December 31, 2019: The global sports analytics market size is expected to reach USD 4.6 billion by 2025, expanding at a CAGR of 31.2%, according to a new study by Radiant Insights, Inc. Increasing preference for sports as a career option coupled with the growing demand for tracking and monitoring live data of players is expected to drive the market growth. Use of analytics in sporting events help different stakeholders including sportsperson, associations, and fanatics to get in-depth insights on live in-game activity as well as the past game events.
Sports generate huge amount of data that can be used for tracking player information and thereby gain competitive insights on opponent's strategy. Companies worldwide are investing in research and development in order to develop state-of-the-art solutions that can process such voluminous data and help end-users gain competitive insights. Several gaming associations such as the Royal Spanish Football Federation, German Football Association, and National Basketball Association (NBA) have begun implementing analytical tools. Such tools help in crunching numbers in order to predict the possible outcome of a future game event as well as to gain insights on individual player and team performance.
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Analytical tools use historically generated data as well as on-going real-time statistics to provide insightful information to the stakeholders involved in sports ecosystem. Analytical tools help gain first-hand information such as opponent history, win-loss records, player line-up, and player specific info including speed attained, acceleration achieved, and energy levels. Moreover, this data is also used by aficionados, which in turn, increases their involvement in the game. Growing involvement of fans thus helps to increase the popularity of the sport among people.
Further key findings from the study suggest:
• The market is witnessing growth owing to wide range of benefits offered by analytic solutions, especially with respect to the in-game strategy formulation
• The software segment held a major share in the market, accounting for more than 55.0% of the total revenue generated in 2018. With the advent of cloud computing and associated benefits in terms of flexibility offered with respect to accessibility, demand for cloud-based analytical solutions a has surged over the last few years
• The on-field analysis segment dominated the market in 2018 and is expected to expand at the highest CAGR during the forecast period. This is owing to growing popularity of game that needs player monitoring through use of sensors embedded in clothes and equipment
• The off-field segment is expected to exhibit a considerable CAGR owing to the growing trend towards understanding the dynamics of the game among aficionados
• The football segment held the major share in 2018. Higher share of this segment is attributed to tremendous popularity of the sport, especially among European countries
• North America is expected to account for the highest share followed by Europe during the forecast period. Growing investments by the companies in developed markets to develop advanced big data analytics solutions is flourishing the regional market
• Key players include Experfy Projects; Oracle; IBM Corporation; SAP; Sportradar AG; Tableau Software; and SAS Institute Inc.
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