Sports Analytics Market will Reach USD 616.7 Million by 2021

(IT-NEWSWIRE.COM, February 10, 2017 ) According to report "Sports Analytics Market by Type (Solutions & Services), by Applications (Player Analysis, Team Performance Analysis, Health Assessment, Video Analysis, Data Interpretation & Analysis, Fan Engagement), by Deployment Type & by Region - Global Forecast to 2021", the global market is expected to grow from USD 123.7 Million in 2016 to USD 616.7 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 37.9%.

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The rising need of sports organizations to analyze and gain insights from increasing volume of on-field and off-field data obtained from various sources is increasing the adoption of the sports analytics solutions. Insights drawn from such data help sports organizations to improve their decision making for sports and related business processes.

Furthermore, with the increased usage of cloud-based services, the adoption of cloud-based sports analytics solutions is also expected to increase. Sports Analytics solutions provide unified view of stats and insights of each and every entity of a sports organization to enable them understand the probability of risk and opportunities in concerned areas. Easy availability of cost effective and high performance computing are some of the factors bolstering the growth of the sports analytics market.

The increasing need of organizations to access data and gain insights in real-time would drive the Sports Analytics market

With the growing significance of sports among audiences there can be seen fierce competition among various sports organizations, teams, and clubs to increase their fan base. Thus, organizations are seeking cost effective ways to gain competitive advantage on their opponents not only in game but, in business as well. Sports organizations are focusing on evaluating each and every kind of game and business data related to their competitors. Thus, the use of analytics and cloud technology is helping to incorporate relevant insights in real-time for efficient operations, strategizing better in game and achieve higher sales.

Increasing demand for cloud-based solutions creates huge potential for Sports Analytics market in the APAC region

The adoption of sports analytics products and services is expected to grow at a higher rate in APAC during the forecast period. The extensive technological adoption and increasing digitalization trends, such as wearables, social media, smartphones adoption, and mobility among players, fans, and sports organizations is giving rise to the large volumes of data that needs to be analyzed and used accordingly. The prevailing trend of large number of sports being played and related events organized in countries such as Australia, India, China, and Japan are expected to give rise to the adoption of sports analytics solutions by 2021.

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MarketsandMarkets broadly segments the Sports Analytics market by type, application, deployment type, and region. The study covers application player analysis, team performance analysis, health assessment, video analysis, data interpretation and analytics, fan engagement, and other applications. Some of the key players providing the above mentioned sports analytics solutions include IBM, SAP, SAS, TruMedia Network, STATS LLC, Prozone, Opta, and others.

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Sports Analytics Market will Reach USD 616.7 Million by 2021