The global sports software market is estimated to reach USD 10.31 billion by 2024. The market is expected to grow rapidly during the forecast period, as companies in the sports industry are facing a cut-throat competition to host events internationally to boost their profit.
The top industry players including IBM, SAP, Blue Star Sports and Daktronics are using technological advancements to capture the market through providing online registrations and sponsorships used for securing the media rights. The primary drivers for the expansion of the sports software market include the advancement in technology and the huge demand for software that makes the tasks seamless and less time consuming for efficient management of the events.
The massive investment in sports infrastructure has been increasing for the development of stadiums, clubs, association, complexes and leagues. For instance, the government of Russia allotted USD 10 billion for hosting the FIFA 2018 World Cup. These massive investments in sports industry have been contributing to the growing requirement for automation during the forecast period.
Sports software helps organizers to automate their administrative work and manage players by offering a broad range of features such as ease of learning, user-friendly, advanced games management technology. Sports management software saves time, increase funds, and reduces the errors coupled with rising demand for automation is anticipated to boost the growth of the market during the forecast period. The sports software industry is expected to grow at a CAGR of 13.1% from 2017 to 2024.
North America led the sports software market in 2016 with a market share of 55.2% and is expected to continue its dominant trend during the forecast period as well. The demand for this technology has been increasing owing to the rising need to better manage the performance of the industry including clubs, leagues, and association.
In 2016, the cloud-based technology was the largest and is expected to continue its dominance over the next seven years as consumers prefer downloading sports apps through the internet which provides high flexibility to the companies using the cloud model. On the other hand, on-premise technology is expected to grow at a slower pace at a CAGR of over 12% owing to its access to a limited audience.
Every organization tries to capture a large market size by introducing innovative features through technological advancements such as professional football teams using virtual reality as a training method to keep the interaction with all the players, without having them to be on the field. Companies are replacing hard tickets by e-tickets. In August 2015, SAP in collaboration with the Women’s Team Association (WTA) developed an app that uses data to analyze a player’s performance. The major innovations were on-court coaching, player comparison tool, and equestrian analytics tool.