The global smart stadium market could be worth up to $12.5bn (€0.7bn/£9.4bn) by the year 2023, according to a new report.
Published by ResearchAndMarkets.com, the ‘Smart Stadium Market by Software, Service, and Region – Global Forecast to 2023’ study values the current market at $4.6bn.
The report forecasts expansion at a compound annual growth rate of 22.1% over the next few years, due to an increase in the number of stadia transforming to become ‘smart’.
Europe is expected to hold the biggest share of the global market, with a total of 1,335 currently established across the continent.
The report also forecasts significant growth in India, Japan, China, Australia, and the Association of Southeast Asian Nations (ASEAN) countries.
The Asia-Pacific region has also been cited as a key growth area, with the report highlighting that countries across this region are “rapidly adopting digital technologies in stadiums for increasing security, safety, and enhancing the fan experience”.
In a statement, ResearchAndMarkets.com added: “Digital transformation would provide immense benefits to all stadium owners and spectators.
“Starting from the availability of parking space, the smart stadium concept could integrate multiple technologies, such as ticket management, crowd management, seat upgradation, closet bathroom queue, Wi-Fi network, food ordering, merchandise purchasing, social media updates, incident and emergency response management, smart lighting, and integrated security system.
“Digital transformations also provide a new revenue generating opportunity for stadium owners.”
The statement added: “The scope of the report covers the smart stadium market by software, services, and regions. The software segment is further divided into digital content management, stadium and public safety, building automation, event management, network management, and crowd management.
“The service segment is further segmented into consulting service, deployment and integration services, and support and maintenance services.”
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