Sports Analytics Market Size

Sports Analytics Market Analysis

The Sports Analytics Market size is estimated at USD 2.87 billion in 2024, and is expected to reach USD 13.93 billion by 2029, growing at a CAGR of 30.04% during the forecast period (2024-2029).

• Analytics have transformed the way professional sports franchises assess and manage the daily operations of their athletes. Companies are seeking to take advantage of the increasing use of data and are developing technology to help give teams a competitive advantage over their opponents.
• Due to the growing demand for monitoring and tracking player data, the number of sport wearable devices in the sports industry is increasing. Consequently, a massive amount of data on the players and their teams is generated, which can be utilized to gain insights into a player's performance and fitness variables, such as heartbeat, speed, and acceleration.
• Further, the growing awareness regarding AI and its capabilities to analyze actions automatically has increased the market for sports analytics. AI is increasingly being used to improve the performance of players.
• The growth of health assessment solutions, driven by fitness bands and other wearable devices, has resulted in a massive rise in the volume of data to be examined. Furthermore, the availability of low-cost and high-end computing solutions and the rising demand for complex streaming analytics are expected to expand the market.
• The initial expenditures for sports analytics solutions and device expenses are significant due to intensive R&D activity and challenges associated with data analysis via an embedded device. The cost of maintenance and data is also essential. Furthermore, the expensive cost of hiring a technical expert to analyze sports data and educate staff hampers market growth. The prices of sports analytics solutions are rising due to preventive efforts and equipment maintenance. This, in turn, limits the ability of various end users to invest in these sports technology systems, limiting their use and the growth of the sports analytics market.
• The global sports sector was affected by the COVID-19 pandemic. The spread of the coronavirus led to the postponement of major sports events such as the UEFA Euro 2020, the Olympic Games, the ICC Men's T20 Cricket World Cup, and many more, which hampered the sports analytics market. The sports sector experienced significant losses, resulting in budget cuts for player remuneration and technological expenditures. However, the market showed indications of recovery in 2021 due to the restart of sporting events.