Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Artificial Intelligence (AI) in Sports Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 25, 2021 (GLOBE NEWSWIRE) — The Global Artificial Intelligence (AI) in Sports Market is expected to grow at a CAGR of around 32.8% from 2020 to 2027 and reach the market value of over US$ 3,555.9 Mn by 2027.
Artificial intelligence in sports is estimated to experience prominent growth over the forecast period from 2020 to 2027. The increasing keen fan engagement in sports activities across the globe is driving the market growth. The increasing usage of AI in sports like cricket, football, basketball, tennis, and baseball is additionally supporting the growth.
Artificial intelligence in the sports market is segmented on the basis of component, technology, sports level, application, sports type, and geography. On the basis of components, the market is bifurcated into hardware, software, and services. On the basis of technology, the market is studied across cognitive computing, computer vision, data analytics, decisions as a service, machine learning, natural language processing, and others.
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Additionally, artificial intelligence in sports has applications across game planning, game tactics, performance improvement, injury prevention, and sports recruitment. Moreover, the sports type, where artificial intelligence is used includes cricket, football, basketball, tennis, baseball, and others.
Based on components, the software segment is leading the market with maximum revenue share and the segment is also projected to maintain its dominance over the forecast period from 2020 to 2027. The increasing number of players in the segment is further bolstering the regional market value. The wide range of applications associated with AI software in the sports industry is further bolstering the segmental market value.
North America is having the maximum share (%) in terms of revenue for artificial intelligence in the sports market of 2019. A large number of professional organizations in the region as well as the increasing amount of revenue from the North American sports industry are further propelling the regional market value.
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The major economies of the region including the US and Canada are the major revenue contributors. This market is gaining growth in the region owing to the favorable government initiatives to encourage the adoption of AI. For instance, former U.S. President Donald J. Trump launched the American AI Initiative in 2019 as the nation’s strategy for promoting leadership in artificial intelligence. Additionally, the higher technology adoption rate is also one of the major factors supporting the regional market value.
Some of the leading competitors of artificial intelligence in the sports market are Amazon Inc., Apple Inc., ARM Limited, Atmel Corporation, Catapult Group International Ltd, Cisco Systems, Inc., Facebook Inc., Fujitsu Ltd., IBM Corporation, Micron Technology Inc., Microsoft Corporation, Opta Sports (Perform Group), Salesforce.com Inc. (Tableau Software Inc.), SAP SE, SAS Institute Inc., and Sportsradar AG among others. The major players are continuously involved in the development of advanced and updated solutions that can increase the sports potential of the players as well as valuable audience engagement in the near future.
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Some of the key observations regarding artificial intelligence in sports industry include:
- The International Paralympic Committee (IPC) has appointed Artificial Intelligence (AI) technology and media company Egoli Media in 2021, for transforming its content management, create new monetization, increase accessibility, and creating new storytelling opportunities. The new deal is signed for three years, where Egoli Media digitize and automatically log, tag and categories all IPC-owned content, for better and faster access to footage from previous as well as for future Paralympic Games, and other major Para sport events.
- FC Dallas has selected a local tech company MTX Group, as its front-of-jersey partner in an expansive agreement signed in 2021. The agreement allows the use of the tech company’s artificial intelligence (AI) to aid in talent identification and player development. MTX will use its Maverick Quantum AI platform to evaluate and track players in FC Dallas’ academy programs and youth teams.
- In February 2021, First Division clubs have approved the use of AI cameras to stream matches this season. WATCHLOI games are also returning in the Premier Division.
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