SecurityWorldMarket

10/04/2018

Global Smart Stadium market to hit USD 12.5 billion by 2023

Northbrook, Il (USA)

The global smart stadium market size is estimated by Marketsandmarkets 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 international sporting events, stringent secuirty regulations by sports governing bodies, and increasing adoption of IoT technologies for efficient management of stadium infrastructure.

This latest report from Marketsandmarkets covers the Smart Stadium Market by software, including, digital content management, stadium & public security, building automation, event management, network management, and crowd management), and by service, which includes consulting, deployment, and support, and finally by geographical region.

The network management software is expected to have the largest market share in the smart stadium market. Network infrastructure is the backbone of any smart stadium, it plays an important role in managing stadium operations and enhancing the fan experience in stadium. Hence, stadium owners are primarily investing in deploying hi density Wifi and network management software. It ensures users receive IT services anywhere, anytime. With the help of network management platforms, network administrators can easily detect any failure in the network and resolve issues in the real time by informing the support personnel. They also help analyse the volume of data being transferred over the network and automatically route the data to avoid congestions that can result in network crashes.

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. Europe has a total of 1,335 stadiums, according to Worldstadiums information. The number of professional sports leagues and teams is the highest in this region. Furthermore, the franchise of sports league spends a 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.

Some of the major vendors covered in the smart stadium market include IBM, Tech Mahindra, NEC, Cisco, Huawei, Intel, Fujitsu, Johnson Controls, NTT, Ericsson, GP Smart Stadium, Centurlink, NXP Semiconductors, Vix Technology, Intechnology, Hawk-Eye Innovations, Locbee, Honeywell and Schneider Electric.


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