Global Sports Analytics Solutions Market – Introduction
- Analytics in sports is a specialized methodology to gather and analyze sports data to make a variety of decisions for successful planning and implementation of new strategies. Sports analytics solutions has entered the decision making in sports with technological advances related to data acquisition, which was earlier based on the information acquired through observations.
- Data collection advancements have accelerated the growth of sports analytics, leading to the expansion of advanced statistics and sport specific technologies. For instance, game simulations to play, improving marketing strategies and acquisition of fans/ followers.
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Exponential advantages of analytics solutions in sport industry: Prominent driving factor of the sports analytics solutions market
- Adoption of sports analytics solutions has increased with the sports industry shifting toward a more IT oriented approach. Sports analytics solutions provide tools to assess team performance and player fitness, competitive analysis, and social media analytics and business. Sports analytics solutions have led to the development of technological models to predict results, opponent history, and win-loss records, to determine the result of a future sporting event. Sports analytics solutions provide integrated view of statistics and provide insights of every single detail of a sports organization to enable them understand the probability of risk and opportunities in concerned areas.
- Insights drawn from sports analytics solutions, help sports organizations to improve their decision making for sports and related business processes.
- Thus, the sports analytics solutions market is driven by rising need of sports authorities to gain insights and analyze the huge on-field/ off-field data obtained from various sources.
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High set up costs for deploying sports analytics systems in developing nations is expected to significantly hamper the sports analytics solutions market
- The deployment of sports analytics systems in emerging nations is quite low due to its high setup cost. Emerging nations are majorly suffering from lack of proper infrastructure, low income level of individuals and low awareness regarding technological advancements. Therefore, these are the some major reasons behind low adoption of sports analytics systems in emerging nations.
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North America to hold major share of the global sports analytics solutions market
- In terms of region, the global sports analytics solutions market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global sports analytics solutions market during the forecast period due to widespread technological adoption and growing digitalization trends, for example, the use of sports wearable, social media, and smartphones adoption among fans, players, and sports organizations, indicating potential growth of the sports analytics solutions market in this region. Europe is estimated to be the second largest market for sports analytics solutions from 2019 to 2027. Growing investments in sports technology for data-driven decisions expected to boost the sports analytics solutions market in the region.
- Asia Pacific is projected to be a rapidly expanding region of the global sports analytics solutions market during the forecast period due to increasing investments by enterprises in real-time analytics, which is expected to increase the adoption of sports analytics solutions in the region.