AI in Sports Market to Reach $29.7 Billion by 2032 at 30.1% CAGR: Allied Market Research
NEW CASTLE, Delaware, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “AI in Sports Market by Component (Software and Services), Deployment Model (Cloud and On-premise), Technology (Machine Learning, Natural Language Processing, Computer Vision, Data Analytics, and Others), Application (Game Planning, Game Strategies, Performance Improvement, Injury Prevention Sports Recruitment, and Others), and Game Type (Football, Cricket, Tennis, Basketball, Baseball, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the AI in Sports industry generated $2.2 billion in 2022, and is projected to reach at $29.7 billion by 2032, witnessing a CAGR of 30.1% from 2023 to 2032.
Prime Determinants of Growth
The key factors impacting the growth of the global AI in sports market include increase in demand for monitoring & tracking data of players and surge in demand for chatbots & virtual assistants to interact with followers. In addition, the increase in demand for real-time data analytics impacts the growth of the market. Moreover, the market growth is affected by a lack of trained & skilled professionals and high implementation and maintenance costs. Furthermore, the increase in demand of AI for making future predictions influences the market growth. However, each of these factors is anticipated to have a definite impact on the growth of the global artificial intelligence in sports market during the forecast period.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $2.2 billion |
| Market Size in 2032 | $29.7 billion |
| CAGR | 30.1% |
| Segments covered | Component, Deployment Model, Technology, Application, Game Type, and Region. |
| Drivers | Increase in demand for monitoring and tracking data of players. Surge in demand for chatbots and virtual assistants to interact with followers. Rise in demand for real-time data analytics. |
| Opportunities | Upsurge in demand for AI to make future predictions |
| Restraints | Lack of trained & skilled professionals High implementation and maintenance cost |
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The software segment to maintain its leadership status throughout the forecast period
By component, the software segment held the highest market share in 2022, accounting for more than two-thirds of the AI in sports market revenue and is estimated to maintain its leadership status throughout the forecast period. The adoption of AI in sports continues to grow across various industries and rising demand for software services to build and deploy new gaming systems. However, the services segment is expected to portray the largest CAGR of 32.9% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Services in the artificial intelligence in sports industry include a variety of products and services offered by businesses to help the sport sector to manage the sports related activities, which drives the market growth for this segment in the global market.
The on-premise segment to maintain its lead position during the forecast period
By deployment model, the on-premise segment accounted for the largest share in 2022, contributing to nearly three-fifths of the AI in Sports market revenue, as on-premise deployment mode may provide an extra level of security to the organizations. These factors further drive the demand for this segment in the global market. However, the cloud segment is expected to portray the largest CAGR of 30.8% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The growth of the segment of cloud security is mainly driven by the increase in the adoption and susceptibility of wireless networks, as facilities increasingly rely on wireless networks for data transfer.
The machine learning segment to maintain its leadership status throughout the forecast period
By technology, the machine learning segment held the highest market share in 2022, accounting for less than two-fifths of the AI in sports market revenue, and is estimated to maintain its leadership status throughout the forecast period. Machine learning in security continually learns by examining data to locate trends, enabling users to more effectively detect malware in encrypted communications and identify insider risks. However, the natural language processing segment is projected to manifest the highest CAGR of 34.2% from 2023 to 2032. The increasing demand for effective cloud-based solutions to protect player privacy is further expected to propel global market growth.
The performance improvement segment to maintain its leadership status throughout the forecast period
By application, the performance improvement segment held the highest market share in 2022, accounting for more than one-fourth of the AI in sports market revenue, and is estimated to maintain its leadership status throughout the forecast period. As improved performance of the players can also impact the game. However, the injury prevention segment is projected to manifest the highest CAGR of 36.7% from 2023 to 2032. The increasing demand for effective injury prevention solutions to protect players is further expected to propel global market growth.
The football segment to maintain its leadership status throughout the forecast period
By game type, the football segment held the highest market share in 2022, accounting for more than one-fourth of the AI in sports market revenue, and is estimated to maintain its leadership status throughout the forecast period. AI algorithms can simulate injuries in football games, adding an element of unpredictability to matches further creating lucrative opportunities for the global market. However, the basketball segment is projected to manifest the highest CAGR of 34.2% from 2023 to 2032. AI can process vast amounts of data, including player statistics, historical match data, and scouting reports, to provide coaches with actionable insights further expected to propel global market growth.
North America region to maintain its dominance by 2032
By region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the AI in sports market revenue. The region's robust business sector, has been an early adopter of AI in sports that is anticipated to propel the growth of the market, which is further anticipated to propel the growth of the market in this region. However, Asia-Pacific is expected to witness the fastest CAGR of 34.3% from 2023 to 2032, and is likely to enhance the market growth during the forecast period. As the key players are investing heavily in automation and AI in sports to enhance productivity, improve efficiency, and address labor shortages are expected to provide lucrative growth opportunities for the market in this region, which is expected to provide lucrative growth opportunities for the market in this region.
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Leading Market Players: -
- Catapult Group International Ltd.
- Facebook Inc.
- IBM Corporation
- Microsoft Corporation
- Salesforce.com Inc.
- SAP SE
- SAS Institute Inc.
- Sportradar AG
- Stats Perform
- Trumedia Networks.
The report provides a detailed analysis of these key players in the AI in sports market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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