In its research report, Market Research Future (MRFR), highlights that the global Smart Stadium Market 2020 is expected to grow exponentially over the assessment period, securing a substantial market valuation of USD 17 Billion by 2022, and a healthy 26% CAGR over the review period.
The major market players operating in the global market as acknowledged by MRFR are Intel Corporation (U.S.), GP Smart Stadium (Netherlands), International Business Machines Corporation (U.S.), Huawei Technologies Co. Ltd. (China), Cisco Systems, Inc. (U.S.), NEC Corporation (Japan), Johnson Controls (U.S.), Fujitsu Ltd. (Japan), Tech Mahindra Ltd. (India),Volteo (U.S.), among others.
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Drivers and Restraints
The demand for smart stadiums comprises mainly key factors such as digitized infrastructure, advanced network connectivity, an effective platform and proper fan control systems. The smart stadium market is driving the rising popularity of sports, customer awareness and demand for advanced fan management. The technological advances in media and entertainment along with its integration with smart phones and tablets have resulted in a declining demand for sports sitting in a live stadium to experience. This contributes to the need to build smart stadiums in order to give the fans a more captivating experience along with higher returns from events. During the forecast period, the global Smart Stadium Technology Market is expected to see robust growth. The digital content management also plays an important role in the development of the smart stadium market. Digital broadcasting techniques, unique advertising, attractive sponsorship offerings, and broadcasting discounts and merchandising solutions dominate the smart stadium market are the digital content management factor which contributes greatly to the smart stadium market. In addition, the Internet of Things (IoT) definition is often extended to these stadiums where fans and spectators can link their smartphones to the stadium network in order to obtain important information. Additionally, the governments of different countries are taking steps towards industrial automation and smart building projects to improve operational efficiency and engage in the green revolution. The implementation cost, however, is high, keeping investors from investing in these stadiums. An enormous renovation of the current conventional stadium involves a great deal of cash which most investors do not find sufficiently lucrative. That can take a considerable time to tailback the market. But it is the phenomenon that still holds the market under pressure. And this slackening pace will soon be able to find a fissure to gain momentum.
The smart stadium market is segmented on the basis of deployment type, component, and platform. The component segment comprises of software and service. The software includes integrates security system, digital content management, building automation system, crowd management, event management system,network management, command and control center. The segmentation based on platform includes device management platform, application management platform, and network management platform. The deployment type, software-as-a-service is showing the fastest growth rate.
The geographical analysis of the global market has been conducted in four signficant regions, including North America, Europe, the Asia Pacific, and the rest of the world.
It is estimated that Europe region is the leader in the smart stadium market, as the government has commenced many smart commitments and large investments in smart stadium research and development, as well as IT players are investing in advanced stadium management technology. Due to the current and rising customer interest in the sports and entertainment industry, North America is projected to be the second largest player in the smart stadium market, as well as various numbers of sports played over there. Nevertheless, emerging economies like India and China in Asia Pacific are experiencing a heavy emphasis on infrastructure modernisation which is further expected to drive the demand for smart stadiums in future.
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