The sports software market will reach $10.31 billion by 2024, growing at a CAGR of 13.1 percent from 2017 to 2024, said Hexa Research.
Business technology majors such as IBM and SAP are using technological advancements to capture the sports software market by providing online registrations and sponsorships used for securing the media rights.
The drivers for the growth in 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.
Russia government allotted $10 billion for hosting the FIFA 2018 World Cup.
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.
North America led the sports software market in 2016 with a market share of 55.2 percent and is expected to continue its dominant trend.
The dominance of cloud-based technology is expected to continue 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-premise technology is expected to grow at a slower pace at a CAGR of over 12 percent owing to its access to a limited audience.
In August 2015, SAP in association 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.
