The market for artificial intelligence in sports is expected to grow at a CAGR of around 32.8% from 2020 to 2027 and expected to reach the market value of around US$ 3,555.9 Mn by 2027.
Artificial Intelligence (AI) in Sports is creating readable information on different sports events by using the sports data, such as the sports data like football goals or wickets in cricket. Additionally, with the help of computer vision and IoT devices, the user can capture data points, which are chaotic to monitor manually like ball trajectories, shots, and passes among others. AI is now having a significant impact on the strategic decisions made by the coaches, before, during, and after the game with the help of wearable sensors and high-speed cameras. It is also used for enhancing the players’ performance by using computer vision and machine learning to assess basketball players skills, giving them a good medium to improve. This information is not only credible but also helps players to understand the areas where they have maximum potential to excel and the areas that still need improvement.
The increasing volume of both on-field and off-field data among various sports organizations is creating the need for the management of these data for further analysis. The increasing demand for monitoring and tracking data of players, and simultaneously increasing number of wearable devices in the sports industry are driving the market growth. The real-time insights through analysis of data during match time help teams to make changes in their strategies for better results. The introduction of Chatbots and virtual assistants to help teams to interact with fans regarding a variety of topics is further supporting the market growth. Additionally, chatbots can also be used to engage with fans in order to provide information regarding ticket status, checking points, parking, and schedule.
On the other side, the risk associated with data privacy and unawareness about the advanced devices in the untapped and underdeveloped economies is like to limit the growth to an extent over the forecast period from 2020 to 2027.
Segment Instance of Global Artificial Intelligence in Sports Market
Software segment accounted for the maximum revenue share in the global Artificial Intelligence in Sports market
Based on components, the software segment is leading the market with maximum revenue share (%) in 2019. The segment is gaining growth owing to the continuous improvements in information storage capacity, high computing power, and parallel processing capabilities to deliver high-end AI software in various sports verticals. The artificial intelligence (AI) software solutions have a wide range of usage such as for linear algebra, inference, sparse matrices, video analytics, and multiple hardware communication capabilities among others.
North America is leading the market with maximum revenue share in the global market
In 2019, North America is having a potential share in the AI in sports market owing to its advanced technology infrastructure and sports associations. The growing focus on technological advancements and the rising adoption of technology in sports, especially in the US, is boosting the regional market value. Additionally, according to statista, the North American sports market was valued at US$71.06 billion in 2018 and expected to reach US$83.1 billion in 2023.
Key Market Players
The players profiled in the report include Amazon Inc., Apple Inc., ARM Limited, Atmel Corporation, Catapult Group International Ltd, Cisco Systems, Inc., Facebook Inc., Fujitsu Ltd., IBM Corporation, Micron Sports Level Inc., Microsoft Corporation, Opta Sports (Perform Group), Salesforce.com Inc. (Tableau Software Inc.), SAP SE, SAS Institute Inc., and Sportsradar AG among others.
Market By Component
Market By Technology
Decisions as a Service
Natural Language Processing
Market By Application
Market By Sports Type
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
The market for artificial intelligence in sports is expected to reach a market value of around US$ 3,555.9 Mn by 2027.
The artificial intelligence in sports market is expected to grow at a CAGR of around 32.8% from 2020 to 2027.
The segments by sports type in the artificial intelligence in sports market include cricket, football, basketball, tennis, baseball, and others.
Software is the leading segment by component in the artificial intelligence in sports market
The increasing volume of both on-field and off-field data among various sports organizations, increasing demand for monitoring and tracking data of players, and increasing number of wearable devices in the sports industry are some of the key factors driving the market growth.
Amazon Inc., Apple Inc., ARM Limited, Atmel Corporation, Catapult Group International Ltd, Cisco Systems, Inc., Facebook Inc., Fujitsu Ltd., IBM Corporation, Micron Sports Level Inc., Microsoft Corporation, Opta Sports (Perform Group), Salesforce.com Inc. (Tableau Software Inc.), SAP SE, SAS Institute Inc., and Sportsradar AG are some of the prominent players in the artificial intelligence in sports market.
North America held the highest market share in the artificial intelligence in sports market