Artificial Intelligence in the Sports market was valued at USD 1.6 billion in 2021 and is expected to grow at a 27.5 % CAGR to USD 7.3 billion in 2027.
Artificial intelligence is the replication of human intelligence in machines that have been programmed to think like humans to enable problem-solving. With AI, it is used to collect data from various devices and then, with statistics and data analytics, analyze them to gain some important output. These outputs are further used for sports planning, fan engagement, and tracking player movement and health.
AI technology has been deployed in many sports like football, cricket, basketball, tennis, and many others. Various wearables and cameras collect multiple data points and, with the help of AI and machine learning, deliver valuable insights to the players and coaches. The innovative, AI-powered M1 SmartCoach app was the first app that turned smartphones into coaches, which helped young basketball players improve their games. This app studies videos of players' shooting techniques and then evaluates them using AI technology and provides coaching and instructions to the players.
MARKET DRIVERS
Sports Artificial Intelligence is gaining momentum all over the world because of its post-match, live match analysis, and fan engagement. The increase in real-time data analytics of players to help them improve their fitness and tactics is driving the artificial intelligence market in sports. The analysis of fan engagement as to who has the most loyal fan following in the league is also helping to grow the market.
Sports Artificial Intelligence has continued to go up rapidly, so real-time data analysis using AI and machine learning is the need of the hour, and companies are providing these valuable services to various sports teams all over the world. Furthermore, the AI technology that aids referees in different sports in making fast decisions, as well as automated sports journalism, is contributing to the growth of the Sports Artificial Intelligence market.
MARKET RESTRAINTS
The lack of suitable skilled and qualified workers is a significant barrier to market expansion because of the advancement in technology. The installation and maintenance costs of the equipment are hindering the growth, which has affected the use of AI technologies in domestic leagues in many countries. Furthermore, in cricket, DRS is used to track the trajectory of the ball. However, DRS is a costly technology, so many countries cannot afford it for junior leagues.
Market Segmentation
In terms of market share among sports types, the football segment was the leading segment in 2021 and is expected to remain the leading segment during the forecasted period as well. The main reason for this can be attributed to the use of artificial intelligence (AI) in the form of wearable devices, sensors, and multiple cameras for tracking player fitness, team planning, and team tactics.
In the deployment segment, the cloud is leading the market share and is forecast to grow during the period. This deployment is less expensive and less time-consuming to maintain and manage than traditional on-premise deployments, which gives it an edge in the market. It is important to remember that a large amount of data is taken in today's world, and this data can easily be saved in the cloud without running out of storage space.
By component segment, it is divided into software and services. Software is leading the component segment in 2021 because of various applications of AI software such as player tracking, DRS technology, game tactics, and fitness improvement. However, service will be the leader in the forecasted period because of the benefits it provides to the AI software and because customers can pay one time for the service.
In application segments, fan engagement is emerging as the market leader. This is due to the viewing experience the customer expects nowadays, with all the players' data and other stats. Also, the teams want their loyal fans to be active on social media and buy tickets online. They want to take their seats in the stadium without having to wait in long queues, which is done by crowd management with AI.
A major market share was held by the Machine Learning segment in 2021, and this is expected to remain the same throughout the forecasted period. Its unmatched predictive capabilities in sports, such as injury prediction and fan segmentation, give it an edge over other segment.
North America is the leading region in 2021 and will continue to grow over the forecasted period. It is in this region that many of the major sports leagues are organized, of which the United States contributes the largest share to the market. The market in this region is driven by the increase in investment in AI technologies in sports and the skilled and qualified workforce that is available in this region.
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