The Smart Stadium Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smart Stadium Global Market Report 2024, The smart stadium market size has grown exponentially in recent years. It will grow from $11.19 billion in 2023 to $13.83 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%. The growth in the historic period can be attributed to enhanced fan engagement, operational efficiency and cost reduction, safety and security measures, data monetization opportunities, sustainability initiatives.
The smart stadium market size is expected to see exponential growth in the next few years. It will grow to $31.24 billion in 2028 at a compound annual growth rate (CAGR) of 22.6%. The growth in the forecast period can be attributed to 5G connectivity and high-speed networks, contactless and cashless transactions, personalized fan experiences, smart venue management and analytics. Major trends in the forecast period include smart seating and viewing experiences, advanced security and surveillance, green and sustainable initiatives, real-time data analytics for operations, smart parking and transportation solutions.
The growing sports league culture is projected to propel the growth of the smart stadiums market in the coming years. A sports league is a group of clubs that play against one another with a set of rules and procedures. Smart stadiums provide fans and employees with a wealth of information about the game, parking options, seat upgrades, and the overall experience at their sports facility. For instance, in August 2023, construction management, a US-based magazine, the stadium’s capacity will reach over 50,000 with the addition of 7,300 seats from the new stand, which will also have commercial space, better accessibility, and local transportation. Therefore, the growing sports league culture drives the smart stadiums market growth.
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The smart stadium market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: On-Premise, Cloud, Hybrid
3) By Application: Stadium And Public Security, Building Automation, Event Management, Crowd Management, Other Applications
Major companies operating in the smart stadiums market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the smart stadiums market foster innovation, leverage complementary expertise, and accelerate the development and commercialization of advanced therapies by combining resources and capabilities. For instance, in September 2023, JIG-SAW, a US-based provider of business information and data services partnered with Climatec LLC a US-based company that provides building technologies and energy solutions. This partnership is to provide the San Diego Padres (MLB) with Smart Stadium technology. Through this partnership, Petco Park will become an intelligent and connected venue through the integration of Climatec’s building automation solutions and the deployment of JIG-SAW’s IoT technology to develop and manage networks of smart equipment. The partnership between the two businesses, which will use IoT and building automation technology to improve the entire fan experience and streamline stadium operations, marks a significant step in the digital revolution of sporting stadiums.
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