by Artificial intelligence in sports is transforming the industry by enabling predictive analytics with datasets. The artificial intelligence in sports market provides AI-powered sports analytics solutions that leverage large volumes of data from player performance, game strategies, fan engagement and more. These solutions help improve player performance and coaching strategies, enhance fan experiences, and optimize team management.
The Global Artificial Intelligence in Sports Market is estimated to be valued at US$ 30.98 Billion in 2024 and is expected to exhibit a CAGR of 26% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Artificial Intelligence in Sports are Amazon Web Services, Inc., Apple Inc., Catapult Group International Ltd, Fujitsu Limited, Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Movella Holdings Inc., NEC Corporation, Oracle Corporation, Perform Group, Qualcomm Technologies, Inc., Salesforce.com Inc., and SAS Institute, Inc. These leading solution providers are focusing on developing advanced AI and machine learning capabilities for various sports analytics applications.
The growing availability of sports data from various sources including wearables, cameras, sensors and social media is fueling the Artificial Intelligence in Sports Market Demand for AI-powered analytics. Sports organizations are increasingly adopting AI to gain meaningful insights from these vast datasets to improve player and team performance, enhance coaching methods, and deliver personalized fan experiences.
Globally, sports governing bodies and league owners are also embracing AI technologies to scale their reach. For instance, several football and cricket leagues are exploring AI-based predictive analysis, computer vision and AR/VR to engage younger audience and fans worldwide. AI is enabling new revenue streams and transforming global sports business models.
Market Key Trends
One of the key trends in the artificial intelligence in sports market is the increasing integration of advanced computer vision and camera sensor technologies. Solution providers are leveraging CV and sensor data from equipment like smart balls, jerseys and court/field cameras to capture intricate player movement patterns, analyze form/technique, detect injuries and provide real-time feedback. This helps optimize player performance as well as develop immersive fan experiences through augmented match broadcast. The artificial intelligence in sports market is also witnessing growing investments in AI training and the development of customized neural network models for sport-specific predictive analysis and strategic decision making.
Porter’s Analysis
Threat of new entrants: The Artificial Intelligence in Sports Market Analysis has some barriers for new entrants like high initial setup costs and dominance of major players with strong brand names and integrated business models.
Bargaining power of buyers: Sports organizations and event management companies have strong bargaining power as they can switch between various AI solution providers due to low switching costs.
Bargaining power of suppliers: Technology companies who provide AI solutions have moderate bargaining power due to presence of alternatives and buyers not being largely dependent on a single supplier.
Threat of new substitutes: Risk of new substitutes is moderate as artificial intelligence helps improve game insights, player performance and fan engagement which cannot be fully substituted.
Competitive rivalry: The market is competitive due to presence of major AI technology companies looking for new growth avenues.
Geographical regions where the market in terms of value is concentrated include North America and Europe. North America currently dominates the market due to high adoption of artificial intelligence solutions across major sports leagues and teams like NBA, NFL and MLB for improving game operations, analytics and fan engagement.
The fastest growing region for the artificial intelligence in sports market is expected to be Asia Pacific with countries like China, India and Japan rapidly adopting AI. Increasing fan engagement through digital platforms and emphasis on using data analytics to identify player strengths and weaknesses will drive the adoption of AI-based solutions in the Asia Pacific region during the forecast period of 2024 to 2031.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
