ARTIFICIAL INTELLIGENCE IN SPORTS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Artificial Intelligence in Sports Market Size and Trends

The Global Artificial Intelligence in Sports Market is estimated to be valued at US$ 6.12 Bn in 2024 and is expected to reach US$ 30.98 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 26.1% from 2024 to 2031.

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The global Artificial Intelligence in Sports market is expected to witness significant growth during the forecast period. This is mainly due to the growing adoption of advanced technologies such as ML and computer vision by sports organizations and teams. AI helps in strategic player performance analysis, injury detection, game strategy analysis, personalized coaching and scheduling, and real-time stats for fans. AI virtual assistant and chatbots are also gaining popularity for enhancing fan experience. Moreover, rising investments by tech giants to develop innovative AI solutions for sports is another key factor driving the market growth. However, the lack of skilled workforce and data privacy & security concerns could hamper the market growth to some extent during the forecast years.

Expanding use of analytics and data science

The integration of data science and advanced analytics techniques is one of the major drivers fueling the growth of the artificial intelligence in sports market. Sports organizations are generating vast amounts of data from various sources such as player biometrics, game stats, videos, social media, and more. Analyzing this wealth of data can provide valuable insights to gain a competitive advantage. AI and machine learning algorithms are allowing teams and coaches to analyze player performance, predict injuries, assess risk factors, develop simulation models for scenario planning, and optimize strategies. Advanced data analytics using AI is also improving the fan experience. It enables better media coverage, personalized recommendations, and enhanced in-game experiences. The ability of AI to capture, organize and derive intelligence from large, diverse sports data sets will help stakeholders maximize returns on their investments.

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Increasing adoption of smart wearable devices

The growing adoption of smart wearable devices in sports is another key factor fueling the Artificial Intelligence in Sports market. Technologies like smart watches, fitness trackers, and virtual/augmented reality gear allow precise tracking of biometric metrics of players including heart rate, sleep patterns, calories burned, distance covered, speed variations, and more. When combined with AI, these devices can generate personalized insights. They are also enabling new immersive fan experiences. Sports organizations are actively collaborating with wearable companies to gain competitive advantages. Such data-driven abilities of AI-enabled wearables are enhancing player performance and driving their widespread acceptance in various sports.