HomeSports 2.0KreedOn Case StudyRole of Artificial Intelligence in Sports Market Growth – How AI changed...

Role of Artificial Intelligence in Sports Market Growth – How AI changed the face of global sports?

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In today’s world, where there have been various advancements in technology, artificial intelligence, also known as AI, is becoming very popular as it has various applications in all kinds of fields. Artificial intelligence focuses on creating smart machines that can replicate the human mind’s capabilities. Nowadays, we have seen how smart assistants like Alexa and Siri are playing a major role in making our lives much easier. In this blog, we will know every detail of the usage of Artificial Intelligence in sports and how AI has transformed global sports.

Use of Artificial Intelligence in Sports

Artificial Intelligence in Sports - How AI changed the face of global sports? KreedOn
Image Source: India CSR Network

Nowadays, AI is being applied in a lot of domains like sports for various purposes. The increase in the use of AI technology in major sports is boosting the growth of Artificial Intelligence in the sports market. AI technology is being implemented virtually in different sports such as football, cricket, baseball, American football, etc.

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When it comes to creating training regimens for athletes and playing strategies, artificial intelligence in sports can be applied to performance analysis and forecast modeling. Wearable sensors and AI-powered cameras make it feasible to gather a wide range of data, which is then processed by ML-based systems to provide coaches with insightful data. This can also be utilized to recognize the playing styles of rivals and comprehend their strong points and weaknesses, which may improve individual and group performance. The number of wearable devices in the sports business is growing as a result of the rising demand for monitoring and tracking player data. This in turn is producing detailed data on player fitness and performance characteristics including heart rate, speed, and acceleration. 

Artificial Intelligence in Sports - How AI changed the face of global sports? KreedOn
Image Source- appinventiv.com

Virtual assistants and chatbots are being introduced to enable a particular team to engage with the fans about various subjects. To notify fans of ticket status, check-in locations, parking, and schedules, chatbots also interact with them. Additionally, AI algorithms aid in making virtual assistant referees quicker and more precise in spotting game breaches. Moreover, AI can be applied to automated sports writing and ticketing, which will undoubtedly contribute to the market’s growth shortly. Let’s take a look at some of the areas where Artificial Intelligence in Sports can be applied:

  1. Personalized training and diet plans,
  2. Scouting and recruitment, and
  3. Automated sports journalism.

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AI Sports Market

Artificial Intelligence in Sports - How AI changed the face of global sports? KreedOn
Image Source: Virtual Strategy Magazine

In 2020, the sports market for artificial intelligence was estimated to be worth $1.4 billion. By 2030, it is expected to have grown to $19.2 billion, with a CAGR of 30.3%. In terms of market share by sport, football accounted for more than one-fourth of the global artificial intelligence in the sports market in 2020. Whereas, in terms of regions, North America held the largest market share in terms of revenue in 2020, accounting for more than one-third of the global artificial intelligence in the sports market. By 2030, it is anticipated that North America will continue to hold this position of dominance. However, the Asia-Pacific region is anticipated to grow at the quickest rate throughout this decade, with a CAGR of 34.6%, thanks to a growth in investments in fields like cloud and digital technologies.

Artificial Intelligence (AI) in the Sports Market is expected to grow at a CAGR of 31.74% during the forecast period and the market is expected to reach US$ 8 Bn. by 2029.

Segmentation of Global Artificial Intelligence in the Sports market

The global artificial intelligence in the sports market is segmented into components, deployment models, technology, application, sport type, and region. The market is divided into solutions and services based on components. It is divided into cloud and on-premises deployment models. While, based on technology, it is divided into machine learning, natural language processing, computer vision, and data analytics. It is divided into game preparation, game strategies, performance improvement, injury prevention, sports recruitment, and others depending on the use. The different types of sports include cricket, football, basketball, Lawn Tennis, and baseball. It is examined from the perspectives of regions that mainly include North America, Europe, Asia-Pacific, and LAMEA.

Company Profiles & Competitive Intelligence

Image Source- Linkedln

The key players operating in the global AI in the Sports market include 24/7.ai Inc., Amazon Inc., Apple Inc., Anodot, Facebook Inc., Fujitsu Ltd., Cisco Systems, DeepScale, Atmel Corporation, ARM Limited, Microsoft Corporation, and Micron Technology.

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AI-based technologies in sport & investments prospects in sports

Artificial Intelligence in Sports - How AI changed the face of global sports? KreedOn
Image Source- itransition.com
Image Source- itransition.com

COVID-19 Impact

Due to the cancellation of sporting events, the closing of stadiums worldwide, lockdown procedures, and other government limitations, the demand for Artificial Intelligence in sports initially decreased to some extent. However, COVID-19 seemed to have a positive impact later. This is because some fans began to accept the future of virtual contact sports after seeing it firsthand. In addition, the majority of sports venues that have restrictions on the number of spectators have adopted virtual spectatorship due to the rise in COVID-19 instances.

Also, AI-powered apparatus can produce statistical models, tactical analyses, and prediction analytics that can help coaches unlock the full potential of their athletes. This enables real-time streaming of sporting events without the need for a camera operator. Additionally, COVID-19 has made many sports fans think critically and acutely about the well-being and safety of athletes. Fans are reconsidering how AI could lower the risk of negative health effects like chronic traumatic encephalopathy in addition to the urgent necessity to safeguard players from the unique coronavirus (CTE).

Conclusion

Artificial Intelligence in sports has a massive impact on audience engagement, game strategy, and the way games are currently played. Artificial intelligence and data analytics are widely used in sports nowadays. Given the significant influence that precision technology has had on sports, artificial intelligence in sports has become more and more common in recent years, and it is projected to succeed in this industry.


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girish_deshpande
girish_deshpande
Girish is very passionate about sports and loves following various sports such as Football, Cricket, Basketball, F1, Kabaddi etc. He is pursuing M.Sc. Applied Statistics from Symbiosis Statistical Institute Pune and has a keen interest in sports content writing as well. Also, Girish is a huge Chelsea fan.

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