Global Sports Analytics Market - 2022-2029

Global Sports Analytics Market - 2022-2029

Market Overview

The sports analytics market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).

Sports analytics uses data analysis techniques to analyze several components of the sports industry, such as player performance, recruitment, business performance, etc. The learnings from these analyses are applied to make informed decisions that intensify the performance of a team or sports organization. Now more than ever, sports teams are leveraging skilled sports data analysts to build competitive advantage on and off the field.

The use of sports analytics has been around for decades, but recent advancements in management technology and data collection have broadened its scope significantly. The use of statistics and data has become prolific throughout most major sports. A large portion of professional teams in the U.S now routinely draw on the services of professional statisticians to support their operations.

Market Dynamics

The global sports analytics market is boosting with the growing competitiveness and advancement in technologies.

Growing competitiveness and advancement in the technologies

Traditionally, teams have used statistics, intuition and observations to make essential decisions about selecting athletes and to assess player performance. Sports are getting competitive with more engagement, revenue generation and popularity, which introduced many statistics to see which players or teams can beat records. Sports technology is gaining ground in line with trends abroad. In the age of technology, data analysis, artificial intelligence and immersive visualization spread in sports and sports management.

Sports leagues and players are now utilizing data analytics, artificial intelligence and other new-age digital tools and learning to improve performance and enrich audience engagement and tracking. Companies, including many start-ups and others, offer technology solutions for various functions, ranging from monitoring players' fitness and sports activities to measuring audience engagement. While statistics have played an essential role in evaluating player performance, high-powered analytical tools can be used to get a more precise and more comprehensive picture of player performance to make more informed decisions about the utilization of talent.

Lack of knowledge and awareness

Although the advantages offered by sports analytics are very helpful in improving the performance of sports, still many sports teams have not incorporated analytics into their day-to-day operations. The lack of awareness of the perks of using modern technologies in sports acts as a major restraint factor for the market. Many teams underestimate or do not understand the power of analytics.

Choosing the appropriate big data and analytics tool is another challenge. When it comes to the enormous amounts of data, the time investment needed to format the data for practical analysis is problematic and many teams are unaware of it. Moreover, sports companies have to pay extra money due to a lack of skilled professionals to implement complex algorithms.

COVID-19 Impact Analysis

The market for sports analytics has grown during the COVID-19 outbreak. The demand for sports analytics has strengthened after the coronavirus. Consumers spend more time-consuming content via screens due to social distancing, raising their expectations for rapid and tailored information. Consumers use gadgets for contactless dining, shopping, banking, and entertainment. Those habits are here to stay, which necessitates sports businesses to utilize data analytics to gain a 360-degree perspective of their followers and deliver insights that aid in creating relevant, tailored content experiences. For instance, in 2019, AEG Sports used SAS Viya to gauge fan perspectives about returning to in-person games. By continuously analyzing fan sentiment during the pandemic, AEG Sports has personalized messages based on feelings and personal safety interests and identifies which fans require targeted retention efforts.

Sports organizations have embraced the opportunity to enhance their relationship with fans over the last 18 months with the help of modern technologies. Organizations need to apply cloud technologies, data analytics and AI in new ways to deliver a more innovative, seamless online experience that can evolve alongside the future needs of the sports fan, inside and outside the stadium.

Segment Analysis

By type, the sports analytics market is segmented into on-field and off-field.

On-field analytics sales are boosting with teams dependent on the data for finalizing team strategies

Analytics has various on-field applications in a sports environment, including managing individual and group performance. On-field analytics deals with developing the on-field performance of teams and players. Coaches can utilize data to optimize exercise programs for their players and build nutrition charts to maximize fitness. Analytics is also commonly used in generating tactics and team strategies. With thousands of games worth of data to study, analysts can see patterns across a broad sample size regarding formation, counter methods and other essential variables.

Data is an integral part of the sports industry for players, management, coaches, sports medicine workers and fans. Not only can data analytics help teams win games, but these statistics can also help enhance player performance, limit injuries and encourage fans to attend games. Tracking a baseball player's batting average to measure potential or ability is just one of the multiple applications of applying analytics to sports.

Geographical Analysis

The rising number of sports tournaments is boosting sales the sales of North America

Sports are a crucial part of the culture in North America. American football is the most common spectator sport to watch in the U.S, followed by baseball, ice hockey, basketball and soccer. Today, many teams in various sports, such as Houston Astros and Boston Red Sox in Major League Baseball San Antonio Spurs in NBA, are adopting analytics in different capacities. According to the National Football League officials, there is no single sports area where data analytics is not used. The league uses its information to optimize everything from fan engagement and player safety to make sure the field action is as exciting as possible. NFL, in particular, is benefiting from the creation of data generated by transactions, social media, video games, mobile apps and other touchpoints, as well as the development of software and hardware that can collect and analyze vast repositories of information.

In 2020, Atrium Sports announced that it is taking a significant step in its mission to enrich the sports world by creating Synergy Sports. Synergy Sports is dedicated to creating game-changing technologies through an AI-based technology platform while partnering with other sports technology leaders. In the US, Synergy Sports also serves every single NBA, G League, MLB, WNBA and NCAA Division I basketball team and over 270 NCAA Division I baseball teams and is rushing into other sports.

Competitive Landscape

The sports analytics market is moderately competitive and has the presence of global companies. With the growing importance of data and its uses in sports to improve performance and maximize numerous games, the market size is expected to expand significantly. In addition, players contributing to the market's growth are Agile Sports Analytics, LLC, Kitman Labs, Oracle Corporation, ChyronHego Corporation, Genius Sports Group, IBM Corporation, SAP SE, SAS Institute Inc., Stats Perform and others. The strategies used by the companies to dominate the market, such as launching new products, collaborations, acquisitions and expansions, contribute to the global growth of the sports analytics market.

Kitman Labs

Overview: Kitman Labs was founded in 2012 as an operating system for elite sports teams. The company has the standard for innovation, design, data integration and analytics. Over 700 elite teams across the NFL, MLB, NHL, NCAA, English Premier League, La Liga, Pro14, Premiership Rugby, Serie A Bundesliga and Japan's Top League use the company's technology. The company has a presence in the U.S, Ireland, UK, Central Europe, Australia and Japan.

Product Portfolio: The company manufactures composite anode material, a blend of silicon nanoparticles, graphite and coal tar pitch. It is manufactured by synthesizing nano-silicon from micro-silicon feedstock, blending it through numerous stages of ball milling and sintering it in a furnace.

Key Development: In 2021, Kitman Labs announced the close of a US$ 52 million investment round led by Guggenheim Investments in assets under management. The latest investment brings Kitman Labs outside funding to $82M.

Why Purchase the Report?

Visualize the sports analytics market segmentation by type, component, sports, deployment, application and region, highlighting the key commercial assets and players.

Identify commercial opportunities in sports analytics by analyzing trends and co-development deals.

Excel data sheet with thousands of sports analytics market-level 4/5 segmentation points.

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the key product of all major market players

The global sports analytics market report would provide an approximate 77 market data table, 75 figures and 200 pages

Target Audience

Sports Teams

Leagues

Industry Investors/Investment Bankers

Sports Analytics Professionals

Sports media companies

Wearable technology companies

Emerging Companies

Distributors