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.
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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.
Technology is the backbone of any smart stadium. With even a slight glitch in technology, the overall service delivery can be disrupted, leading to inconvenience and dissatisfaction among the fans. These stadiums deploy various technologies from multiple vendors to ensure full-fledged digitization, hence any slight failure or delay in the computation of the service can cause interdependent processes to stall, affecting the entire system. Smart stadiums need to cater to the demands of large gatherings, in terms of network bandwidth, assistive system, and food ordering. The stadiums need to install a robust technology infrastructure to keep every fan smartly engaged in the live event. They also need to minimize any technological glitches, such as almost zero cellular communication inside the stadium, very low Wi-Fi readings in much of the seating zone, and power failure. For instance, a South Australian National Football League (SANFL) game was forced to stop in the final quarter due to a power cut at the Glenelg Oval stadium. Another similar instance was a floodlights failure at Craven Cottage stadium in Fulham F.C. during an ongoing football game, halting the game for 10 minutes.
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In the smart stadium market by region, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The major countries that are expected to witness high growth rates in this region include India, Japan, China, Australia, and Association of Southeast Asian Nations (ASEAN) countries. APAC is rapidly adopting digital technologies in stadium for increasing security, safety, and enhancing the fan experience. Furthermore, this region is going to host major events such as Olympics, T20 world cup, and rugby world cup driving the rapid implementation of smart stadium technologies.
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