Artificial Intelligence in Sports Market to Reach Valuation of USD 7757.0 Million by 2028 - Increasing Demand for Artificial Intelligence in Sports in Retail Sector to Drive the Market Growth

Vantage Market Research

Apr 15, 2022

From the period 2022 to 2028, the Global Artificial Intelligence in Sports Market is expected to reach USD 7757.0 Million in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 29.70%. In sports, artificial intelligence is used to draw correlations between qualitative and quantitative variables, which are then measured to predict the corresponding qualitative value. When preparing for a game, artificial intelligence can be used to identify patterns in opponents' tactics, strengths, and weaknesses. Globally, increasing keen fan engagement in sports activities is driving the market growth. The increasing use of Artificial Intelligence in Sports such as cricket, football, basketball, tennis, and baseball are also contributing to the growth. The demand for player monitoring and tracking data, as well as the need for real-time data analytics to improve performance, is driving the Global Artificial Intelligence in Sports Market forward.

Key Highlights from the Report

  • Based on Technology, the market is divided into Machine Learning, Natural Language Processing, Computer Vision, Data Analytics, and Others. With increased digitalization around the world, the adoption of technology in sports is gaining traction. With the implementation of AI and machine learning applications in various sports, sports organizations and academies can use their data to improve all aspects of their operations. Predictive analytics can assist in making targeted decisions and strategic changes that affect every aspect of a sports organization, from player recruitment and performance to ticket sales. This technology is being used to improve game patterns in a variety of sports.

  • Based on Game type, the market is divided into Football, Cricket, Tennis, Basketball, Baseball and Others. The football segment held the highest market share in 2021, accounting for more than one-fourth of the Global Artificial Intelligence in Sports Market, and is expected to maintain this position throughout the forecast period. This is due to the use of Internet of Things (IoT) devices such as sensors, GPS trackers, and computer vision algorithms to track the movement of players and balls. The basketball segment, on the other hand, is expected to grow at the fastest rate, owing to the utility of AI in-game analysis for identifying trends and analyzing numerous variations of plays such as pick-and-rolls.

  • Asia Pacific is the fastest regional segment in terms of growth. Due to increased technology investments in industries such as cloud and digital technologies, Asia-Pacific is expected to have the quickest Compound Annual Growth Rate (CAGR) during the projection period. This market is expanding in the region as a result of favorable government initiatives to increase AI usage. Furthermore, the increased rate of technology use is one of the primary factors supporting the regional market value. Furthermore, the changing market environment and higher rates of technology adoption across the region are driving up the adoption of Artificial Intelligence in Sports across the Asia-Pacific region.

Some of the key players in the Artificial Intelligence in Sports Market include - SAS Institute Inc., Opta Sports (Perform Group), Sportsradar AG, Catapult Group International Ltd, IBM Corporation, SAP SE, Trumedia Networks, Inc. (Tableau Software Inc.).

Market Dynamics:

Growing Demand for Real-Time Data Analytics

Artificial intelligence (AI) in sports helps to engage fans and collect crucial data during games in order to provide real-time insights for improving the game. The mobile app is utilized to obtain insights, which are subsequently shared with team members and strategists. Real-time information is used to improve the player's and, as a result, the team's execution. This data assists team members in studying prior game patterns, which may be used to predict the opponent's progress using high-level analytics and create a useful game plan. Sports analysts can examine past statistics to help a team enhance its performance.

Surge in Demand for Chatbots and Virtual Assistants to Interact with Followers

The demand for social media virtual assistants is increasing rapidly, as they perform all of the duties of a social media manager. Furthermore, they handle time-consuming social media tasks so that players can concentrate on their practices and team management. Furthermore, the rise in popularity of players, as well as sports, has made it difficult for players to interact with each fan. In this case, virtual assistants can respond to comments, research hashtags, optimize their posts, and send follow-up messages. Furthermore, as chatbot technology advances, players can delegate messages replying to chatbots, which are now capable of carrying out human-like conversations and adapting their responses to different situations. Thus, the increased use of virtual assistants and chatbots to interact with fans and followers contributes significantly to the growth of the Global Artificial Intelligence in Sports Market.

In the 2021 Artificial Intelligence in Sports industry, North America has the highest revenue share (42.50%) for artificial intelligence. A high number of professional organizations in the region, as well as an increase in revenue from the North American sports business, are driving up the regional market value. It has one of the world's most active domestic league systems. At the university and league levels, sports receive significant social and economic investment. The region's major economies, such as the United States and Canada, contribute the most revenue. This market is expanding in the region as a result of favorable government initiatives to increase AI usage. Furthermore, the increased rate of technology use is one of the primary factors supporting the regional market value.