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Smart Stadium Market Report 2024-2033 | Size, Share, and Insights
Smart Stadium Market Size
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
The integration of advanced technologies is shaping the smart stadiums market. Major players in the smart stadium sector are focusing on the integration of advanced technologies to provide an immersive experience to fans watching from around the world. For instance, in May 2022, Google LLC, a US-based multinational technology company and Accentur*e plc, an Ireland-based information technology, and services company, and Telstra Group Limited is an Australia-based telecommunication company collaborated to offer smart stadium features in an Australian football stadium, Marvel, by creating 5G-powered AR wayfinding. The 5G-powered AR wayfinding.5G-powered AR wayfinding is developed by combining Telstra's 5G capabilities with Google's Cloud platform, machine learning and ARCore Geospatial API will provide visitors with a virtual experience such as interactions with virtual brands and digital characters, as well as directions to their seats and other wayfinding features to enhance people's interactions with the physical environment around them.
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Major Key Players of the Market:
Nippon Telegraph and Telephone Corporation, Huawei Technologies Co Ltd., Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., Fujitsu Limited, Telefonaktiebolaget LM Ericsson, Johnson Controls International plc, NEC Corporation, CenturyLink Inc., Infosys Limited, NXP Semiconductors NV, Locbee, Atos SE, Tech Mahindra Limited, HPE Aruba Networking, Vix IP Pty Ltd., John Mezzalingua Associates LLC, Hawk-Eye Innovations Ltd., Volteo Technology Pvt Ltd., Dignia Systems Limited, Precision Sports Technologies Ltd., AllGoVision Technologies Pvt Ltd., GP Smart Stadium, Dignia Volteo GP Smart Stadium, Intechnology Byrom Ltd., Insprid Lead Ltd., Ucopia Communications SA
Smart Stadium Market 2024 Key Insights:
• 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%.
• Driving Force Of Smart Stadium Market Is The Rise Of Sports Leagues And Expanding Fan Experiences
• Spearheading The Future Of Fan Engagement Through Innovations In Smart Stadium Technology
• Europe was the largest region in the smart stadium market in 2023
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