The Smart Stadium Market estimated to be USD 4.60 billion in 2018 and is expected to reach USD 12.50 billion by 2023, growing at a Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period. The major factors driving the Smart Stadium Market include the upcoming national and internatonal sporting events, stringent secuirty regulations by sports governing bodies, and increasing adoption of IoT technologies for efficient management of stadium infrastructure. However, high intial investment and longer wait for RoI are anticipated to limit the market growth in the coming years.
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The smart stadium software service segment is expected to grow at a higher CAGR during the forecast period. The smart stadium services are broadly classified into consulting, deployment and integration, and support and maintenance. These services play a pivotal role during the planning and commission of technologies in stadium. In addition to this, support services help in seamless working of sensors, devices, and 100% uptime during the live sports events.
The building automation software is expected to grow at a higher rate during the forecast period. Most stadium operators are shifting to smart Building Automation and are seeking solutions for space utilization, operational and cost efficiencies, sustainability, and building maintenance. The adoption of smart building automation software is being driven by the increasing demand for energy-efficient, integrated, and secured stadiums. Facility management, parking management, and energy management system are the major components of building automation. The increasing number of spectators is posing a major challenge related to parking for stadium operators. Parking management systems play a key role in managing multiple parking facilities, vehicle routing, controlling access, and managing ticketing and revenue on the real-time basis. Advanced parking management systems help stadium operators ensure minimal time wastage, offer cashless and contactless payment options, enhance the vehicle security, and provide options for the pre-booking of parking spots. Stadiums are large consumer of energy for their operations, due to the use of floodlights, indoor and outdoor lighting, and heavy equipment. To optimize the use of energy for these activities, stadiums use the energy management system. Facility management system helps stadiums operators with the efficient management of facilities and associated activities.
In the Smart Stadium Market by region, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The major countries that are expected to witness high growth rates in this region include India, Japan, China, Australia, and Association of Southeast Asian Nations (ASEAN) countries. APAC is rapidly adopting digital technologies in stadium for increasing security, safety, and enhancing the fan experience. Furthermore, this region is going to host major events such as Olympics, T20 world cup, and rugby world cup driving the rapid implementation of smart stadium technologies.
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