Smart Stadium Market to Reach $17 billion by 2021

Smart Stadium Market to Reach $17 billion by 2021 – Rising Focus on Enhancing Fan Engagement – Research and Markets

Research and Markets has announced the addition of the “Smart Stadium Market – Global Forecast to 2021” report to their offering.

The smart stadium market size is estimated to grow from USD 4.62 billion in 2016 to USD 17.32 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 30.2%.

This growth is attributed to various factors such as rising focus on enhancing fan engagement and offering an unforgettable customer experience, which demands the deployment of smart technologies; increasing frequency of upcoming sport events across the globe; and growing government initiatives for smart building projects. Traditional infrastructural capabilities and low investment in deployment of smart technologies are the major restraints for the smart stadium market. There are many low-income countries which lack adequate budgets to deploy technology in sports and many sports organizations in Asia-Pacific (APAC), African, and European regions have cost constraints in hiring skilled data analysis experts.

Europe is expected to hold the largest share of the smart stadium market in 2016. The factors driving the growth of the market in this region includes the presence of advanced technology; increasing spending on smart technologies along with government projects on smart cities, trialing, and implementing smart technology; and the Europe 2020 target to create favorable conditions for smart, sustainable, and inclusive growth.

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