TIC Market for Sports & Entertainment Industry was USD 3 billion in 2020, registering a CAGR of 3% during the forecast period 2021-2027
The TIC market for the sports & entertainment industry is expected to witness a CAGR of 3% during the forecast period. The Sports & entertainment industry are changing rapidly and the public is aware of environmental protection and is socially responsible, so safety, sustainability, and integrity are important in today’s sports & entertainment industry resulting in the growth of the TIC market for sports & entertainment industry. TIC services help improve the standards of the manufacturing process by conducting tests, inspections, and certifications in accordance with regulations around the world. This will help in the production of quality, safe, and reliable products/components in the food & beverage industry.
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Furthermore, rapid urbanization, mandatory safety regulations, advancement in networking and communication technology, digitalization, need to have credibility and image, reduced turnover of employees, increased level of cost control improvement, and rapid improvement of various processes will fuel the growth of TIC in the sports & entertainment industry.
The COVID-19 pandemic has led to digital engagement in the sports & entertainment industry. Social media has played a significant role in reaching fans online along with proprietary apps and emerging technologies are offering engagement solutions during the pandemic, resulting in the growth of the TIC market in the sports & entertainment industry. Esports and streaming services were the rising trends during the COVID-19 outbreak and will remain a part of the post-pandemic situation resulting in further growth of TIC services.
LGC, the international science group and market leader in analytical, forensic and diagnostic services and reference standards, and UL, a leading global safety science organization, have created an alliance for enhancing supply chain verification program for the sports and athletic supplements industry in North America.
Based on industry vertical, the TIC market for the sports & entertainment industry is divided into sports industry (sports equipment, fitness studios, water sports products, bicycles & electric cycles, playgrounds & climbing parks, and others) and entertainment industry (theatre, stage and studio equipment, musical instruments, camping & seasonal equipment, and others). The fitness studio industry is competitive where owners and operators provide the most innovative products. Moreover, no industry player can compromise on safety, performance, and durability. TIC helps in achieving the standards by using their experience and know-how to ensure compliance, optimize functionality, and quality of service.
Asia Pacific is anticipated to have a fast growth of the TIC market for the sports & entertainment industry owing to growing urbanization, rising investment, continuous government support, and urban and institutional infrastructure facilities like a sports stadium. Moreover, in order to have sustainability and recognize integration, the industry players are focusing on digital transformation, and the adoption of IoT technologies are the opportunities for the TIC market for the sports & entertainment industry in the region.
Some of the key players operating in the TIC market in sports & entertainment industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, SAI GLOBAL Pty Limited, TUV Nord Group, Turk Loydu, and TUV SUD.