Smart Stadium Market Projected to Garner $22.1 Bn by 2025 at 23.1% CAGR, Says AMR
PORTLAND, Oregon, April 16, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Smart Stadium Market : Global Opportunity Analysis and Industry Forecast, 2018 - 2025". According to the report, the global smart stadium market accounted for $4.1 billion in 2017 and is expected to reach $22.1 billion by 2025, growing at a CAGR of 23.1% during the forecast period, 2018-2025.
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The growth of the smart stadium market is driven by a surge in focus on fan engagement experiences at stadiums, increasing adoption of IoT technologies to efficiently manage stadium infrastructure, and the advent of green initiatives & security regulations by sport governing bodies. However, high initial investment & long wait for ROI along with security vulnerability of open Wi-Fi networks in stadiums restrict market growth. Nonetheless, the rise of sports league culture in emerging economies would provide lucrative opportunities to emerging market players in the near future.
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Software segment to dominate the global market in the near future
By component, the software segment occupied more than two-thirds of the overall market share in 2017 and is expected to continue its dominance through 2025. This is attributed to increased investment by stadium operators on software for cloud analytics, data security, and communication link management - which enhances operations and provides cost-effective solutions for stadium staffs.
Cloud segment to register the fastest growth rate throughout the forecast period
By deployment model, the cloud segment is projected to grow at the fastest CAGR of 25.2% during the forecast period and generate slightly more than half of the global revenue by 2025. This is due to increased adoption of cloud-based software to collect & analyze data, which eventually improves operational processes and amplifies fan engagement at stadiums.
Building automation management segment to grow at the highest CAGR through 2025
By application, the building automation management segment is poised to encounter the highest growth rate from 2018 to 2025, a CAGR of 26.1%, on account of providing facilities managers with deeper insights which help them take faster judgment. In addition, these systems also reduce administrative workload, which has resulted in an increased adoption among end users.
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Europe to contribute the largest revenue throughout the forecast period
Europe is expected to continue its global market dominance and generate one-third of the overall revenue by 2025, due to the presence of well-established sports infrastructure in countries such as the UK, Germany, and Russia. Additionally, Europe is also the hub for a large number of soccer events that drive the adoption of connected solutions among stadium operators.
Key market players
The key players analyzed in the report include Cisco Systems, Inc., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, NEC Corporation, Johnson Controls International plc, GP Smart Stadium, Ericsson, NXP Semiconductors N.V., and Schneider Electric SE. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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