Sports analytics enables athletes to track, analyze, and create an output from AI-enabled dashboards, which are provided by various companies to increase players performance. Sports analytics gathers information from multiple videos of competitors’ performance and play-by-play videos of players to measure the performance and compare with competitors for enhancing the performance.
MarketsandMarkets projects the global sports analytics market to grow from USD 1.9 billion in 2019 to USD 5.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 22.0% during the forecast period.
The sports type segment is segmented into individual sports and team sports; where the team sports segment is expected to grow at a higher CAGR during the forecast period. Sports analytics majorly focuses on team sports as most of the companies, such as IBM, SAS Institute, and Tableau Software, provide sports analytics solutions, which are, in turn, focused on providing team performance solutions in the form of dashboards. The football sub segment is expected to grow at the highest CAGR during the forecast period, due to the increase in the presence of football leagues in various countries and the continuous building of partnerships of clubs and leagues with various analytical companies.
The performance analysis segment is expected to grow at the highest CAGR during the forecast period followed by the fan engagement segment. Performance analysis is a major concern for players and coaches to monitor and analyze the overall team performance as well as individual performance through various video analysis techniques, which provide dashboards for a better understanding of performance. The fan engagement segment is used to engage fans in stadiums by providing various digital-based tabs and devices, which, in turn, increases fans’ engagement during a match by analyzing players performance through various statistical data.
In terms of geographic coverage, the sports analytics market is segmented into 5 regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. APAC is expected to record the highest growth rate during the forecast period, due to the emergence of various sports leagues, the increase in the need for media and sponsor engagement, and the high demand for predictive analysis for enhancing fans’ experience. Other factors, such as the growing digitalization trend and new product development, including sports tracking gear, which help players improve their performance also contribute to the market growth in APAC.