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.
Technological advancement by various companies in sports industry has made the process of managing and organizing the events across the globe easy, and in line with the developments made, sports technology contributes to reducing the errors and saving time for the directors and managers of various events. Additionally, the growth of the global games software market is likely to fuel the growth over the next few years.
The key drivers for the expansion of the sports software market are the advancement in the technology and the enormous demand for the technology, which makes the tasks easy and less time consuming for the better management of the events and activities. However, the major challenge for the development of the sports market includes the ability of computer systems or software to exchange and make use of information. Users are also facing issues with joining different subsystems to form one large system.
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Key Players Analyzed:
• Vista Equity Partner
• Blue Star Sports
• EPICOR Software
• Synergy Sport Technology
• EDGE 10
• Upper Hand
• Jonas Club Centre
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.
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.
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.
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