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Data and analytics today play a critical role in maintaining business competitiveness and scaling growth. Most of the companies today are sitting on an untapped goldmine, which is their data. If companies get this data structured and add the magic of AI to this, the possibilities are endless. Some key benefits that companies can achieve by harnessing their data intelligently includes accelerating innovation, improving customer experience, boost operational efficiency and drive impact. ROI projections in such cases are substantially high owing to the potential it creates in delivering additional business value.
What is sports entertainment? Its current market size
Sports industry has been doing tremendously significant with an explicitly increasing number of audiences by now. However, the audience for the sports apps and technology has also been growing remarkably over the past few years, the sports industry continually innovates something or the other to hold on to the enthusiasm of the audience with utmost developments and services. It is no more just about sports now, it is more like adding the element of entertainment for the audience and making the segment more attractive for the users.
In the aspect of sports as an entertainment, the “E-sports Market” Analysis Report carried over in the year 2022 discovers meticulous growth with the highest Compound Annual Growth (CAGR) over the forecast period. Besides many reports and surveys that have been suggesting how the sports tech industry would create a revolution in the upcoming years, it is stated in a report of Market Research Future (MRFR) that the sports technology market will hit a revenue of 43.6 billion USD by 2027 at 10.7% CAGR.
How AI can add value to the data
The major technologies that shape the trend of the sports industry can be the Artificial Intelligence (which is popularly known as AI), Media Landscape, E-sports and many others but AI has been the sports tech industry’s prime source for retaining the constant bang. Infact, AI has been considered as a blessing for creating the maximum scope of interest among the sports audiences for many years by now with the massive advancements happening continuously. While many development firms and software companies instantaneously work on achieving magnificent milestone in sports tech with prioritizing entertainment even amidst these recent COVID situations, we at RoanuzSoftwares Private Limited have been successfully supporting with AI powered APIs to add more value to the sports industry and developers in building applications on Fantasy games, Betting odds and many other interesting tech solutions. Also, this kind of solution simultaneously paves way for the new gen sports support and entertainment mediums, not just by creating demand for building apps but also for encouraging developers with ‘n’ number of options.
Data management capabilities can be a major bottleneck and seem like a big investment for many companies. Structuring data profitably and upgrading it with AI needs access to data science platforms that are equipped with business intelligence tools. In such a scenario, companies can outsource this work or partner with another company offering desired business services. We at Roanuz have a gigantic reservoir of sports data (ranging from cricket, Football, to Kabaddi), which other companies (small, medium to big), and app developers can utilise for gains. Unsurprisingly, while outsourcing, the main factors that drive the decision remains – ease of integration, accessibility, performance and ease of use.
The global scenario
Today’s global sports industry is said to produce an outcome with a whopping worth between €350 billion and €450 billion ($480-$620 billion), according to a recent Kearney study of sports teams, leagues and federations that counts in the infrastructure construction, sporting goods, licensed products and live sports events. This most competing sports tech industry has always been in a thirst to innovate the best of everything, to deliver with the most fastest and original data to its audience.
The aim towards the development in the sports tech industry looks to be very futuristic, powerful, enduring and sustainable which could eventually influence the world market endlessly with great establishment and innovation. There’s no doubt about the fact that AI has delivered a staggering rise in performance and is definitely impacting the way users view and consumes sports content, in a huge way. The way that we play and watch sports is only going to get innovative and unexpected.
Written by:
AntoBinishKaspar, Founder & CEO, RoanuzSoftwares Private Limited
