/PRNewswire/ -- Allied Market Research published a report, titled, "Sports Analytics Market by Component (Solution and Services), Deployment Mode (On-Premise...
Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global sports analytics market generated $425.76 million in 2018, and is estimated to reach $6.37 billion by 2026, registering a CAGR of 40.40% from 2019 to 2026.
Growing demand for real-time data access, rise in amount of on-field data, and surge in demand for predictive insights into fan preferences drive the growth of the global sports analytics market. However, high maintenance and investment costs and lack of awareness about technology in sports hinder the market growth. On the other hand, availability of cost-effective and high-end computing solutions and rise in demands of analytics for complex data streaming create new opportunities in the market.
Based on component, the solution segment held the largest market share in 2018, accounting for nearly three-fourths of the global sports analytics market, and is estimated to maintain its leadership position throughout the forecast period. This is due to automation solutions are cheaper than solutions and are faster to deploy. However, the service segment is expected to register the fastest CAGR of 42.7% from 2019 to 2026. This is attributed to rise in need of various different services such as managed service and professional services.