Artificial Intelligence in Sports Market

Market Synopsis:

The Global Artificial Intelligence in Sports Market is valued at USD 1,629.5 Million in the year 2021 and is projected to reach a value of USD 7757.0 Million by year 2028. The Global Market is expected to grow exhibiting Compound Annual Growth Rate (CAGR) of 29.70% over the forecast period.

Artificial Intelligence (AI) is mostly used in the sports business to track player performance and to improve the player's health by making injury-prevention recommendations. Furthermore, AI and machine learning are being used in a variety of sports industry applications to improve sports planning, ranging from chatbots to network vision concepts. In the sports sector, AI is used in a variety of ways, including computer vision, automated journalism, marketing, and wearable technologies.

With increased digitalization around the world, the adoption of technology in sports is gaining traction. Sports organizations and academies may use their data to better every aspect of their operations with the implementation of AI and machine learning applications in various sports. Predictive analytics can help make targeted decisions and strategic changes that affect every aspect of a sports organization, from player recruiting and performance to ticket sales. This technology is being used in a variety of sports to improve game patterns.

Market Segmentation:

The Artificial Intelligence in Sports Market is segmented on the basis of Component, Deployment, Technology, Application and Game type. On the basis of Component, the market is divided into Software and Service. On the Basis of Deployment, the market is divided into On-premise and Cloud. On the basis of Technology, the market is divided into Machine Learning, Natural Language Processing, Computer Vision, Data Analytics and Others. Based on Application, the market is divided as Game Planning, Game Strategies, Performance Improvement, Injury Prevention Sports Recruitment and Others. Based on Game Type, the market is divided into: Football, Cricket, Tennis, Basketball, Baseball and Others.

Based on Component

On the basis of Component, the market is divided into Software and Service. The software segment held the largest market share in 2021, accounting for nearly three-fourths of the Global Artificial Intelligence in Sports industry, and is expected to maintain its revenue lead throughout the forecast period. This is due to the widespread use of AI and advanced machine learning algorithms to mine massive amounts of data for meaningful insights and better-informed decisions. However, the services segment is expected to grow at the fastest rate, owing to increased demand for software-as-a-service (SaaS) for numerous benefits such as scalability and one-time customer acquisition cost.

Based on Application

Based on Application, the market is divided as Game Planning, Game Strategies, Performance Improvement, Injury Prevention Sports Recruitment and Others. Artificial Intelligence (AI) is mostly used in the sports business to track player performance and to improve the player's health by making injury-prevention recommendations. Furthermore, AI and machine learning are used in a variety of applications, ranging from chatbots to network vision concepts.

North America is expected to acquire the largest market share during the year 2021

North America has the highest revenue share (42.50%) for artificial intelligence in the 2021 sports industry. The regional market value is being pushed up by a high number of professional organizations in the region, as well as an increase in revenue from the North American sports business. It has one of the most vibrant domestic league systems in the world. Sports receive significant social and economic investment at the university and league levels. The region's main economies, such as the United States and Canada, are the major revenue contributors. Due to favorable government initiatives to boost AI usage, this market is growing in the region. Furthermore, one of the primary elements supporting the regional market value is the increased rate of technology use. Furthermore, the changing market environment and higher technology adoption rates across the region are increasing the adoption of Artificial Intelligence in Sports across North America. Several ice hockey clubs have recently begun to invest in analytics, while American Football continues to be a powerful market.