The following is a summary extracted from a study we did as a team in order to understand if incorporating Artificial Intelligence and Machine Learning would increase the value of our app and how we could generate revenue, with the understanding that the technology we are about to get into would be an expensive venture in which a startup like ours can not afford to miscalculate. This is what we found
At the collegiate level, a great deal is at stake in terms of recruiting athletes to become professionals. There is also great importance for NCAA Division I teams who vie for various milestones such as winning seasons, division leadership, league championships, playoff appearances, and championships. Much is at stake from an alumni’s goodwill perspective, which translates into donations for sporting programs, which funds university and college development. AI in the sports market at the collegiate level provides this type of indirect benefit as college sports programs must be careful to not step over the line in terms of rules regarding financial benefits to players.
Stadiums across developed and emerging economies are being renovated to offer facilities such as better smart parking, operational efficiency, enhanced security, and next-generation viewing experience. Currently, Artificial Intelligence (AI)-based sports analytics is of key importance while developing strategies for boosting individual performance, scouting new talent, and reducing injuries. Moreover, the increasing focus on delighting & engaging fans at the stadium and growing demand for data-driven decisions & operations are also expected to influence market growth. Additionally, the U.S. Supreme Court has legalized sports betting, which is expected to positively influence market growth.
The most important key findings in our research:
- The Most important finding >> Sports Technology (Use of AI & ML) Market Size Worth $34.99 Billion By 2025
- AI improves the value of cross-training by team role/position between 9 and 32 percent
- Up to 65% of long-term cognitive dysfunction due to concussions is preventable through the use of AI
- AI in sports will improve individual and team performance by an average of 17% and 28% respectively
- Top benefits of AI in sports include performance improvement, injury prevention, and recruitment
- AI will improve revenue, reduce operational costs, and improve valuations of professional sports teams