The global market for so-called ‘smart stadiums’ could be worth up to $17.3bn (€16.3bn/£13.8bn) by the year 2021, according to a new report from market research company MarketsandMarkets.
According to the study, the market is currently worth approximately $4.6bn and is set to expand at a compound annual growth (CAGR) rate of 30 percent during the period from 2016 through to 2021.
MarketsandMarkets picked out a number of “major drivers” that are helping to expand the market, such as increased frequencies of upcoming national and international sport events around the world, as well as an increasing adoption of Internet of Things (IoT), the need for modernisation of network and telecom infrastructure, and reduction in operational expense.
The company added that the professional services segment is expected to hold the largest market share in the smart stadium market, citing factors such as an increasing demand for cloud services, data centre services and network services, while the on-demand deployment model is expected to grow at the highest CAGR during the forecast period.
In addition, MarketsandMarkets said that Europe is expected to hold the largest market share of the market in the current year 2016, saying that governments in the region have undertaken a series of smart commitments that have helped to grow the sector.
To access the full report, visit the MarketsandMarkets website.
Share this