Sports Analytics Market Forecast to Grow at 23.8% CAGR from 2024 to 2031 | SkyQuest Technology
Westford, USA, Aug. 13, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global Sports Analytics Market will attain a value of $4.75 Billion by 2031, with a CAGR of 23.8% over the forecast period (2024-2031). The increasing use of on-field data for team performance analysis, player tracking, injury monitoring, and optimizing individual player strength and conditioning regimens is expected to fuel demand for the sports analytics market over the projected period. The team management, specifically regarding details regarding the plans that players have prepared, the process of choosing players, and the starting lineup for every game, both on and off the field. More market expansion is predicted due to a rise in managers' dependence on real-time data to schedule practice sessions and develop new strategic games.
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Browse in-depth TOC on the " Sports Analytics Market "
Pages - 165
Tables - 197
Figures – 80
Sports Analytics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $3.84 Billion |
| Estimated Value by 2031 | $4.75 Billion |
| Growth Rate | Poised to Grow at a CAGR of 23.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Deployment, End-Use, Component, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Team performance analysis by sports analytics |
| Key Market Opportunities | Rise in demand for real-time data access |
| Key Market Drivers | Increase in the use of integrated technologies |
On-Field Segment Dominated the Market Due to Rise in the Use of On-Field Analytical Data
The on-field segment held the largest revenue share in 2023, and demand is expected to stay strong during the forecast period. This rise is attributed to rising use of on-field analytical data, including player and team analysis, health evaluation, and video analysis. Modern sports such as cricket, football, rugby, swimming, and rugby have improved on-field data analysis technologies. By using data analytics, teams can enhance their field strategies, nutrition plans, and other methods of improving athletes' performance levels.
Smart Analytics Help People in Achieving Objectives, thus Individual Segment is the Fastest Growing Segment
The Individual segment is expected to grow at the highest rate during the projection period. Sports analytics is a tool that can help people achieve their objectives, whether they are determining new commercial opportunities or evaluating athlete performance. Applications for fantasy games show player statistics and assist users in selecting the winners by using statistical data.
Presence of Leading Players Aid North America to Dominate the Sports Analytics Market
In 2021, North America held a market share of more than 28% in the global sports analytics industry. The market in the North American region is expected to be driven by rise in demand for artificial intelligence and live commentary in sports, and by the major players in the region, including the National Football League (NFL), Major League Baseball (MLB), and National Collegiate Athletic Association (NBA), rise in their investments in cutting-edge technology. Tableau Software, LLC, SAP SE, and IBM Corporation are a few of the top companies in the sports analytics sector. To make sure they meet all the requirements and obtain a competitive edge, businesses heavily invest in R&D.
Strong Building of Sports Culture is Expected to Drive the Dominance of Asia-Pacific During the Forecast Period
The Asia-Pacific segment is expected to witness significant growth in sports analytics throughout the forecast period, according to a market assessment. Countries such as China, India, and Japan are expected to have large demand because of their strong sports cultures. It is expected that the establishment of many sports league clubs, competitive investments in the sector, and the digital revolution would significantly influence market expansion.
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Sports Analytics Market Insights
Drivers:
- Proliferation of integrated technologies
- Advancements in wearable technologies
- AI and ML adoption
Restraints:
- Lack of awareness
- High costs associated with sports analytics solutions
- Lack of skilled workforce
Leading Players within the Sports Analytics Market
The following are the Top Sports Analytics Companies
- SAP SE
- IBM Corporation
- Opta Sports
- Stats Perform
- SAS Institue Inc.
- Sportsvision
- Nielson Sports
- Experfy, Inc.
- Kinexon GmbH
- TruMedia Networks
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Key Questions Answered in Global Sports Analytics Market Report
- What is SkyQuest's estimated value for the global sports analytics market in 2031?
- During the forecast period, what factors are propelling the growth of the sports analytics market?
- What are the leading players operating within the market?
This report provides the following insights:
- Analysis of key drivers (proliferation of integrated technologies and AI and ML adoption), restraints (Lack of awareness and lack of skilled workers), opportunities (Rise in demand for real-time data access), and challenges (High cost associated with sports analytics solutions) influencing the growth of the sports analytics market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the plastic packaging market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the sports analytics market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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