Global Smart Stadium Market - Segmented by Component (Software, Service), Deployment Type (On-Premise, Cloud), and Region - Growth, Trends and Forecasts (2018 - 2023)
Smart Stadium Market has been valued at USD 3.87 billion in 2017 and is expected to grow at a CAGR of 21.4% during the forecast period (2018 - 2023), to reach USD 12.42 billion by 2023. The scope of the report is limited to component including software and service, and deployment type including on-premise and cloud. The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The study also emphasizes the benefits of smart stadiums in accordance with diverse application and future prospect of the same.
The fans visiting stadiums are increasingly expecting a more intuitive experience, and the host countries are finding new ways to ascend the return of investment (ROI) on their complex. With the growing smartphone penetration across the world, consumers are looking to get updates and stats on their mobile devices. Thus, the stadiums are finding new ways to monetize and fill the stadium and compel the fans to increase expenditure. The smart stadium offers healthy information about parking availability, concession and bathroom lines, special offers, and seat upgrades. The aforementioned factors are expected to fuel the market growth over the forecast period. Furthermore, the fans get a personalized and convenient experience and faster direction & navigation despite colossal crowds which is likely to boost the market growth over the next six years. More interestingly, the staff gets an immediate update associated with the venue which enhances the efficiency and ascends the capability to secure the sites.
Growing Number of International and National Sports Event
The demand for sporting events has increased over the past few years and primarily being encouraged owing to rising number of sponsorships and low ticket pricing. Earlier, the tickets were kept limited to host and neighboring countries. However, with the rising demand for live sporting events, stadium sponsors are making cheaper travel arrangements and easing overseas fans to attend their favorite match at a compelling cost. This is encouraging and brining high influx of attendees to the stadium which is likely to boost the market growth over the forecast period.
Cloud to Exhibit the Highest Growth
The increasing volume of big data and data transmission is giving rise to the efficient data handling and less processing time. Cloud-based application offers rich experience to the fans and greater management capability to the operators. The utilization of cloud-based analytics software offer real-time happenings around the stadium on which appropriate actions can be taken. Furthermore, the communication between operators, fans, and team communications are enhanced through greater scalability and flexibility which is likely to boost the market growth over the forecast period. Notably, there are various smart stadiums wherein they are offering dedicated mobile applications to see live feeds and order anything while on the seat.
Key Developments in the Market
January 2018 - IBM launched a platform approach to data science offering such as hybrid data management, unified integration & governance platform, and data science & business analytics platform which will comprise data cleaning as a crucial step thereby widening the consumer base.
Major Players: IBM CORPORATION, HUAWEI TECHNOLOGIES CO., LTD., INTEL CORPORATION, NTT COMMUNICATIONS CORPORATION, SCHNEIDER ELECTRIC SE, NXP SEMICONDUCTORS N.V., TECH MAHINDRA LIMITED, CISCO SYSTEMS, INC. , and JOHNSON CONTROLS INTERNATIONAL PLC, amongst others.
Reasons to Purchase this Report
The future prospect of the smart stadium market and opportunities
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Regional analysis of the market
Identify the latest developments, market shares and strategies employed by the major market players
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