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USD 6.37 Billion Sports Analytics Market to Reach by 2026, CAGR of 40.40% from 2019 to 2026
Growing demand for real-time data access, rise in amount of on-field data, and surge in demand for predictive insights into fan preferences drive the growth of the global sports analytics market. However, high maintenance and investment costs and lack of awareness about technology in sports hinder the market growth. On the other hand, availability of cost-effective and high-end computing solutions and rise in demands of analytics for complex data streaming create new opportunities in the market.
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The global sports analytics market was valued at USD 425.76 million in 2018, and is projected to reach USD 6,376.45 million by 2026, growing at a CAGR of 40.40% from 2019 to 2026.
The global market is segmented on the basis of component, deployment mode, application, and region. In terms of component, it is segmented into software and services. In terms of deployment mode, the market is bifurcated into on-premise and cloud. Based on application, it is divided into marketing/sales, video analysis, fan engagement, team performance & training sports, player analysis & health assessment, and other. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on component, the solution segment held the largest market share in 2018, accounting for nearly three-fourths of the global sports analytics market and is estimated to maintain its leadership position throughout the forecast period. This is due to automation solutions are cheaper than solutions and are faster to deploy. However, the service segment is expected to register the fastest CAGR of 42.7% from 2019 to 2026. This is attributed to the rise in need of various services such as managed service and professional services.
Based on deployment, the on-premise segment contributed to the highest market share in 2018, contributing more than half of the global sports analytics market, and is estimated to maintain its highest share in terms of revenue by 2026. This is attributed to the increase in the adoption of these systems due to enhanced security features provided by the on-premise model. However, the cloud segment is expected to grow at the fastest CAGR of 42.6% during the forecast period. This is due to the different services provided by the cloud.
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Based on region, Europe held the major market share, contributing to nearly one-third of the total share of the global sports analytics market in 2018, and is estimated to maintain its dominant position during the forecast period. The region is expected to adopt sports analytics at a high rate to bring great improvements in players' performance and team performance. However, the Asia-Pacific region is estimated to grow at a CAGR of 42.7% from 2019 to 2026. This is due to the increase in sports organizations and emerging new clubs in the region. Moreover, North America contributed to the second-largest share in terms of revenue.
The key players profiled in the sports analytics market analysis include IBM Corporation, Oracle Corporation, SAP SE, Stats Perform, Nielson Sports, Tableau Software, SAS Institute, Opta Sports, Trumedia Networks, and Sportradar AG. These players have adopted various strategies to increase their sports analytics market penetration and strengthen their position in the industry.
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Impact of covid-19 on Sports Analytics Market:
● The outbreak of Covid-19 has greatly affected the sports analytics industry, affecting raw material supply chain, disrupting supply chain, and increasing inflationary risks on product.
● However, the increase in e-gaming has made a positive impact on the demand for sport analytics.
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