Global Sports Analytics Market
The Sports Analytics Market is expanding at a sturdy rate of 22% over the forecast period. The innovations in big data, machine learning, and artificial intelligence have significantly raised market growth.
Sports Analytics Market Dynamics
The growth in the sports analytics market is steered by the significant surge in the adoption of wearable devices by athletes. The endorsement of wearable devices in sports activities has significantly influenced sports technology development. Also, wearable devices allow comprehending the injury status of players and tracing the physiotherapists and coaches to decrease the pain. The wearable devices possess the ability to offer a comprehensive discernment into analysis driven by data, which allows business owners to establish efficient policies and deploy practices amid athletes to evade fatigue. Several wearable devices based on fitness, such as smartwatches, bands, and patches, have gained immense prominence and bolstered the market growth. In addition, the U.S. Open Championship at Erin Hills in 2017 made use of cognitive and analytics machinery to personalize the fan by constructing and interpreting data at the event, which has elevated the market growth.
The European Club Association (ECA) stated that football clubs in Europe incurred a loss of approximately USD 4.5 billion in revenue production due to the outburst of the COVID-19 crisis. Hence, the teams are on the edge of decreasing other budgets, such as players' expenditure on technology. However, the inflated price of these devices is likely to restrain the market growth.
By component, the software segment is anticipated to perceive a robust expansion in the global sports analysts market over the coming years. This is majorly attributed to the increasing acquisition of cloud-based technologies across the sports sector. The software provides easy access for all and saves time with a well-organized structure. Catapult, in 2020, declared an upgraded baseball analytics chamber, which has elevated the market growth.
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