The sports analytics market size to grow from USD 2.5 billion in 2021 to USD 8.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 27.3% during the forecast period. Various factors such as increasing spending on adoption of newer technologies, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of sports analytics technologies and services.
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Sports Association segment to account for a larger market size during the forecast period
Sports associations have struggled for years with the large amount of sports data that may be collected and the prohibitive cost of gathering that data internally. While many associations have successfully reduced costs through automation and outsourcing, crowdsourcing is emerging as a viable option. Analytics associations have been preoccupied with tracking physical performance statistics of their players for over a decade in order to understand which athletes work the hardest on the field. They want all of the information, including distance travelled, velocity, acceleration, and the distance between players, among other things. Because of their precision and capacity to collect data in real time, electronic wearables are an attractive offer. Individual teams can easily adopt them in practice, but in competitive games, the barriers can be higher because they require league-wide agreement.
Football in Team Sports to have the largest market size during the forecast period
Football is one of the major sports in the team sports segment that uses various optical tracking solutions to boost player performance. Salesforce focuses on offering game changing visualizations through dashboards that provide play-by-videos and statistical data in form of dashboards. ChyronHego is another company which provides TRACAB solution to capture live tracking data of the player’s performance during matches and provide technology that drives ticket pricing to engage fan experience. Real-time tracking solutions are used in FIFA World Cup, National Football Leagues, and Football clubs to analyze the player’s performance. National Football League (NFL) uses hard-hitting analysis for accurate decisions as well as for improving player’s health through electronic health record devices which track on-field performance of players.
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Traditional analytics platforms use static and stored data to analyze simple or complex patterns and react to any business situation. These platforms take days to analyze and weeks to act on the stored data. Sports analytics technology is the core enabler of big data, enabling businesses to use historical data and combine it with customer insights to predict future events. Big data is an ever-increasing technology that assists businesses in optimizing processes and minimizing operational costs. The combination of real-time data streams, Artificial Intelligence (AI), Machine Learning (ML), and sports analytics can deliver competitive business advantages. Traditional analytics and BI systems use the deductive approach for analyzing data. This approach works well with structured data. Sports analytics, on the other hand, applies the inductive reasoning analysis approach, which deals with large datasets derived from ML, robotics, sensors, and AI. It uses algorithms that carry out complex calculations on large data sets and discover interrelationships and patterns between them. Big data offers the capability to gather, manage, and examine data across business verticals, such as banking, healthcare, and agriculture, which has made it a trending topic in Information Technology (IT) for a decade. It has numerous applications, and one such field where it has revolutionized the entire landscape is the sports industry. Data has always been crucial in sports to gain strategic decision-making capabilities and formulate other business strategies. Sports generate a large amount of data related to players, team performance, and the audience. Big data has made it easier and quicker for coaches, team managers, and sports associations to analyze the collected data and make optimum use of it. It further helps reshape existing business models, where sports are viewed as both commercial and technological platforms. To transform sports arenas into a testbed facility for the implementation of IoT on a wide-scale deployment, the technology platform is expected to comprise a robust Wireless Fidelity (Wi-Fi) network, mobile and cloud computing, and Internet of Things (IoT) technologies. IoT would eventually digitalize stadium operations and provide fans with an enhanced connected experience. A smart stadium, therefore, would use sophisticated technologies and robust infrastructure to enhance its operations to lure fans to the stadiums.
Unique Features in the Sports Analytics Market
Sports analytics platforms facilitate the real-time monitoring of player performance parameters, including heart rate, tiredness levels, speed, and distance travelled. This allows coaches and trainers to tailor training plans and avert injuries.
Through sophisticated data analysis, these systems offer insights into player patterns, opponent strategies, and game situations. This aids coaches in creating winning game plans and making wise tactical choices during games.
For athletes of all levels, sports analytics solutions provide skill development, technique improvement, and performance enhancement through individualised training plans and feedback based on player data.
Platforms make use of interactive dashboards and data visualisation to provide fans with comprehensive statistics, player profiles, and engaging experiences that increase their appreciation, comprehension, and involvement in sporting events.
