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(Health-NewsWire.Net, October 22, 2019 ) The global Smart Stadium Market size is estimated to be USD 4.60 billion in 2018 and is expected to reach USD 12.50 billion by 2023, growing at a Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period. The major factors driving the smart stadium market include the upcoming national and internatonal sporting events, stringent secuirty regulations by sports governing bodies, and increasing adoption of IoT technologies for efficient management of stadium infrastructure. However, high intial investment and longer wait for RoI are anticipated to limit the market growth in the coming years.
The smart stadium software service segment is expected to grow at a higher CAGR during the forecast period. The smart stadium services are broadly classified into consulting, deployment and integration, and support and maintenance. These services play a pivotal role during the planning and commission of technologies in stadium. In addition to this, support services help in seamless working of sensors, devices, and 100% uptime during the live sports events.
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Why location-based services and eCommerce potential are creating an opportunity for market growth?
Smart stadiums are focusing on capitalizing eCommerce’s rapidly growing market potential. This, in turn, has provided a huge opportunity for e-commerce vendors to generate revenue. Vendors offering a single-integrated solution capable of providing smart order summaries, smart picking route, and smart inventory replenishment would be the most preferred by smart stadiums. eCommerce vendors can push notifications to fans based on their past ordering patterns, likings, and current live event-related products to increase cash flow. By partnering with an eCommerce vendor, smart stadium operators can achieve efficiency improvement, increased maximum capacity, and faster order delivery. Another advantage is that it would match demand and supply during demand surge to ensure that orders are not out of stock. The eCommerce vendors need to ensure that the payment platform is secure in an open Wi-Fi network.
The building automation software is expected to grow at a higher rate during the forecast period. Most stadium operators are shifting to smart Building Automation and are seeking solutions for space utilization, operational and cost efficiencies, sustainability, and building maintenance. The adoption of smart building automation software is being driven by the increasing demand for energy-efficient, integrated, and secured stadiums. Facility management, parking management, and energy management system are the major components of building automation. The increasing number of spectators is posing a major challenge related to parking for stadium operators. Parking management systems play a key role in managing multiple parking facilities, vehicle routing, controlling access, and managing ticketing and revenue on the real-time basis. Advanced parking management systems help stadium operators ensure minimal time wastage, offer cashless and contactless payment options, enhance the vehicle security, and provide options for the pre-booking of parking spots. Stadiums are large consumer of energy for their operations, due to the use of floodlights, indoor and outdoor lighting, and heavy equipment. To optimize the use of energy for these activities, stadiums use the energy management system. Facility management system helps stadiums operators with the efficient management of facilities and associated activities.
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