The growing sports and entertainment sector has led to an increase in the demand for smart stadiums, which will help in imparting better customer experience and security along with better presentation as well revenues.
The global smart stadium market that was estimated to be worth USD 4.62 Billion in 2016 is projected to reach a value of USD 17.32 Billion by 2021, growing at a CAGR of 30.2% during the period 2016–2021.
Based on software, the digital content management is expected to account for the highest market share, mainly due to the rapid digitization and rising focus on sharing of digital content with users so that they can avail various benefits and offers. However, the network management software is projected to grow at the highest CAGR over the forecast period, owing to the large number of devices that are connected to wired or no-wired network in stadiums. On the basis of deployment model, the on-demand deployment model is anticipated to take up the largest share in this market as well as grow at the highest rate in the coming years, since the organizations are nowadays focusing more on reducing operational costs along with improved efficiency, high security and low maintenance, and easy installation, among others.
Among services, the professional services segment is expected to be the dominant segment, owing to the increased focus of organizations to offer specialized services in order to achieve better customer experience and operational efficiency at a reduced cost and time. Other factors like increasing demand for cloud services, data center services, network services, and its reliable and efficient integration are further said to be driving the services market.
How is the smart stadium market shaping up, geographically?
Among regions, Europe is expected to hold the largest share, thus dominating the global smart stadium market in 2016, whereas the Middle East and Africa is the fastest-growing region. This trend is expected to continue over the forecast period as well. The governments in the European region are actively undertaking many smart commitments. Many smart stadium vendors are making use of smart technology in order to develop better connected stadiums in Europe and the Middle East. Increasing adoption of digital technology and Internet of Things (IoT) and availability of adequate infrastructure for building smart stadiums coupled with increased spending by the market players in smart buildings for enhancing the efficiency are some of the factors that will boost the growth of this market in Europe, Middle East, and Africa (EMEA) region.
What is driving and restraining the market growth?
The worldwide market for smart stadiums is experiencing huge growth, mainly owing to the following factors:
- Rising trend of digital transformation and adoption of IoT technologies
- Increased focus on attracting home viewers
- Growing demand for better customer engagement and experience
- Upcoming national and international sports events across the globe like 2022 FIFA World Cup in Qatar
- Increasing government initiatives for smart building projects
- Growing need for modernization of network and telecom infrastructure
In addition, favorable market for predictive analytics vendors, rising need for optimization of energy resources across stadiums, and implementation of green initiatives are expected to offer an array of opportunities over the coming years.
On the flip side, inability of traditional stadiums to match up with the smart stadium technology and low investments in smart technology by the stadium owners in its deployment are the major factors that may hamper the growth of this market.
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Key players and growth strategies adopted by them
The major players operating in the global market for smart stadiums include Huawei Technologies Co. Ltd. (China), Intel Corp. (U.S.), NEC Corp. (Japan), Cisco Systems, Inc. (U.S.), International Business Machines Corporation (U.S.), Fujitsu (Japan), Johnson Controls (U.S.), Tech Mahindra Ltd. (India), Volteo (U.S.), and GP Smart Stadium (the Netherlands).
Strategically, various companies are adopting different growth strategies, such as mergers & acquisitions, partnerships & collaborations, and new product developments in order to increase their presence as well as share in the market. In 2013, GP Smart Stadium entered into a partnership with VDL, which is a leading seating system solution provider for deploying advanced seating system in Basrah International Stadium, Basrah, Iraq. This partnership further helped GP Smart Stadium to explore new emerging markets.