To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges).
Northbrook, IL -- (SBWIRE) -- 11/03/2020 -- According to a market research report "Smart Stadium Market by Software (Digital Content Management, Stadium & Public Security, Building Automation, Event Management, Network Management, and Crowd Management), Service (Consulting, Deployment, and Support), and Region - Global Forecast to 2023" published by MarketsandMarkets™, the smart stadium market size estimated to grow from USD 4.60 Billion in 2018 and expected to reach USD 12.50 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period. The major factors driving the growth of the smart stadium market include the upcoming national and international sporting events, stringent security regulations by sports governing bodies, and increasing adoption of IoT technologies for efficient management of stadium infrastructure.
Browse 119 market data Tables and 54 Figures spread through 164 Pages and in-depth TOC on "Smart Stadium Market - Global Forecast to 2023"
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Network management software is estimated to hold the largest market share
The network management software is expected to have the largest market share in the smart stadium market. Network infrastructure is the backbone of any smart stadium, it plays an important role in managing stadium operations and enhancing the fan experience in stadium. Hence, stadium owners are primarily investing in deploying hi density Wi-Fi and network management software. It ensures users receive IT services anywhere, anytime. With the help of network management platforms, network administrators can easily detect any failure in the network and resolve issues in the real time by informing the support personnel. They also help analyze the volume of data being transferred over the network and automatically route the data to avoid congestions that can result in network crashes.
Support and maintenance service is expected to grow at a higher rate during the forecast period
The support and maintenance service segment is expected to grow at a higher rate during the forecast period. There are several connected devices that help in the operations of smart stadiums. A failure of any one of these devices can cause inefficiency, resulting in financial loss. Support and maintenance service ensures regular maintenance, 24/7 troubleshooting assistance, software upgrades, problem-solving, repair and replacement of failed components, emergency response management, and other vital services that help in uninterrupted operations of smart stadium.
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Europe is expected to hold the largest market share during the forecast period
Europe is expected to hold the largest market share. Europe has a total of 1,335 stadiums, according to worldstadiums.com. The number of professional sports leagues and teams is the highest in this region. Furthermore, the franchise of sports league spends significant amount of their revenue on stadiums to create a memorable experience for their fans in the stadiums. Apart from this, Europe has very strict public safety regulations that have forced regulatory and governing bodies to enhance the stadium and public security during events and games.
The major vendors covered in the smart stadium market include IBM (US), Tech Mahindra (India), NEC (Japan), Cisco (US), Huawei (China), Intel (US), Fujitsu (Japan), Johnson Controls (Ireland), NTT (Japan), Ericsson (Sweden), GP Smart Stadium (Netherlands), Centurlink (US), NXP Semiconductors (Netherlands), Vix Technology (Australia), Intechnology (UK), Hawk-Eye Innovations (UK), Locbee (Hungary), Insprid (UK), Byrom (UK), Volteo (US), Dignia (Israel), Atos (France), Honeywell (US), UCOPIA (France), Schneider Electric (France ), and AllGoVision (India).
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