According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The global sports coaching platforms market held a market size of USD 348.2 Million in 2020 and is expected to reach USD 849.3 Million by 2027. The sports coaching platforms market is anticipated to grow at a CAGR of 13.8% over the forecast period.
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Sports coaching platforms utilizes online platform to teach, guide, & train the athletes. Sports coaching platforms are transforming the sports coaching & training industry. The platform utilizes smart phones, tablets, laptops to train, and track the performance of athletes via any remote location. On the other hand, coaches can also keep a track of their client’s data, their schedules, and other related videos and clips for training purposes, using this platform. Increased usage of mobile devices, and growth in digitization across the globe has resulted in increased demand for sports coaching platforms to great extent, in the past few years. The trend of online sports training and coaching is here to stay in the forthcoming years.
Covid-19 posed a big challenge to the sports industry. Lockdown across the globe has resulted in slowdown of all sports training & coaching. In this situation, online platform for sports coaching is of great help to the coaches as well to the athletes and sportsmen to continue their trainings in remote areas, without being exposed to coronavirus spread. Furthermore, growing awareness towards various sports in developing countries, and governments’ support towards promotion of country’s sports is expected to compel the market growth in the forthcoming years.
Significant number of investments are being made by the market players to provide additional features to the sports coaching platforms in order to serve their client’s requitements in a better way.
Growth Influencers
Continuous growth of internet users
One of the most important factors fuelling the growth of sports coaching platforms market is growth in the number of internet users. This has resulted in increased demand for online trainings. Increasing use of technologies such as digitization, artificial intelligence, fitness trackers has further promoted to the growth in the usage of sports coaching platforms market to a great extent.
Covid-19 resulting in lockdown across the globe
Growing number of coronavirus cases across the globe has resulted in complete lockdown in various countries across the globe. Sports industry is hugely affected by Covid-19 as it has affected other industries. In this scenario, sports coaching platforms gives coaches, the convince of place and time. Coaches can train their students in any remote location, at any given point of time. These advantages offered by sports coaching platforms has resulted in increased demand, and is expected to grow during the forecast period.
Lack of awareness regarding benefits of sports analytics solutions
Lack of awareness regarding the usage of sports coaching platforms in the developing countries, is one the most important factors retraining the growth of the market. Also, the trend of online training has just arrived in the developing countries like India. There is a lack of knowledge among coaches and sports people in the country, regarding benefits this platform can fetch to their respective carriers which in turn is creating a hindrance in the market growth.
Segments Overview
The global sports coaching market is segmented into type, pricing model, and application.
By Type
• Professional
• Non – Professional
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The non-professional segment accounted for the major share of around 60% of the total market size in 2020. The growing adoption of home training by coaches to individual athletes, in order to ensure more focus to increase the rate of success is one of the reasons for this domination of non-professional segment in the sports coaching market.
By Pricing Model
• One Time License
• Subscription
The subscription segment held the largest share of sports coaching market in 2020, and is expected to continue its dominance during the forecast period.
By Application
• Soccer
• Basketball
• Swimming
• Baseball
• Others
The baseball segment held the largest share of application segment in 2020. The segment is expected to continue this dominance during the forecast period. The baseball segment is also expected to grow at a highest rate i.e., CAGR of 14.8% during the forecast period.
Regional Overview
On the regional basis, the global sports coaching platforms market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia-pacific is dominating the global sports coaching platforms market, in terms of growth rate. The region is expected to grow at a CAGR of 17.4%, during the forecast period. Growing number of internet users in Asia-pacific countries is one of the most important factors, resulting in this dominance. Furthermore, growing trend of sports training among the youngsters, coupled with the high adoption rate of advanced technology is expected to support market growth in Asia-Pacific region. Whereas, North America region is expected to capture the largest market share of 32.5% in 2020, and is expected to continue this dominance during the forecast period.
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Competitive Landscape
Prominent players functioning in the market include AccelWare, AMP Sports, AtheleticLogic, Champion Century, Coach Logic, Coach Me Plus, CoachLogix, Coach’s Eye, Edge10, Firstbeat, Fusion Sport, Grabba International Pty Ltd. / Fusion Sport and iGamePlanner among others. The top three market players captured a cumulative market share of nearly 46% in the year 2020.
Key market players are actively engaged in strategic partnerships to strengthen their market position. For instance, in May 2020, NBA Players Association has entered into a global partnership with mobile sports coaching platform “Famer”. NBA players will utilise the platform by uploading custom training videos for youth basketball players to watch on Famer’s mobile app.
The global sports coaching platforms market report offers insights on the below pointers:
• Market Penetration: The research report provides comprehensive data on the market offered by the prominent players
• Market Development: The report offers detailed analysis about emerging markets and examines penetration across mature segments of the markets
• Market Diversification: The research report offers comprehensive information about untapped geographies, recent developments, and investments
• Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches, collaborations in the market have been provided in this research report. In addition, the report also includes a SWOT analysis of the leading market players.
The global sports coaching platforms market report answers questions such as:
• What is the market size and forecast of the global sports coaching platforms market?
• What are the inhibiting factors and impact of COVID-19 on the global sports coaching platforms market during the assessment period?
• Which are the products/segments/applications to invest in over the assessment period in the global sports coaching platforms market?
• What are the technology trends in the global sports coaching platforms?
• What strategies are considered favourable for entering the global sports coaching platforms market?
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