The latest report published by Report Ocean, titled “Worldwide Sports Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023 to 2031,” offers a comprehensive assessment of the industry, including valuable insights into market trends. The report encompasses competitor and regional analysis, as well as the latest developments in the market. It serves as an excellent resource for investors, researchers, consultants, marketing strategists, and anyone planning to enter the market in any capacity.
Overview
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Over the past 3 decades’ various sporting events and sports clubs have seen an incredible growth in the amount of revenue generated. This was mostly due to the growth in television broadcasting and rise in the number of sponsorships and advertising sales. At present’ most of the professional sports leagues and clubs are looking for different opportunities to create new revenue streams. Due to recent developments in ICT’ a lot of data is being generated related to players and audience & sports teams are valuing the insight into these data to improve their team performance’ and engage and grow their audience base.
Thus’ the use of analytics in sports is evolving as a major business and is expected to become a necessity for all the major sports clubs and leagues.
Sports analytics received a major boost from wearable devices’ video cameras and various sensors. SportVU camera systems are used in basketball leagues and pitch f/x and field f/x technologies are used in the Major League Baseball. Few vendors have capitalized by providing hardware and later associated analytics. Big data and cloud technology played a major role in the growth of sports analytics and several vendors have their own cloud powered analytics platform. The platform is being used for various applications in business intelligence and performance analytics. With the help of cloud technology’ vendors in video analysis provide unlimited video storage and video analytics and services.
Market Analysis
The Worldwide Sports Analytics market is expected to grow at a CAGR of 40.1% during the forecast period 2016-2022 to touch an aggregate of $3.97 billion by 2022. The sports analytics market is segmented into sports type’ applications and regions. The major applications covered in the report are fan insights & engagement analysis’ team management analysis’ business operations analysis’ video analysis’ injury and health assessments’ and others. Globally’ the fan base has been growing and sports industry value chain players are investing to provide the high-end services for their fans to gain the revenue and to be competitive in the market. The enterprises are adopting the analytics tools in their business units to meet their fan demands. Thus’ fan insight and engagement is expected to play a key role in this sector.
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Segments Analysis
The sports type segment covers team/group sports and individual sport. The team sports include various leading sports namely’ American Football’ Association Football’ Cricket’ Hockey’ Baseball’ Basketball’ and Others. The team sports segment is expected to hold the major market share in sports analytics market’ with association football dominating the market. In terms of adoption’ baseball and basketball clubs have a high adoption rate. While NHL is a new entrant in the world of analytics’ NFL is still facing difficulties in adopting it in strategy’ planning and scouting. Football remains the largest potential market for analytics. Opportunity areas are team sports such as cricket and golf’ and individual sports such as athletics’ archery and swimming.
The analytics in sports is widely used in scouting’ team performance analysis and strategic game planning. It has now grown to different aspects of business as well. This is mostly due to the rise in the number of wearable technologies and sensors being used in games’ and in identifying customer touch points. The data extracted is used in player and team performance analysis’ injury prevention’ revenue generation through ticket and merchandising’ understanding fan behavior’ and creating marketing plans. Both the analytic tools and skilled analysts play a major role in assisting the coaches and managers.
Regional Analysis
Leagues in North America are the major customers of sports analytics. Baseball and basketball leagues in the region have the highest adoption rate. In recent years’ clubs in ice hockey have started investing in analytics and American Football remains a big market. Europe is the second major market for sports analytics. The region is ruled by major football leagues and is investing in fitness and performance analytics’ and business intelligence. Few of the clubs even have dedicated analytics team. Asia Pacific and Middle East remain the major opportunity markets for sports analytics. Asia Pacific has seen a rise in a number of leagues’ and investments in sports by public and private entities. Middle East is about to host a rising number of tournaments and is likely to invest in marketing and business operations.
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Key Players and Competitive Analysis
Major players in sports analytics market are Stats LLC’ Catapult Sports’ SportRadar’ SAP SE’ IBM’ SAS Institute Inc.’ Tableau and Accenture. With the rise in the popularity of sports analytics’ few of the global technology vendors such as SAP and IBM entered the market in early 2010. The core players such as Stats LLC and Opta sports who were into sports technologies’ data and services’ started adding analytics to their portfolio.
In the present scenario’ while several start-ups are coming up with different solutions for various applications’ bigger players are acquiring companies and investing in expanding the portfolio to become the leading aggregators in the market. The future investments by major players lie towards the aggregation of tracking systems’ wearable devices and analytics.
Benefits
The report provides an in-depth analysis of the analytics demand and adoption rate in the various sports in the industry. It also provides details about the major drivers’ which are going to support the market growth’ challenges that impact on the revenue growth and key business opportunities for the players to invest’ expand or upgrade the products/services to meet the changing demands. Also’ the report provides an in-depth analysis of the vendor’s business strategies’ product analysis’ business focus area’ etc. Furthermore’ the report gives complete details to key stakeholders to analyze their business opportunities with the use of countries’ applications’ and sports types analysis specific to sports analytics’ major market trends’ industry trends’ supporting and emerging key technology and outlook of analytics in the sports industry.
Region/Country Cover in the Report
Americas-US’Canada’ Argentina’ Europe -UK’Germany’Italy’France’Russia’Italy’Spain’Asia-Pacific- China’Japan’India’Australia
Middle East & Africa’ GCC Countries’Qatar’UAE’ Latin America-Brazil’Mexico’Argentina.
Key Players Covered in the Report
SAP SE’STATS LLC’Opta’SportRadar’Accenture’Catapult Group International Ltd’ SAS Institute Inc’IBM Corp
Oracle Corporation’ Tableau Software Inc’Orreco’ Kinexon Precision Technologies GmbH’Firstbeat Technologies Ltd. in Sports Analytics
Firstbeat Technologies Ltd’Krossover Intelligence Inc.
Some of the metrics this research service discusses are:
Market Size:
- This metric quantifies the total value or volume of a market, providing an understanding of the market’s scale and potential.
Market Growth Rate:
- This metric measures the rate at which the market is growing over a specific period.
- It helps assess the market’s attractiveness and potential for investment.
Market Share:
- Market share metrics indicate the portion or percentage of the market captured by a specific company or product.
- It provides insights into the competitive position of market players.
Customer Satisfaction:
- Customer satisfaction metrics assess the level of satisfaction or dissatisfaction among customers with a product, service, or brand.
- It helps gauge customer loyalty and identify areas for improvement.
Pricing Analysis:
- Pricing metrics analyze the pricing strategies used in the market.
- This includes metrics such as average prices, price differentials between products or competitors, and price elasticity.
Market Segmentation:
- Segmentation metrics involve dividing the market into distinct segments based on factors such as demographics, geography, behavior, or psychographics.
- This helps understand the varying needs and preferences of different customer groups.
Customer Acquisition Cost (CAC):
- CAC is a metric that calculates the cost of acquiring a new customer. It helps evaluate the efficiency of marketing and sales efforts.
Customer Lifetime Value (CLV):
- CLV measures the total value a customer generates over their entire relationship with a company. It helps assess the long-term profitability of customer relationships.
Return on Investment (ROI):
- ROI metrics evaluate the profitability and effectiveness of an investment or marketing campaign.
- It measures the return or gain generated relative to the cost of investment.
Competitive Analysis:
- Competitive analysis metrics assess the performance and strategies of competitors in the market.
- This includes metrics such as market share, revenue growth, product portfolio, and customer satisfaction.
Key Performance Indicators (KPIs):
- KPIs are specific metrics that measure the performance of a business or organization.
- They can include metrics such as sales growth, market penetration, customer retention rate, and profitability.
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