First and foremost, the study calls for understanding the sports market itself. The market is segmented first on the basis of sports thereafter geographically across continent for better comparison.
The Sports Analytics Market was valued at USD 720 million in 2019 and will grow with a CAGR of 30% and reach USD 3.51 billion in a short span of five years, 2025.
THE GROWTH FACTOR
The predominant factor for growth is the growing dependence on data which provides an edge over competition, to those who have the caliber to harness the knowledge to their benefit. Many coaches and franchises are reliant on such processed data which is made fit for consumption.
Such heavy reliance on data has spearheaded the growth of the Sports Analytics Industry. Using the data driven insights for player selection, devising pregame and post-game strategy, and roster. A solid database helps devise a model for predictions thus helping us predict future outcome of matches as well.
Today, such analytics is used across many sports like football, basketball, baseball and more. Where machines are trained to assimilate real time information of anything and everything associated to the match. Building a reliable database of information like, speed, ratings, score, among other relevant information. The next step in compiling the data of previous matches which can be used to study strategy over a period of time, the quantifiable data makes it possible for coaches and teams to build a strategy and even test it as well. The vast capabilities of data have contributed significantly towards the growth of the industry in the world.
The technological advancements have served as a reliable source of data for such analysis making sure we have ample amount of data on the player, and the team to build a model on, even the wearable devices and health assessment solutions have helped in data creation.
The steady stream of data automatically generates the need for quality data analyst who can derive relevant information from the noise and feed that forward.
MARKET TREND
According to the current market trend among the sports segment football has the highest share in the sports analytics industry. The credit for it goes to the growing interest in football across the world. The sports aficionados have a special place in their heart for leagues like UEFA Champions League, MLS, English Premier League, Bundesliga and more.
The In-person attendance and online viewership of football games continue to grow even today. For example, the Bundesliga League of Germany in 2019 reported 42.7 thousand spectators.
The popularity of sports has driven up competition in such leagues and thus ultimately the need for Sports Analytics. Many teams and clubs today have partnered with specific sports data providers, to provide data on all the players at once even if they possessed the ball or not. Thus, making sure their strategy is full proof and minimize the chances of failure.
REGIONAL TREND
Till now the study has been more sports focused while comparing the regional stats the market adaptability, and technological adoption rate points us towards North America region which has been at the forefront for sports market analysis. The low cost, scalable, easy solution of Cloud based solutions are what the organization are focused on. Leagues are heavily dependent on sports analytics solution for squad selection while other sports like Ice Hockey have also joined the revolutionary path.
FUTURE PROSPECTS
While Sports Analytics Industry currently in its baby stage the future prospects of the industry has led to a lateral development of fantasy gaming industry as well where the data so generated for strategy making in the real world, has an alternative use for running fantasy games like fantasy football, fantasy basketball, and fantasy cricket. The real time stats generated are fed in the game which uses real time data to run. The growth of both these industries go hand in hand with one boosting the other forward and driving the market.
The growth potential in the Sports Analytics Market has paved the way for sports data providers like Data Sports Group, who are evolving with time to provide sports data of 35 different sports and synthesis it in the form of APIs to make it consumable. They are able to provide quality rich data which can be used further either by Sports Website or Apps to power their data driven applications. DSG’s APIs are noteworthy in their field, providing a complete package of services to engage more audience. Their wide coverage places them among the best of the data providers out there.
