Sports Analytics Market Size Forecast to Reach $2.9 Billion by 2026

Sports Analytics Market Size Forecast to Reach $2.9 Billion by 2026

“Sports Analytics Market”
Rapid Development in the Wearable Technology and Fitness Trackers in the Sports Industry Are Highly Fueling the Growth of the Sports Analytics Market.

Sports Analytics Market size is forecast to reach $2.9 billion by 2026, estimated to grow at a CAGR of 6.9% during 2021-2026. The sports industry is highly evaluating due to the increasing use of technology such as motion capture, vital sign monitoring, machine learning and so on for Sports Analytics are fueling the market growth. Furthermore, the increasing use of hardware monitoring devices such as heart-rate monitors, body temperature monitor and other computer vision technology for recovery and post injury care in soccer analytics are surging the Sports Analytics market size during the forecast period 2021-2026. The growth of the sports analytics market is being fuelled by the growing demand for big data in sports industry as sports organizations look to market the game in new ways and get the sport closer to the viewers. Additionally, large-scale investments in sports media and broadcasting are spurring the adoption of RTLS and other hardware to track players in the sports industry. Sports teams around the world are adopting data analytics in order to train the individuals and track their on-field performance.

Sports Analytics Market Segment Analysis – By Systems

Hardware segment held a growing market share in the Sports Analytics market in 2020 at 21.2% share. The increasing demand for various hardware systems such as GPS systems, accelerometers, heart rate monitors and so on for predicting sport injuries are driving the hardware segment. Moreover, the use of technology in this hardware systems such as integration of sensor and image based technology for enhanced monitoring of the athletes. Also, the need for real-time data tracking to prevent injuries and the growing use of biomechanical measuring systems for predicting the outcomes of sports injury are significantly driving the hardware segment, thereby surging the Sports Analytics market. 

Sports Analytics Market Segment Analysis – By Application

The growing awareness and mushrooming sports analytics market in the APAC region is projected to propel the penetration of Player Performance Assessment analytics. Companies such as Zebra Technologies, Catapult Sports and Quuppa have increased awareness regarding the sports analytics Market. The APAC region is projected to be a major growth market for RFID and location solutions products in the next few years. Star sports launched innovative products to expand its product portfolio while penetrating high growth markets across the APAC region through varioius agreements with end-users including provision of analytics.

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Sports Analytics Market Segment Analysis – By Geography

In 2020, North America dominated the Sports Analytics market with a share of more than 49.4%, followed by Europe and APAC. The development of well-structured healthcare system for athletes in the U.S and Canada are enhancing the market growth in this region. The rising popularity of sports and the physical activity among the youth population, and rising awareness for the treatment and prediction of sport injuries are propelling the Sports Analytics market in North America. 

Sports Analytics Market Drivers

Increasing use of Wearable Device

The rising developments in the wearable technology has made easier for the users to collect important health metrics and also work with fitness professionals. Moreover, the wearable technology such as accelerometers or GPS trackers are leading to sports revolution which is leading to predict athletic competence and mild to no injuries. In addition, the deployment of System-on-Chip (SoC) in the area of wearable sports and fitness technology are also frequently enhancing the market growth.

Deployment of Advanced Tracking Technology

The increasing development in the technologies such as player activity tracking, sensors based technology, image based technology and so on are significantly driving the Sports Analytics market. Also, the increasing use of machine learning for the predicting injuries to be occurred in the player while playing any sports is thereafter enhancing the growth of the market. Additionally, the deployment of sensor based technology in hardware monitoring devices including wearable’s, high speed cameras and so on are leading to fuel the sport injury prediction market during the forecast period 2021-2026. 

Sports Analytics Market Challenges

High Cost of Medical Devices and lack of accuracy

The cost of medical devices used in monitoring the sports injury are relatively high, which majorly hampers the sports injury predictor market. Moreover, the sports injury predictors also sometimes lack in providing accuracy of the players being injured in the particular sports. For instance, it becomes difficult for most of the hardware devices such as body temperature monitoring, GPS systems and so on to predict the injury of the sports person. This lack of providing accurate predictions about the injury of the sports person and high cost of medical hardware devices will further hinder the growth of the market.

Sports Analytics Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Sports Analytics market. In 2020, the market of Sports Analytics has been consolidated by the major players – Microsoft Inc., IBM Corporation, CA Technologies Inc., Sportvision Inc., NeuroDimension Inc., Catapult Sports Pty Ltd., Kitman Labs, Fusion Sport Pty Ltc., Scribe Labs and Sansible Wearable.

Acquisitions/Technology Launches

In June 2021, Global digital rugby publisher, RugbyPass, has acquired sports data and analytics company, Sports Analytics. Using visualisation techniques and proprietary data capture to feed analytics platforms, Sports Analytics is a rugby performance data analysis platform that considers a unique blend of basic and distinct sequence metrics allowing players, coaches, and teams to analyse training and performance tactics.

In May 2019 Catapult Group International Ltd, majorly engaged in the development and sales of tracking solutions and analytics for athletes announced the soft launch of its wearable technology, Vector. This soft launch was limited to a few Australian Teams. Vector is amongst the most significant wearable product that uses ClearSky technology to move indoors and outdoors for combining data collected from the Global Positioning System and Local Positioning System technology.

Key Takeaways

In 2020, the Sports Analytics market was dominated by North America owing to the well-structured healthcare system for the athletes in the US and Canada.

The growing deployment of wearable sensors for sports medicine and machine learning predictive system for making an early detection of player’s injury are propelling the market growth.

The rapid development in the wearable technology and fitness trackers in the sports industry are highly fueling the growth of the market.

The increasing cost of devices such as heart rate monitoring, GPS systems and so on, and also lack of accuracy while predicting sport injuries are hampering the growth of the market.

Relevant Reports:

A. Wearable Technology Market

https://www.industryarc.com/Research/Wearable-Technology-Market-Research-504119

B. Sports Medicine Devices Market

https://www.industryarc.com/Report/15200/sports-medicine-devices-market.html

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