Dublin, May 10, 2024 (GLOBE NEWSWIRE) -- The "AI in Sports Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The ai in sports market has grown exponentially in recent years. It will grow from $1.85 billion in 2023 to $2.43 billion in 2024 at a compound annual growth rate (CAGR) of 31.2%. The ai in sports market is expected to see exponential growth in the next few years. It will grow to $6.69 billion in 2028 at a compound annual growth rate (CAGR) of 28.8%.
The growth observed in the historical period can be attributed to various factors, including the demand for performance optimization, enhancements in fan engagement, efforts in injury prevention and management, the use of AI for strategic decision-making in sports, and the drive for increased market competitiveness.
The anticipated growth in the forecast period can be attributed to several factors, including the evolution of sports analytics, improvements in athlete development programs through AI, the global expansion of AI technologies in sports, a heightened focus on data security, and increased integration with wearable technologies. Noteworthy trends expected in the forecast period encompass the expanded use of AI in esports, the application of AI in sports betting and predictive analytics, considerations for ethical use and data privacy, increased collaboration between AI and sports science and medicine, and the customization of fan experiences through AI technologies.
The anticipated growth of AI in the sports market is closely tied to the increasing demand for wearable devices. Wearable devices, electronic devices designed to be worn on the body, play a crucial role in collecting and monitoring data related to health, fitness, and activity levels. In the sports industry, AI often utilizes wearable devices to track and monitor athletes' performance data, offering valuable insights into their performance and identifying areas for improvement. According to a prediction by Gartner Inc. in January 2021, global end-user spending on wearable devices was expected to reach $81.5 billion in 2021. This significant demand for wearable devices contributes to the growth of AI in the sports market, facilitating enhanced performance tracking and analysis.
The rise in online gaming is another key factor propelling the growth of artificial intelligence (AI) in the sports market. Online gaming, involving playing video games over the internet, often in a multiplayer environment, has witnessed a substantial increase in participation. AI plays a pivotal role in creating more immersive and engaging online gaming experiences by facilitating realistic and dynamic interactions between virtual characters and environments. This enhances the overall gaming experience, making it more enjoyable and challenging for players. The surge in online gaming activities is a driving force behind the growth of AI in the sports market, as the technology contributes to the evolution of virtual sports experiences.
Technological advancements are a key and prevailing trend in the AI in sports market, with major companies actively embracing new technologies to maintain their positions. In October 2022, Epoxy ai, a US-based AI-driven sports technology solutions company, introduced its Audience Cloud technology. This innovative sports technology provides critical insights to gaming operators and sports media organizations, enabling them to better understand customer interactions with their products over time as consumer preferences change with seasons and fandoms evolve. The Audience Cloud utilizes custom-built AI to continuously capture a comprehensive picture of sports fan behavior, facilitating improved analysis for sports gaming and media. The technology gathers user data from diverse sources, including betting, viewing trends, and various contextual indicators.
Major companies operating in the AI in sports market are directing their efforts towards technological advancements, including the development of AI-powered athletes, to fortify their market positions. AI-powered athletes involve monitoring and analyzing athletes' performance using artificial intelligence, leading to optimized training programs, identification of improvement areas, and overall enhancement of athletic performance.
North America was the largest region in the AI in sports market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global AI in sports market report during the forecast period. The regions covered in the ai in sports market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ai in sports market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The main categories of solutions in AI in sports include software, services, and hardware. Software encompasses the intangible components of a computer system, including programs, data, and instructions that guide the computer's operations. It is applied across various sports such as football, cricket, tennis, basketball, baseball, and others. These solutions may be deployed through cloud or on-premise setups and utilize technologies such as machine learning, natural language processing, computer vision, data analytics, among others. The applications of AI in sports span game planning, strategies, performance improvement, injury prevention, sports recruitment, and more.
A selection of companies mentioned in this report includes
- International Business Machines Corporation
- SAP SE
- SAS Institute Inc.
- Sportradar AG
- Amazon Inc.
- Microsoft Corporation
- Apple Inc.
- Opta Sports company
- Catapult Group International Ltd.
- Trumedia Networks
- Salesforce.com Inc.
- Synergy Sports Technology
- Krossover
- The Chyron Corporation
- FocusMotion
- VeoRide Inc.
- Athos
- Arccos Golf LLC
- Square Off
- Kitman Labs
- Zone7 Technologies Inc
- KINEXON Sports & Media GmbH
- Second Spectrum Inc.
- Zebra Technologies India Pvt. Ltd.
- Facebook Inc.
- Stats Perform
- ChyronHego Corporation
- ShotTracker Inc.
- PlaySight Interactive Inc.
- Hawk-Eye Innovations Ltd.
Key Topics Covered:
1. Executive Summary
2. AI in Sports Market Characteristics
3. AI in Sports Market Trends and Strategies
4. AI in Sports Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global AI in Sports Market Size and Growth
5.1. Global AI in Sports Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global AI in Sports Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global AI in Sports Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. AI in Sports Market Segmentation
6.1. Global AI in Sports Market, Segmentation by Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Software
- Hardware
6.2. Global AI in Sports Market, Segmentation by Game Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Football
- Cricket
- Tennis
- Basketball
6.3. Global AI in Sports Market, Segmentation by Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Cloud
- On-Premise
6.4. Global AI in Sports Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Machine Learning
- Natural Language Processing
- Computer Vision
- Data Analytics
- Other Technologies
6.5. Global AI in Sports Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Game Planning
- Game Strategies
- Performance Improvement
- Injury Prevention Sports Recruitment
- Others Applications
7. AI in Sports Market Regional and Country Analysis
7.1. Global AI in Sports Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global AI in Sports Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/sxhwkc
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