Artificial intelligence in Sports Market Expected to Reach $19.2 Billion by 2030

According to a recent report published by Allied Market Research, titled, “Artificial intelligence in sports Market by Component, Deployment Model, Technology, Application, and Sport Type: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global artificial intelligence in sports market size was valued at $1.4 billion in 2020, and is projected to reach $19.2 billion by 2030, growing at a CAGR of 30.3% from 2021 to 2030.

Artificial intelligence (AI) refers to technology that imitates human tasks, often using machine learning as the method to learn from data how to outdo these tasks. It helps coaches and analysts make better decisions in sports. In addition, virtual reality platform with AI technology is providing a realistic experience in a virtual environment that matches the experience of witnessing the game live. Moreover, with the emergence of 5G, such experiences will get more interactive, thus revolutionizing the sports industry. Furthermore, the key factor that drives the growth of the artificial intelligence in sports market includes increase in demand for monitoring and tracking data of players and growing demand of chatbots and virtual assistants to interact with followers is boosting the growth of the global artificial intelligence in sports market. In addition, increasing demand of real time data analytics positively impacts the growth of the ai in sports industry. However, lack of trained & skilled professionals and high implementation and maintenance cost hamper the market growth. On the contrary, increasing demand of AI for making future predictions is expected to offer remunerative opportunities for expansion of the artificial intelligence in sports market during the forecast period.

Depending on technology, the machine learning segment garnered the largest share of the market, as machine learning helps to provide proper data for player recruitment and performance. In addition, machine learning provides researchers and innovators from sports and related industries technical support towards the growing digitization’s and automation, which positively impacts growth of the market. However, the natural language processing segment is expected to grow at the highest rate during the forecast period, as natural language processing services reduce time and costs associated with optimizing systems in the initial phase of deployment.

Region wise, the AI in sports industry was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to increase in adoption of AI by major sports such as basketball, baseball, football, and tennis. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to countries such as China with high investments in AI technology. In addition, rise in number of sports competitiveness across the nations for higher position is driving the artificial intelligence in sports market size.

The COVID-19 pandemic has forced artificial intelligence in sports professionals to change their priorities/activities and increase their workload. In addition, AI technology is starting to be used to predict how switching a few players might impact the results of a game. Of course, the final tactical decision would be up to the coach, but AI technology could provide objective analysis to every coach and player, so as not to confer any unfair advantage while elevating the overall acumen and excitement of the game. Furthermore, the COVID-19 pandemic has helped the sports industry increase their digital transformation and help tap the untapped fans. For instance, According to Lehew, only about 1% of sports fans ever actually attend a game. The rest watch from their homes. And that 99% watching from the comfort of their couch is a huge untapped source of revenue. Thus, teams and leagues are also trying to improve the visual experience of watching a game from home during the pandemic.  

Key Findings Of The Study

• By component, the software segment accounted for the largest artificial intelligence in sports market share in 2020.
• By region, North America generated highest revenue in 2020.
• By technology, the machine learning generated the highest revenue in 2020.

The key players profiled in the artificial intelligence in sports market analysis are Catapult Group International Ltd, Facebook Inc, IBM Corporation, Microsoft Corporation, Salesforce.com Inc, SAP SE, SAS Institute Inc., Sportradar AG, Stats Perform, and Trumedia Networks. These players have adopted various strategies to increase their market penetration and strengthen their position in the AI in Sports Industry.