PUNE, India, November 30, 2016 /PRNewswire/ --
According to a new market research report "Smart Stadium Market by Software (Digital Content Management, Integrated Security System, Building Automation System, Event Management System, Network Management, Crowd Management), Service, Platform, Deployment Model - Global Forecast to 2021", published by MarketsandMarkets, the market size is expected 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% during the period 2016-2021.
Browse 96 market data Tables and 54 Figures spread through 169 Pages and in-depth TOC on "Smart Stadium Market"
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The major drivers for the rise in demand for smart stadiums include increased frequencies of upcoming national and international sport events across the globe, increasing adoption of Internet of Things (IoT), need for modernization of network and telecom infrastructure, and reduction in Operational Expense (OpEx).
"Professional services segment is estimated to dominate the Smart Stadium Market share during the forecast period."
The professional services segment is estimated to hold the largest market share in the Smart Stadium Market. The organizations' focus on offering specialized services to achieve greater customer experience and attaining operation efficiency at a reduced cost and time are the factors driving the demand for smart stadium services across the globe. The Smart Stadium Market is growing at an exponential rate since most of the players are focusing on providing specialized services for the Smart Stadium Market. Rapidly growing demand for cloud services, data center services, network services, and its reliable and efficient integration are some of the other drivers impacting the services market.
"On-demand deployment model is expected to grow at the highest CAGR during the forecast period."
The on-demand deployment model is witnessing a potential growth in comparison to the on-premises deployment model owing to the benefits it offers, such as reduced operational cost & improved efficiency, high security & low maintenance, physical location independence, easy installation, and much more. The stadium owners/investors are opting for this model keeping in mind the long term benefits and achieving a competitive advantage in terms of technological advancements.
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The major players in this Smart Stadium Market are Huawei Technologies Co. Ltd. (China), Intel Corp. (U.S.), NEC Corp. (Japan), Cisco Systems, Inc. (U.S.), International Business Machines Corporation (U.S.), Fujitsu (Japan), Johnson Controls (U.S.), Tech Mahindra Ltd. (India), Volteo (U.S.), and GP Smart Stadium (the Netherlands).
"Europe is the leading region in terms of market share in the Smart Stadium Market"
Europe is expected to hold the largest market share and dominate the Smart Stadium Market in 2016. The governments in this region have undertaken many smart commitments. The European Technology Platform on Smart Systems (EPoSS) Integration defines the Research and Development (R&D), innovation needs, and policy requirements related to Smart Systems Integration and integrated Micro and Nano systems. The Europe 2020 targets include investment of 3% of the European Union's GDP in R&D. The Strategic Energy Technology Plan (SET-Plan) aims to reduce the cost and improve performances of low carbon technologies. All this has pushed the Smart Stadium Market toward the growth phase.
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