Sports Analytics Market forecast to witness phenomenal growth opportunities by 2024
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Analytics play a major role in analyzing the athlete’s performance. On-field analytics is responsible for aiding players and in enhancing their performance by showcasing optimum fitness levels on the field with strategies in place. Off-field analytics is accountable for running the sports association smoothly by generating revenue from sales of merchandise and tickets.
The sports analytics market demand is on the rise since the availability of a gamut of information enables strategy formulation and provides specific patterns, which are forecast to present opportunities for growth. Sports companies are also keenly adopting big data to formulate their business strategies. For instance, there is an increase in the use of wearable technology such as fitness bands and smartwatches that are being used among athletes to track fitness levels and monitor heart rates. It helps in understanding their bodies better and focusing on delivering better performance.
With advancements in technology, coaches can now collect patterns of how a player performs on the field instantly to gain invaluable insights, which may help them in changing their style of play during a match.
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Coaches or the support staff use big data analytics to design training sessions for players specifically, where every player goes through a specialized fitness regime. There is a fine potential moving forward that sports analytics may change the way we look and experience sports globally.
North America and Western Europe hold the majority of the share in sports analytics market and is expected to maintain the share due to the use of analytics in all sports academies and associations. However, lack of understanding regarding the use of analytics and technology in sports across the Middle East and APAC can be an impediment to the market. Moreover, budget constraints and high costs required to hire technical persons to analyze the sports data also hinder sports analytics market.
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There is an estimation that the rise in the adoption of cloud-based solutions and analytics for complex data streaming is going to present avenues for future growth. Some of the players present in the sports analytics market include Tableau Software, IBM, SAS, Opta, SAP, STATS LLC, TruMedia, and Prozone.
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