What's driving the Stadium Security Market Growth? Prominent Players: Honeywell, Avigilon, Bosch Security and Safety Systems, and AxxonSoft, Intel Corporation, Genetec Inc., Rapiscan Systems, Dallmeier electronic, and Cisco
The increasing number of sports events and concerts in stadiums is aiding expansion of the global stadium security market. Fortune Business Insights in a report, titled “Stadium Security: Global Market Analysis, Insights and Forecast, 2018-2025” published the above information. The report offers exclusive insights into the market. The rising importance on public safety and security in stadiums is gaining importance across the world. This is compelling stadium owners to install well-equipped solid security system such as metal detectors, intrusion alarm systems, access control systems, CCTV cameras, and fire alarm systems. Over the past few years some unfortunate incidents have taken place in stadiums. Taking this into consideration, the stadium management decided to install facial recognition systems and restrict entry of troublemakers.
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According to the report, the global market was valued at US$ 6,236.9 Mn in the year 2017 and is expected to reach US$ 16,057.6 Mn by 2025. In addition to this, the global market is anticipated to exhibit a remarkable CAGR of 12.8% during the forecast period.
Stadium Seating Capacity Ranging from 30000-50000 Exhibits 13.4% CAGR
As per seating capacity, stadiums with capacity between 30000 and 50000 are anticipated to grow at a rapid pace. Furthermore, this range is expected to rise at a CAGR of 13.4% driven by rising number of events and concerts. On the other hand, stadiums with a capacity of less than 30000 seats are projected to account for the highest share in the global market. However, this segment is anticipated to exhibit a CAGR of 12.5% during the forecast period.
Some of the leading players in the global stadium security market are
Honeywell International Inc.
BOSCH Security Systems
CISCO Systems Inc.
North America is expected to lead the global stadium security market in the forecast years. Predominantly, Canada and the U.S are on constant risk of terrorist attacks, which compels the stadium owners to adopt stadium security solutions. The market in this region was valued at US$ 2486.3 Mn as per revenue in 2017. Rapid technological advancements in stadium security systems and growing demand for maintaining stadium infrastructure are driving the market in North America.
The market in Asia Pacific is expected to gain an impressive share in the forecast years. The region is witnessing several national and international sports events, which is creating attractive growth opportunities for the market. In addition to this, stadium management is adopting stadium security technologies in order to engage their spectators at stadiums. With the emergence of advanced technology, construction of smart stadiums is being carried out in this region. This is further expected to fuel demand for public address system for the effective crowd management.
Integration of IoT in Stadium Security Systems to Support Growth
A lead analyst at Fortune Business Insights said, “Technological advancements such as adoption of internet of things (IoT) in stadium security systems is expected to enhance the spectator experience.” He added, “Upgradation of stadium security plan can offer a convenient and personalized experience to spectators and simultaneously ensures complete security.” Moreover, IoT adoption helps in the effective management of stadium infrastructure, contributing towards the growth of the market.
Competitive Rivalry Among Players Spikes Installation of Advanced Stadium Security Tools
Increasing terrorist threats and pressing need for ensuring public safety are compelling companies to develop innovative and smart stadium security measures. To gain an edge over strong competition, several leading players are installing stadium security systems at some major stadiums to maintain their position in the global market. For instance, Vodafone is projected to design a smart stadium security system for FIFA World Cup 2022 in Qatar. The market position of companies is determined based on the number of tenders they receive from sports government agencies.
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