The Global Smart Stadium market to reach revenues of $19.79 billion by 2024
Rising growth in enhancing fan engagement is boosting the smart stadium market; technical and digital enhancements are being made to improve connectivity within stadiums.
Bangalore, India, May 14, 2018: Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Smart Stadium Market: Global Drivers, Restraints, Trends, and Forecasts up to 2024” (April 2018).
According to Infoholic Research, Europe held the largest share of the smart stadium market in 2017 and is expected to dominate the smart stadium market during the forecast period 2018–2024. The factors driving the growth of the market in this region includes the presence of advanced technology, increasing spending on smart technologies along with government projects on smart cities, deployment trials, and successful implementation of smart technology. The market is also expected to surge forward due to Europe’s 2020 target to create favorable conditions for smart, sustainable, and inclusive growth. The Smart Stadium market is expected to grow at a CAGR of 22.28% during the forecast period 2018–2024.
The modern stadium is a technological marvel, with thousands of access points and hundreds of miles of networking cable installed in a large and complex building footprint. Re-imagining the modern stadium as a technology and business platform has significant implications for the sports and entertainment industry. Companies are reshaping the sports and entertainment experience for fans and sponsors by introducing new tools and mobile platforms.
Increasing operational efficiency, stadium safety and security and a growing demand for better customer management are few other factors driving the growth of the smart stadium market. The infrastructure of a smart stadium can be used to modernize the building management systems that control the heating, ventilation and air conditioning (HVAC) and lighting systems. To keep operating costs low, these systems can be automated to conserve energy and reduce the number of people needed to run them.
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“With the advancements in the internet and smartphone industry, individuals can watch their favorite sports anywhere and in a comfortable place on their smartphones or tablets. But when it comes to a stadium visit, the smart stadiums provide the spectators with a new experience within the physical sports venue. Wireless networks are installed in the stadiums which allow fans to connect with high speed internet and post on social media during the event. Fans can also order refreshments while at their seats. Cashless payments are enabled via mobile phones with intelligent vending machines for the fan’s convenience,” reveals Sonam Chawla, Research Analyst at Infoholic Research.
While advancements in internet and smartphone industry have reduced the presence of fans in stadiums, the adoption of smart technologies will turn the tables in favor of stadiums for an immersive and connected experience. High speed wireless networks, smart automation & control, smart parking and other smart solutions will lead to enhanced fan engagement without them having to leave their seats. One-click payments, social networking, location-based services including parking, food and beverages will drive more crowd to stadiums resulting in improved revenues and profitability.
Europe is the leading region for the Smart stadium market, followed by America and APAC. The market in APAC is expected to witness growth due to increased adoption of emerging technologies and government investment toward “smart” initiatives. Several countries in Asia-Pacific will be hosting major events including 2020 Olympics, T20 world cup, and Rugby World Cup that has resulted in rapid implementation of smart stadium technologies. Among the countries covered in the report, the US and China are expected to grow at a rapid rate during the forecast period due to the increase in the adoption of cloud-based technologies and various governmental schemes.
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The report aims to highlight key insights from service providers, verticals, and stakeholders. The report covers the current scenario and the development prospects of the Smart Stadium market during the forecast period 2018–2024. It also provides an in-depth analysis and forecast of the industry covering the following key features:
- The report not only highlights the challenges associated with the smart stadium market, but it also brings in the major vendors investing in this space to alleviate these challenges.
- The report is analyzed based on Software, Services, Platforms, Deployments and regions.
- The report covers the evolution of smart features, advantages, and importance of the technology in terms of future perspective.
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2018–2024).
- The report contains an analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies and competitive landscape, which includes vendor assessment.
- The report covers an analysis of countries such as the US, Canada, UK, France, Germany, GCC countries, South Africa, India, China, and Japan.