The smart stadium size is estimated to be USD 4.60 Billion in 2018 and is expected to reach USD 12.50 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period. The major factors driving the growth of the smart stadium market include the upcoming national and internatonal sports events, stringent secuirty regulations by sports governing bodies, and increasing adoption of IoT technologies for efficient management of stadium infrastructure.
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Top Key Players
The key players in the smart stadium market profiled in this report include IBM (US), Tech Mahindra (India), NEC (Japan), Cisco (US), Huawei (China), Intel (US), Fujitsu (Japan), Johnson Controls (Ireland), NTT (Japan), Ericsson (Sweden), GP Smart Stadium (Netherlands), Centurlink (US), NXP Semiconductors (Netherlands), Vix Technology (Australia), Intechnology (UK), Hawk-Eye Innovations (UK), Locbee (Hungary), Insprid (UK), Byrom (UK), Volteo (US), Dignia (Israel), Atos (France), Honeywell (US), UCOPIA (France), Schneider Electric (France), and AllGoVision (India). These players offer smart stadium solutions to cater to the needs and demands in the marketspace. They have adopted various growth strategies, such as mergers and acquisitions; partnerships, agreements, and collaborations; business expansions; and new product launches. Among the growth strategies, “agreements and partnerships” has been the major growth strategy followed by these players for business expansions.
Support and maintenance service is expected to grow at a higher rate during the forecast period
The support and maintenance service segment is expected to grow at a higher rate during the forecast period. There are several connected devices that help in the operations of smart stadiums. A failure of any one of these devices can cause inefficiency, resulting in financial loss. Support and maintenance service ensures regular maintenance, 24/7 troubleshooting assistance, software upgrades, problem-solving, repair and replacement of failed components, emergency response management, and other vital services that help in uninterrupted operations of smart stadium.
Europe is expected to hold the largest market share during the forecast period
Europe is expected to hold the largest market share. Europe has a total of 1,335 stadiums, according to worldstadiums.com. The number of professional sports leagues and teams is the highest in this region. Furthermore, the franchise of sports league spends significant amount of their revenue on stadiums to create a memorable experience for their fans in the stadiums. Apart from this, Europe has very strict public safety regulations that have forced regulatory and governing bodies to enhance the stadium and public security during events and games.
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