LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global sports software market to grow at a CAGR of more than 13% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global sports software market for 2017-2021. To calculate the market size, Technavio analysts consider the sales of annual subscription based sports software across the globe. Annual subscription based sports software includes the software license, annual support, and updates for one year only.
Sports software provides streamlined functions for directors and administrators of clubs, leagues, and associations, especially before a season begins. It reduces the administrative burden on directors, thereby enabling them to focus on improving their leagues. The global sports software market revenue is expected to grow rapidly during the forecast period. Globally, there is substantial growth provided by the sports industry with a lot of competition for hosting international sports events, sponsorships, and securing media rights.
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Technavio ICT analysts highlight the following three factors that are contributing to the growth of the global sports software market:
Increasing need to improve competitive responsiveness
To survive and thrive in a competitive environment, sports software vendors are adopting new customer-centric pricing strategies enabled by technological advances. A growing number of sports software vendors are adopting value-based pricing models that focus on customer demand and value perception. Software pricing and delivery are based on the software vendor’s ability to offer differentiating value for the customers.
Amrita Choudhury, a lead enterprise application research analyst at Technavio, says, “Software prices are under pressure from constrained IT budgets and customer’s perception that software is overpriced. Thus, vendors in the market are revaluating their sports software pricing and delivery models to accommodate changing customer pricing preferences and budgets.”
Rising adoption of cloud solutions
The market share of on-premises sports software is aggressively being taken over by single- and multi-tenant-hosted or cloud solutions. Apart from small and medium-sized enterprises, SaaS-based solutions are also being used by large enterprises. Free or freemium software available over the Internet provides increased flexibility to organizations using a cloud model.
“Most sports software are offered through yearly contract, wherein the software is licensed by an organization and an annual maintenance is provided as part of the cost. This sort of transaction locks in a company for a certain period, whereas through a SaaS model, the company can use the sports software for their desired duration and then decide whether to continue it or purchase more services,” adds Amrita.
Increased investments in sports infrastructure
The large-scale investments being made in sports infrastructure worldwide for upcoming sports events are likely to stimulate IT investments for stadiums, sports associations, clubs, and leagues. This increases the demand for sports software during the forecast period.
The Brazilian government is expected to complete 12,265 infrastructure projects by 2016, which are worth USD 800 billion. Large-scale construction projects are on the rise in the country, such as integrated sports complexes and sports stadiums.
Top vendors:
- Daktronics
- IBM
- SAP
- Vista Equity Partners
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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