Sports AnalyticsCompanies (2024 - 2029)

Sports Analytics Market Companies Summary

The sports analytics industry has seen a transformation due to the increased use of data in managing the operations of professional sports teams. Businesses are capitalizing on this trend by developing technology that gives teams a competitive edge. The growing demand for player monitoring and tracking has led to an increase in sports wearable devices, resulting in a significant amount of data that can be used to gain insights into player performance and fitness variables. Additionally, the rise in awareness about the capabilities of AI to automatically analyze actions has further expanded the market for sports analytics. However, the sports analytics market has faced challenges due to the high initial costs of sports analytics solutions and device expenses, largely due to intensive R&D activity and difficulties associated with data analysis via an embedded device. The cost of maintenance and data, as well as the high cost of hiring a technical expert to analyze sports data and train staff, has also hindered market growth. The global sports sector was impacted by the COVID-19 pandemic, leading to postponement of major sports events and resulting in budget cuts for player remuneration and technological expenditures. Despite these challenges, the market showed signs of recovery in 2021 due to the restart of sporting events.