Global Artificial Intelligence in Sports Market is expected to be worth roughly USD 8,592 Million by 2030, growing at a CAGR of more than 32.8% during the projected timeframe of 2022-2030, according to Ameco Research
The global artificial intelligence in sports market is projected to expand at a steady rate in the coming years. Artificial intelligence (AI) is primarily utilized in the sporting world to monitor and control player activities and to boost player health through accident prevention suggestions. Furthermore, machine learning and artificial intelligence are employed to continue improving sports scheduling in a wide range of sporting industrial applications, which tend to range from automation to internet backbone vision concepts. AI is employed in a range of capacities in the sports industry, including machine learning, brand management, robotic journalism, as well as wearable electronics. Artificial intelligence (AI) refers to the technologies that resemble living beings' capabilities and, in so many cases, utilize machine learning to figure out how and where to over perform these jobs based on information. It helps trainers and analysts make better sporting decisions.
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Global Artificial Intelligence in Sports Market Dynamics
Increases in the demand for player tracking and monitoring information, as well as an increasing preference for virtual assistants and chatbots to interact with fans, are some of the market's growth drivers. Furthermore, the increasing need for real-time predictive analytics is helping to accelerate the emergence of Artificial intelligence technology in the sports world. Furthermore, rising inflation for Automation for making additional forecasts is predicted to play a significant role in increasing the rate of Ai applications in the sporting world. On the other hand, one of the barriers to the expansion of AI in the sporting world is a shortage of experienced and skilled experts, as well as expensive installation and maintenance expenses.
Artificial intelligence is growing rapidly in sports around the world, with various applications from post-game assessment to in-game exercise to the consumer experience. Furthermore, Deep learning is being used to assist players in enhancing their performance. Applications such as ESPN Player, HomeCourt, as well as MaxOne (M1) AI SmartCoach use artificial intelligence and machine learning to assess professional athletes' strengths and create a suitable educational environment. Sports players' measured values are also registered in order to assist them in comprehending the areas in which they have the greatest potential to succeed as well as those in which they must still advance.
Market Segmentation
Ameco Research has fragmented the global artificial intelligence in sports market by component, application, technology, and sport type. In terms of the components, the market is further segmented into software, hardware, and services. The software category held the significant share of the market in 2021, and is capturing almost three-fourths of the worldwide market, and therefore is expected to sustain its revenue shares over the projected timeframe. This is because of the extensive use of artificial intelligence and machine learning as well as sophisticated existing technologies to excavation enormous amounts of information for meaningful data and better-informed decision-making.
In term of technology, the industry is sub-categorized into cognitive computing, data analytics, machine learning, computer vision, natural language processing, decisions as a service, and others. Moreover, the market is divided into game planning, performance improvement, sports recruitment, game tactics, and injury prevention, based on application. According to the artificial intelligence in sports market forecast, the performance improvement segment is predicted to expand significantly in the market over the next few years.
Based on the sport type, the market is further segmented into cricket, basketball, baseball, football, tennis, and others. The football segment had the largest market share in 2021 and also is expected to maintain that position throughout the projected timeline. This is due to the use of Internet of Things devices like sensing devices, GPS trackers, as well as machine vision methodologies to monitor the movements of gamers and balls.
Regional Outlook
The global artificial intelligence in sports market is divided into five geographic regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. According to artificial intelligence in sports industry analysis, North America accounted for a significant revenue share of the market in 2021, properly accounted for more than one-third of the worldwide artificial intelligence in the sports market, and is expected to continue to dominate by 2030. This is due to a large number of artificial intelligence (AI) strategies in sporting activities from distributors such as Oracle Corporation, SAS, IBM, and many others.
Market Competitors
Some of the most notable worldwide artificial intelligence in sports market players are Amazon Inc., ARM Limited, Catapult Group International Ltd, Facebook Inc., IBM Corporation, Microsoft Corporation, Salesforce.com Inc. (Tableau Software Inc.), SAS Institute Inc., Apple Inc., Atmel Corporation, Cisco Systems, Inc., Fujitsu Ltd., Micron Sports Level Inc., Opta Sports (Perform Group), SAP SE, and Sportsradar AG.
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