Published Date: 30-Apr-22
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According to a new report, published by KBV research, The Global Artificial Intelligence in Sports Market size is expected to reach $7.3 billion by 2027, rising at a market growth of 30.7% CAGR during the forecast period.
The Software segment acquired maximum revenue share in the Global Artificial Intelligence in Sports Market by Component in 2020, thereby, achieving a market value of $5.0 billion by 2027. This is because AI software is frequently employed in the sports business for a variety of applications including player tracking, training planning, customer management, and customer behavior research.
The Football segment dominated the Global Artificial Intelligence in Sports Market by Game Type in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2.2 billion by 2027. This is because AI-powered algorithms can provide additional value to the football game. Goal-Line Technology (GLT) and Video Assistant Referee (VAR) have increased the efficiency of the game by assisting referees in making the best decisions possible during the game. Moreover, Olocip, a Madrid-based firm, employs machine learning algorithms to forecast on-field success or failure for the next 15 minutes while the game is in progress.
The Game Planning segment is leading the Global Artificial Intelligence in Sports Market by Application in 2020, thereby, achieving a market value of $2.2 billion by 2027. Artificial intelligence can completely transform game planning by leveraging the potential of Natural Language Processing (NLP). In addition, coaches make game planning by leveraging the data of previous metrics and making informed decisions based on that data.
The Data Analytics segment has shown a growth rate of 31.6% during (2021 - 2027). Sports are increasingly embracing data analytics, which employs statistical techniques and models to offer insights into future events in order to make predictions. These analytics are used by the coach and the sports analyst to understand previous game occurrences, athlete or player performance, and team performance. Predictions for future sporting events are made based on this information, and sports organizations can use the algorithm to provide alternative outcomes, resulting in better decision-making.
The North America is the fastest growing region in the Global Artificial Intelligence in Sports Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2.5 billion by 2027. The Europe market is estimated to grow at a CAGR of 29.8% during (2021 - 2027). Additionally, The Asia Pacific market would experience a CAGR of 33.1% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/artificial-intelligence-in-sports-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Catapult Group International Ltd., Facebook (Meta Platforms, Inc.), IBM Corporation, Microsoft Corporation, Salesforce.com, Inc., SAP SE, SAS Institute, Inc., Sportradar AG, Stats Perform, and Trumedia Networks.
By Component
By Game Type
By Application
By Deployment Model
By Technology
By Geography
Companies Profiled
Unique Offerings from KBV Research
Related Reports:
North America Artificial Intelligence in Sports Market, Future Scope & Opportunities 2021-2027
Europe Artificial Intelligence in Sports Market, Size & Growth Forecast 2021-2027
Asia Pacific Artificial Intelligence in Sports Market, Size, Share & Industry Outlook to 2027
LAMEA Artificial Intelligence in Sports Market, Growth, Trends and Forecasts 2021-2027