Global Player Tracking Market Eyeing Phenomenal Growth: Projected to Grow at a CAGR of 20.5% in the Forecast Period
Published | June 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global player tracking market was worth USD 3.27 billion in the year 2020. The study further reveals that the market is estimated to grow at the CAGR of 20.5%, earning revenue of around USD 12.1 billion by the end of 2027. The global player tracking market is gaining significant traction owing to the adoption of player tracking solutions to help coaches make informed decisions to enhance players’ performance. The rise in demand for real-time information by sports teams to integrate analytics into decision-making helps in winning the game. As these factors influence the demand for player tracking technologies, the overall global player tracking market is flourishing exceedingly.
The Adoption of Advanced Technology In Sports Activities Will Drive The Global Player Tracking Market Forward
The major factor driving the global player tracking market is the increasing amount of on-field data and the rising demand for real-time data access. Additionally, continuous growth in internet penetration, cloud technology, and smart device penetration among various sports organizations will accelerate the growth of the global player tracking market in the foreseeable future. Furthermore, player tracking technologies are in high demand for tracking players' performance as well as their conduct on the field. It also assists in assessing health parameters to keep athletes healthy throughout the season besides reducing the chance of injury. What’s more, it also aids in devising a competitive strategy for individual players on the field, which in turn is likely to contribute to the growth of the player tracking market worldwide throughout the projection period.
The Boom in Innovative Wearable Devices will Boost the Global Player Tracking Market
The global players tracking market mainly offers these types of technologies I.e. optical, wearable, and others. The wearable segment leads the market due to the availability of innovative and advanced products such as smart glasses, smartwatches & fitness bands, and vests components. These technologies prove to be very helpful in fitness-tracking solutions. The optical segment is driven by delivering performance statistics of a player through HD cameras, software, and statistical algorithms in real-time. The companies adopt the amalgamation of both wearables as well as optical technologies to offer their services. For instance, Kinexon offers various sports technologies such as player tracking, ball tracking, tactical analysis, fan engagement, etc.
The Team Sports Segment will lead the Market in the Forecast Period
The global player tracking market is categorized into individual sports and team sports based on the end-users. Team sports will lead the market due to the type of sports which fall under this category such as hockey, soccer, cricket, and basketball. Team sports utilize optical solutions, which require huge cameras to be mounted in the equipment. These technologies are used by players and coaches to track real-time information. However, the individual sports segment is anticipated to witness a boost in the player tracking market as the use of such technologies to analyze an athlete's performance and compare it to that of a competitor is growing. This will provide the coaches an idea of which aspect of the athlete needs to improve.
Global Player Tracking Market - Regional Insights
Geographically, the global player tracking market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America accounted for the biggest market share among these regions in 2020, owing to significant investment by sports associations on the advanced player tracking systems to analyze and track player performance and health. Europe also covers a larger share in the market with surging demand for player tracking devices due to the prominence of various football and other sports clubs in the region. As a result, it has been identified as a potential market for player tracking technologies. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period due to increased internet and smart device usage as well as the growing acceptance of cloud technology among various sports organizations in APAC countries.
Impact of COVID-19 on Global Player Tracking Market
The COVID-19-induced pandemic hampered the operation of a number of industries, including the global player tracking market. The year 2020 was expected to be particularly important for the sports industry since several significant tournaments and sporting events, such as the Asian Chairmanship for wrestling, the ICC Women's T20 World Cup, the All England Open for badminton, and so on, were scheduled to take place. However, as the coronavirus spread rapidly and the number of COVID-19 cases increased globally, the WHO declared it a pandemic, and governments imposed nationwide lockdowns to restrict the spread of the virus. As a result, all sporting events were immediately postponed, and practice sessions were also prohibited. As a result, demand for player tracking technology and software fell, significantly impacting the global player tracking market as a whole.
The leading market players of the global player tracking market are Zebra Technologies, Catapult Sports, Statsports, ChyronHego, Stats Perform, Kinexon, Polar, Playgineering, Sonda Sports, Johan Sports, Exelio, Q-Track, Advanced Sports Analytics, Xampion, Sports Performance Tracking, Advansys d.o.o., Sportlogiq, Adidas Group, Casinotech, and other prominent players.
The global player tracking market is getting highly competitive as the demand for player tracking technologies are surging across the globe. Moreover, the industry players are focusing on diversifying their product portfolio through innovations and product launches. Last but not least, the market players are also working on expanding their regional reach.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global player tracking market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global player tracking market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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