The Artificial Intelligence Market in Sports market is expected to grow at a CAGR of 28.72% based on the growing use of technology in most well developed sports, further with the falling prices of these services due to economies of scale they are expected to be used at University and Junior Levels of various sports along with the widening applications of the technology as it evolves every year.
- The increase in the volume of both on-field and off-field data generated among various sports organizations has led to an increase in managing these data to analyze them. Due to the increasing demand for monitoring and tracking data of players, the number of wearable devices in the sports industry is subsequently increasing. This, in turn, is leading to the generation of detailed on player performance and fitness variables data such as heartbeat, speed, and acceleration.
- Data analyzed using artificial intelligence is being used to engage fans. Real-time insights generated through analysis of data during match time helps teams make changes to their strategies.
- Chatbots and virtual assistants are being introduced to help the team to interact with fans regarding a variety of topics. Chatbots also engage with fans to provide information regarding ticket status, checking points, parking, and schedule.
Scope of the Report
Artificial Intelligence is a part of computer science deployed to mimic human functions like reading, answering, and recognizing image or voice of things to transform or to improve decision making based on data received from other sources. Artificial intelligence in sports is being employed to track player performance and help improve the health of the player through suggestions on injury – but now AI and machine learning, are being used in sports enterprise applications to enhance sports planning.
Key Market Trends
Fan Engagement is Emerging as a Major Area of Application
- Fans today are much more than just consumers. They want to participate, analyze, critique, fantasize, and connect with their favorite team members and teams in real-time. They are becoming true brand partners in this era of leagues. Understanding and leveraging this new relationship is vitally important for the clubs.
- The season ticket holders contribute the largest share to any club’s revenue. This has made these customers a top priority by any measure. However, clubs and ticket vendors find themselves increasingly competing with the at-home experience as they try to attract more fans to the stadium. Data and analytics provide insights into fan preferences. Through micro-segmentation, AI can help teams offer promotional coupons to specific fans.
- Further, modern fans are ’Social Sports Fans.’ Social media sites are empowering fans more than ever before, giving them access to players, coaches, and owners. This has resulted in fans sometimes even expecting to influence team decisions. Leveraging interests like this, Globo TV of Brazil used social media and digital technology to boost fan engagement through a mobile app developed in collaboration with IBM for use during the World Cup.
- Further, the clubs that are failing to respond to activist fan movements can suffer major setbacks to their ticket sales and brand equity. Conversely, fans can also influence higher levels of engagement with the team driving ticket purchases and boosting revenues.
North America is Expected to Continue to be the Largest Market in the World
- The North American region is home to one of the most vibrant domestic league systems in the world. There is a substantial social and economic investment in sports at the university and the League Level. The United States is one of the leading sporting countries in the world. Stanford University states that the four major professional sports in the United States account for 0.1% of national economic activity.
- Moreover, most of the American leagues and clubs are sponsored by the corporates and the region has the most skilled workforce in the world, thereby aiding the growth of Artificial Intelligence in Sports. According to the US Census Bureau, the revenue of sports teams and clubs in the United States is expected to reach USD 35 billion by the end of 2020.
- Further, companies like Argo Ai and Ford have started collaborating with NASCAR to improve safety in the high-risk sport of Auto Racing. They are using deep learning to help improve safety measures.
The Artificial Intelligence Market in Sports is a consolidated market with a few major players dominating the market share. Opportunities generated due to the proliferation in the use of technology in sports is expected to attract new players. Some of the recent developments in the market are as follows:-
- July 2019 - STATS and Perform completed their merger creating the leading sports company in artificial intelligence (AI) and data, to operate under the new name Stats Perform. The partnership is expected to provide deeper, more robust data and insights essential to a growing portfolio of global partners.
- March 2019 - STATS, announced the launch of AutoSTATS, the first artificial intelligence (AI) and computer vision technology that delivers comprehensive player-tracking data through any broadcast.
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