver excellent solutions by increasing fans experience, optimizing Return on Investment (RoI), and providing better infrastructure that would enhance fans engagement. The company’s partnership strategy would increase its digital presence in the sports analytics market.
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EXL (US) has a dedicated team that is responsible for delivering analytics, operational management, and technology solutions to its clients. The company’s Digital Intelligence platform with its domain and digital knowledge would increase customer performance at a faster pace. EXL’s presence in various industry verticals, such as insurance, healthcare, transportation, travel and utilities, and sports, would improve its performance and reach in the market. The company has a specialized lab, which will aim to provide digital intelligence solutions to its customers with Artificial Intelligence (AI), Machine Learning (ML), and robotics technologies to provide structured data for the team’s performance. EXL services include expertized cloud, data governance, data architecture, data integration, and master data management that helps sports leagues and teams to engage fans. The company’s AI and ML tools would increase the company’s profitability in the future market.
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