Portland, May 07, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart stadium market accounted for $4.1 billion in 2017 and is expected to reach $22.1 billion by 2025, growing at a CAGR of 23.1% during the forecast period, 2018-2025. The report provides an in-depth analysis of the key winning strategies, drivers & opportunities, market share, key segments, and competitive landscape.
The factors propelling the smart stadium market are an increased focus on fan engagement experiences at stadiums, growing adoption of IoT technologies to efficiently manage stadium infrastructure, and the advent of green initiatives & security regulations by sport governing bodies. Nevertheless, high initial investment & long wait for ROI along with security vulnerability of open Wi-Fi networks in stadiums restrict the market growth. On the other hand, growing sports league culture in emerging economies are expected to offer immense growth opportunities to emerging market players in the future.
Among components, the software segment occupied over two-thirds of the overall market share in 2017 and would maintain dominance through 2025. This is due to an increased investment by stadium operators on software for cloud analytics, data security, and communication link management, which enhances operations and provides cost-effective solutions for stadium staffs.
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Based on deployment models, the cloud segment is likely to grow at the fastest CAGR of 25.2% and generate over half of the global revenue through the forecast period. This is due to the growing adoption of cloud-based software to collect & analyze data, which eventually improves operational processes and amplifies fan engagement at stadiums.
Among applications, the building automation management segment is likely to encounter the highest CAGR of 26.1% from 2018 to 2025, owing to providing facility managers with deeper insights which help them take faster judgment. Moreover, these systems also reduce administrative workload, which has led to increased adoption among end users.
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The market in Europe is expected to continue its dominance, holding one-third of the market share through the forecast period. This is due to the presence of well-established sports infrastructure in countries such as the UK, Germany, and Russia.
The report analyzes the prominent players operating in the smart stadium market and they include Cisco Systems, Inc., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, NEC Corporation, Johnson Controls International plc, GP Smart Stadium, Ericsson, NXP Semiconductors N.V., and Schneider Electric SE. They have adopted various strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions and others to gain a strong position in the industry.
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