As stated in our extensive report, providing insights on Component, Deployment, Technology, Application, Game Type; the Global Artificial Intelligence in Sports Market accounted for USD 1,629.5 Million in the year 2021.
The rising acceptance of artificial intelligence in the sports sector for optimizing player profiles, reducing costs and downtime in generating data, quality, and faster sports information, the rise, increasing volume of large complex data, and the rising adoption of IoT are the key factors driving the growth of the Global Artificial Intelligence in Sports Market.
In recent years AI in the sports sector is becoming increasingly complex, dynamic, and connected. The data generation faces challenges of highly nonlinear and stochastic activity owing to the countless uncertainties and interdependencies that exist. Recent developments in Artificial Intelligence (AI), especially AI in IoT have shown great potential to transform the sports domain through advanced analytics tools for processing the vast amounts of data generated, known as Big Data.
Furthermore, the increasing scale in various sports and player information storage in emerging economies, acceptance of modern techniques, and deployment of AI technologies are expected to generate opportunities for the growth of the Artificial Intelligence in Sports Market.
Artificial Intelligence in Sports Market has been adversely affected in recent months owing to the outbreak of the pandemic, COVID-19, in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Several businesses have increased their focus on profitability and reduced their expenses in manufacturing, which is decreasing the demand for Artificial Intelligence in Sports Market.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in the coming years owing to the high demand for AI in the sports sector.Additionally, this region has the most advanced AI facilities which are boosting the market to grow. Countries such as the U.S. & Canada are considered to be the most developed countries in the field of AI advanced technology. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the adoption of AI. North America held the largest share of the Artificial Intelligence in Sports Market in 2021, followed by Europe and the Asia Pacific.In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of Research and Development (R&D) facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Global Artificial Intelligence in Sports Market such as SAS Institute Inc., Opta Sports (Perform Group), Sportsradar AG, Catapult Group International Ltd, IBM Corporation, SAP SE, Trumedia Networks, Salesforce.com Inc. (Tableau Software Inc.).