Global Player Tracking Market Growing Massively– Projected to Reach Worth USD 3,032.76 Million by 2027
Published | 25 January 2022
The global player tracking market is set to witness vigorous growth by 2027. One of the key factor driving the market demand for global player tracking is the increasing demand for personalized fitness activities among players…
A recent study by the strategic consulting and market research firm BlueWeave Consulting revealed that the global player tracking market was worth USD 750.95 million in 2020. The market is further anticipated to reach USD 3,032.76 million in 2027 with a significant CAGR of 24.6% during the forecast period, i.e., 2021-2027. One of the primary factors driving the market is the increasing demand for personalized fitness activities for various players. Tracking systems aid in analyzing the movements of players or teams as the number of teams in leagues increases, hence enhancing competition. It's also used as a standard to help players improve their skills.
Rising Interest In Sports Betting Driving Market Growth
According to the American Gaming Association's national survey of expected sports betting activity for the 2020 National Football League (NFL) season, about 33.2 million Americans, or 13%, plan to bet on NFL games this year. There were 34% of those who said they were going to wager over legal and illegal online platforms, representing a 29% increase from 2019. 20% had already wagered at legal sportsbooks, which contributed to more than 18% of the increase from 2019.
The statistics demonstrate the strong potential for the fact that there is a growing interest in betting across the U.S. Such a rising trend is bolstering the need for the increasing requirement by the potential bet setters, aiding the growth of the global player tracking market. In addition, they are excited to be able to analyze player and team performance, their positions, and other data which might reflect their performance.
Declining Sports Budget Across Emerging Economies Anticipated As The Key Challenge Hampering Market Growth
There may have been a growing adoption of the latest technology for player tracking systems. However, the declining budget allocation for the sports industry, events, and equipment pose a significant threat to the global player tracking market. For instance, according to the Financial Ministry of India, the government declared a sports budget cut of about USD 31.13 million for the FY 2021-2022. The reduction in sports budget negatively impacts the growth of the global player tracking market. Reduced budgets also lead to fewer sports facilities, negatively affecting growth in participation in sports, which results in lower participation rates. The reduction in participation reduces the demand for play tracking devices, systems, and software. This negatively affects the global market for player tracking.
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Impact of COVID-19 on the Global Player Tracking Market
COVID-19-pandemic sparked tensions across the world, causing governmental authorities to take immediate action. The governmental allocations for recreation and sports across Europe and India indicate that COVID-19 has impacted the government's budget as well. The budget reductions have been diverted toward healthcare to provide support to the most overwhelmed sectors across the world. World War I may have caused the Olympics and Paralympics to be canceled. The pandemic marks the first time they've been postponed after those events. The TV ratings for Stanley Cup Finals, NBA finals, and other events plummeted by more than 61% and 49%, respectively, in 2020. Another factor impeding the market's growth is declining interest in sports, which may compel players to use lesser expensive methods of keeping track of their progress in order to save funds for the franchise.
Solution Sub-Segment Catered The Largest Market Share Amidst The Component Segments
Based on components, the player tracking market has been categorized into Solution and Services. The solution segment is anticipated to dominate the market as features provide features such as analyzing speed, heartbeat, and distance which are helpful fitness-related parameters. Sports training sessions have become more and more dependent on the use of solutions to monitor day-to-day activity. The player tracking solutions have been categorized into three parts such as wearables, optical, and application-based solutions. The wearables segment is expected to have the largest market share among solutions, while the optical segment is expected to grow at the fastest CAGR over the forecast period. Wearable fitness-tracking systems have become more popular as individuals become more aware of fitness-related activities.
North America Dominates the Market
Based on regions, the player tracking market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Among these, North America dominated the global player tracking market in 2020. Soccer, rugby, hockey, basketball, baseball, and various sports leagues are popular in North America. In the United States, American football is one of the most popular sports. Whether it's high school football, college football, or professional football, this sport draws millions of individuals from all walks of life. After football and baseball, Basketball is also one of the most popular sports in the United States. The United States is expected to dominate market growth in the region because of factors listed above. Moreover, increased acceptance of player-tracking systems and services by the country's sports industry are driving the growth of the player tracking market in the United States, thereby making North America the dominant region in the market.
The key players in the global players tracking market are Zebra Technologies, Catapult Sports, STAT Sports, ChyronHego, STATS, Kinexon, Polar, Playgineering, Sonda Sports, JOHAN Sports, Exelio, Q-Track, Advanced sports analytics, Xampion, Sports Performance Tracking, and other prominent players. The player tracking industry is competitive by nature, and as more sports organizations recognize the value of the player tracking market, competition among players is increasing. Zebra Technologies, Catapult Sports, STATSports Group Limited, and ChyronHego are some of the market's major players. Product launches, significant R&D spending, partnerships, and acquisitions are the primary growth strategies these companies use to sustain in the face of fierce competition.
The report's in-depth analysis provides information about the global player tracking market's growth potential, upcoming trends, and statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global player tracking market, along with industry insights, to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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