By finding and assessing possible recruits using performance data, statistics, and predictive modelling, sports analytics tools help scouts and talent recruiters find hidden talent and expedite the player recruitment process.
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Major Highlights of the Sports Analytics Market
Sports analytics solutions guarantee responsible data use and safeguard the fairness and integrity of sporting events by adhering to ethical standards, data privacy laws, and regulatory compliance requirements.
Analytics platforms help player development initiatives by monitoring players’ fitness, skill development, and progress over time; they also offer customised feedback and point out areas that require improvement to further enhance players’ development.
Through targeted marketing campaigns, sponsorship value, ticket sales optimisation, and merchandising data, sports organisations use analytics to maximise revenue generation, improve financial performance, and maximise monetization options.
In order to obtain a competitive advantage and maximise win probability, coaches and teams utilise sports analytics to analyse opponent habits, performance trends, and situational data in order to optimise game strategies, tactics, and play-calling.
By tracking player workload, biomechanics, and health data, detecting injury risks, and creating individualised training and recovery plans to reduce injuries and maximise player performance, analytics solutions help avoid injuries and aid in the rehabilitation process.
Top Companies in the Sports Analytics Market
Some major companies in the sports analytics market include IBM (US), SAS Institute (US), Salesforce (US), EXL (US), GlobalStep (US), Catapult (US), HCL (India), ChyronHego (US), Stats Perform (US), TruMedia Network (US), DataArt (US), Orreco (Ireland), Quant4Sport (Italy), Zebra Technologies (US), and Exasol (Germany). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global sports analytics market.
International Business Machines (IBM) was incorporated in 1911 and is headquartered in New York, US. IBM is one of the leading American computer manufacturers and providers of cloud, cognitive security, research, analytics, consulting, IoT, and IT infrastructure. IBM operates through five segments: Cloud & Cognitive Software, Systems, Global Technology Services, Global Business Services, and Global Financing. In the sports analytics market, IBM Watson provides Watson IoT and a sports analytics platform for athletes. The platforms provide a dashboard that helps the athlete to track their performance and compare it with other athletes and accordingly enhance their performance. The platform further helps coaches track the player’s performance through sensors on the player’s hand, such as incorrect posture, possible injuries while playing, and heart rate, thus making sports safer for professional athletes. Watson IoT focuses on improving player performance, providing an excellent fans experience, optimizing Return on Investment (RoI), and improving venue infrastructure to deliver the best results in sports analytics.
SAS is a leading provider of enterprise application solutions and services. It is also leading experience management, analytics, and BI company. Its solutions are compliant with GDPR. They enable enterprises to build intelligent AI- and ML-based software to unite human expertise with machine-generated insights. The wide range of products and services offered by the company the company offers makes it one of the largest vendors in the sports analytics market. With innovative product offerings, it aims to build analytical solutions for clients to improve their future position in the market. It offered the SAS Optimization solution for the European championship, scheduled in June-July 2020, to engage football fans in stadiums by analyzing fan behaviors, such as those that eagerly watch the match. The data would provide an overview to increase the European championship RoI during matches. The SAS software is deployed in more than 83,000 business establishments, government offices, and universities, and has customers across 183 countries.
Salesforce is a Customer Relationship Management (CRM (Customer Relationship Management) solution and service provider company. Salesforce acquired Tableau, a leading provider of an analytics platform. This acquisition would strengthen Salesforce’s position in the digital transformation space. The company’s integrated platform provides a single shared view of every customer across departments, such as marketing, sales, commerce, and services. The company offers a wide range of products and services across segments, such as sales, services, marketing, application, analytics, employee experience, trailblazers and reskilling, and enablement and collaboration. Most of these segments operate on a single trusted cloud platform. Salesforce’s service offerings can be easily deployed through mobile devices and internet browsers and can be integrated with other platforms and enterprise applications. It offers a cross-cloud technology named Salesforce 360, which helps its clients have a single integrated, holistic customer profile for various departments. The organization caters to various industries, including BFSI, healthcare and life sciences, government, communications, retail, consumer goods, media, manufacturing, transportation, and hospitality, automotive, and education.
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