The Global Artificial Intelligence in Sports Market is estimated to be valued at US$ 30.98 Billion in 2024 and is expected to exhibit a CAGR of 26% over the forecast period from 2024 to 2031.
Artificial Intelligence offers immense benefits to the sports industry by enhancing fan experience, improving player performance and safety, and optimizing team management functions. Extensive usage of sensors, cameras, and other devices at sports venues generates huge amounts of unstructured data that AI can analyze to provide actionable insights for improved decision making.
Key Takeaways
Key players operating in the Artificial Intelligence in Sports are Amazon Web Services, Inc., Apple Inc., Catapult Group International Ltd, Fujitsu Limited, Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Movella Holdings Inc., NEC Corporation, Oracle Corporation, Perform Group, Qualcomm Technologies, Inc., Salesforce.com Inc., and SAS Institute, Inc. These major companies are investing heavily in developing advanced AI technologies and solutions for various applications in sports.
The Artificial Intelligence in Sports Market Growth for AI-based sports analytics solutions to gain competitive advantages and improve fan experience is a major factor driving the market. Sports organizations are recognizing the value of AI in enhancing virtually every aspect of the game from recruitment to coaching. Continuous advancements in computer vision, machine learning, and analytics capabilities are also fueling the adoption of AI.
Globally, North America dominates the artificial intelligence in sports market owing to widespread technological adoption. However, Asia Pacific is emerging as a highly promising regional market with growing investments in AI by Chinese sports associations and companies. Countries like India and Japan are also rapidly enhancing AI infrastructure to leverage its potential in the sports industry.
Market Key Trends
One of the key trends in the artificial intelligence in sports market is the integration of advanced computer vision and machine learning capabilities in sports cameras and wearable devices. Technologies like object detection, pose estimation, and behavioral analysis are enabling more sophisticated tracking and analytics of player movements and biomechanics. This helps identify technical flaws and optimize training regimens. For example, AI-powered cameras from QuietEye and Form analyze subconscious behaviors to improve decision making abilities of athletes.
Porter's Analysis
Threat of new entrants: While the Artificial Intelligence in Sports Market Analysis is growing at a rapid pace, the presence of established brands and technology provides advantages and barriers for new brands to enter the market.
Bargaining power of buyers: Sports organizations and teams have significant bargaining power as buyers as they can select from various AI solutions and providers in the market.
Bargaining power of suppliers: A few large technology companies dominate the supply of AI and cloud computing capabilities, giving them strong bargaining power over sports organizations.
Threat of new substitutes: There is a medium threat of substitutes as other emerging technologies like blockchain, IoT and VR/AR can potentially deliver similar benefits as AI in sports in terms of analytics and fan engagement.
Competitive rivalry: The AI in sports market experiences high competition among technology companies and SportsTech startups to gain customer traction and market share.
Geographical regions
North America accounts for the largest share of the global AI in sports market currently in terms of value, due to high adoption rates among major leagues and teams. Major technology companies based in the US and copyright are also actively investing in AI solutions for sports.
The Asia Pacific region is poised to be the fastest growing market for AI in sports during the forecast period. Emerging economies like China and India are witnessing increased interest from sports organizers and fans towards advanced data analytics and fan engagement solutions leveraging AI.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)