AI Market In Sports Market Size (2024 - 2029)

Artificial Intelligence (AI) in Sports Market Analysis

The AI Market In Sports Industry is expected to grow from USD 5.93 billion in 2024 to USD 20.94 billion by 2029, at a CAGR of greater than 28.69% during the forecast period (2024-2029).

The growth of the market is driven by the increasing use of technology in sports, particularly in well-developed sports. As the prices of these services decrease due to economies of scale, they are expected to be utilized in university and junior levels of various sports. Furthermore, as technology evolves every year, its applications are expected to widen.

• The volume of on-field and off-field data generated by various sports organizations has increased, leading to the need for managing and analyzing the data. As a result, the number of wearable devices in the sports industry has increased to meet the growing demand for monitoring and tracking player data. These devices generate detailed data on player performance and fitness variables such as heartbeat, speed, and acceleration.
• In November 2023, Loughborough University and Signify Group, one of the global leaders in leveraging AI to combat online abuse and threat, announced a collaboration that would see them collaborate on academic research into online abuse in sports. Signify has a proven track record in the sector, conducting high-profile projects with leading organizations in international football, tennis, cricket, esports, rugby, basketball, and athletics organizations.
• Artificial intelligence is used to analyze the data and engage fans. Real-time insights generated through data analysis during match time help teams make changes to their strategies. The growth of worldwide artificial intelligence in the sports market is driven by the desire for virtual assistants and chatbots to communicate with fans, as well as the increasing demand for player monitoring and tracking data.
• The expansion of the market is also fueled by the rise in demand for real-time data analytics. However, it is limited by the shortage of qualified and competent personnel, as well as the high installation and maintenance costs. Nonetheless, the increasing demand for AI in generating future predictions is expected to create lucrative opportunities for market advancement during the projected period.

Artificial Intelligence (AI) in Sports Industry Segmentation

Artificial Intelligence is a part of computer science deployed to mimic human functions like reading, answering, and recognizing images or voices of things to transform or improve decision-making based on data received from other sources. Artificial intelligence in sports is being employed to track player performance and help improve the health of the player through suggestions on injury - but now AI and machine learning are being used in sports enterprise applications to enhance sports planning.

The artificial intelligence market in sports is segmented into application (player analysis, fan engagement, data interpretation & analysis, and other applications), deployment (on-premises and cloud), and geography (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa). The report offers market forecasts and size in value (USD) for all the above segments.