| Status : Published | Published On : Jan, 2024 | Report Code : VRSME9063 | Industry : Semiconductor & Electronics | Available Format :
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Page : 150 |
Global TIC Market for Sports & Entertainment Industry– Analysis and Forecast (2025-2030)
Industry Insight by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (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)), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
In the Sports And Entertainment Industry, The Market For Testing, Inspection, And Certification reached USD 3.8 billion in 2023, exhibiting a promising CAGR of 3% from 2025 to 2030.
Testing in TIC means an industrial activity that assures manufactured products, individual components, and multi-component systems are suitable for the predetermined purpose. Inspection and testing are the operating parts of quality control which supports cost, productivity, on-time delivery, and market share, thus the critical factor for the survival of any manufacturing company. The testing, inspection, and certification market report is composed of conformity assessment agencies, which provide services from audit and inspection to testing, verification, quality assurance, and certification.
Globalization has led to product standardization norms and has penetrated developed technologies across various industries such as retail industry, sports & entertainment, electronics and automotive industries, etc., resulting in the growth of the TIC market during the forecast period 2025-2030. Moreover, the growing middle-class population, rapid urbanization, mandatory safety regulations, upsurge in the illicit trade of counterfeit and pirated products, advancement in networking and communication technology, the inclination of outsourcing testing, inspection, and certification services has propelled the growth of the TIC market in the sports & entertainment industry. Furthermore, there is a growth in the TIC industry to ensure products are of the highest quality and comply with regulations will minimize the risk of injury or expensive product recalls and will be able to promote the product with confidence, resulting in the growing demand for TIC in the sports & entertainment industry. Nevertheless, TIC provides various advantages related to its credibility and image, compliance with legal and regulatory requirements, less turnover of employees, high level of cost control improvement, and fast improvement of different processes.
The COVID-19 pandemic has negatively impacted the sports & entertainment industry as athletes and production houses cannot perform their sports and entertainment remotely. TIC is playing a crucial role by offering fast, reliable testing. Moreover, flexible components such as pooled testing, medical staff, collection services, and data integration will offer affordable and seamless solutions for the organizations. Business organizations in the TIC market for the sports & entertainment industry are intensifying IT infrastructures, developing technologies to sustain business continuity plans, conduct audits, damage assessments, and certification procedures, implying that the testing, inspection, and certification market are holding the substantial potential to bounce back from the COVID-19 outbreak. This is due to the fact that TIC services will enhance and protect brand reputation, verify products’ safety, and enables trade.
Market Segmentation
Insight by Sourcing Type
Based on sourcing type, the TIC market for the sports & entertainment industry is bifurcated into in-house and outsourced. Among the two segments, the in-house segment dominates the market and is anticipated to hold the largest share during the forecast period 2021-2027. Deploying in-house testing and inspection will offer companies to have complete control over the entire process in terms of technology, skilled personnel, and testing and measurement equipment. Thus, enabling organizations to handle TIC activities like on-site availability, ability to employ talent, and establish custom practices as per the needs and desires of the organizations.
Insight by Service Type
Based on service type, the TIC market for the sports & entertainment industry is segmented into testing, inspection, and certification. Among these segments, the testing segment holds the largest share in the testing, inspection, and certification market in 2022 so as to deliver safe products to the targeted markets. There is a need for testing to comply with regulatory authorities like REACH, RoHS, etc., performance evaluation regarding durability, fitness for use, and product certification like CE mark, GS mark. Moreover, the certification market is anticipated to have a high CAGR during the forecast period owing to the consumer awareness about the certified products, companies growing need to improve the product value, the surge in demand for quality and safe products, and mandatory regulatory requirements.
Insight by Industry Vertical
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).TIC services help in demonstrating the safety, functionality, and longevity of products in the sports equipment industry and these are the qualities consumers look for while purchasing sports gear. Bicycles and electric cycles are anticipated to grow at a faster pace as there is a rising prominence of biking for practical and leisure purposes, and plays a significant role to protect the environment.
Global TIC Market for Sports & Entertainment Industry Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
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Base Year Considered |
2024 |
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Forecast Period |
2025 - 2030 |
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Market Size in 2023 |
U.S.D. 3.8 Billion |
|
Revenue Forecast in 2030 |
U.S.D. x.x Billion |
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Growth Rate |
3% |
|
Segments Covered in the Report |
By Sourcing Type, By Service Type and By Industry Vertical |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
The TIC market for the sports & entertainment industry is characterized by various industry trends such as growing investment in AR and VR, mounting adoption of connected devices and cloud-based technology, increasing mergers and acquisitions by the industry players, and sustained consolidation of suppliers leading to globalization.
Growth Drivers
The consumer goods and retail industry is expected to experience an increased demand for Testing, Inspection, and Certification (TIC) services due to the growing number of government regulations, industry standards, certification requirements, and severe penalties for non-compliance. This rise in demand is driven by the industry's need to ensure comprehensive quality and safety services, as well as to establish, maintain, and protect brand reputation, product performance, and environmental protection. As a result, the TIC market in the sports and entertainment industry is set to expand. Manufacturing companies are increasingly focusing on providing high-quality products to enhance customer retention, which in turn leads to a higher demand for interoperability testing of connected devices and Internet of Things (IoT) technologies. Additionally, factors such as globalization, the growth of global trade, and the emergence of digital technologies contribute to the overall growth of the TIC market in the sports and entertainment industry.
Challenges
The testing, inspection, and certification market may face certain challenges like trade wars and growth fluctuations, high cost of TIC owing to diverse standards and regulations globally. Moreover, a lack of testing facilities and skilled personnel may hamper the growth of the TIC market.
Opportunities
Testing, inspection, and certification is a massive market that provides lucrative opportunities in technologies such as AI, robotics, drones, big data analytics, next-generation automation, and cloud and cybersecurity. Moreover, there is a need to deploy an effective and extensive inspection system that provides promising opportunities for the growth of the TIC market in the sports & entertainment industry.
Geographic Overview
Geographically, APAC is anticipated to have a high CAGR during the forecast period owing to the rising investment in R&D, rapid urbanization & industrialization, huge manufacturing capabilities and exports, rising per capita income among the middle-class population, improved lifestyles, and increasing consumer awareness about the importance of quality certification, testing, and inspection. Moreover, the developed countries have their manufacturing units and testing labs in the region, especially in China and India. These manufacturing units manufacture products according to internationally accepted standards. Nevertheless, the growing middle-class population has led to the growth in private consumption and mounting demand for safety and product quality, resulting in providing opportunities in the sports & entertainment industry.
Competitive Insight
Key players are adopting technological changes to improve their product portfolio and generate new revenues, optimize the operational cost, and enhance service efficiencies via process upgrades. The industry players are taking the COVID-19 crisis as an opportunity to restructure and revisit their existing strategies, focus on new services and delivery models to access the demand for rising automation and enhanced digitization. Moreover, the industry players in the TIC market have started building strategies like mergers and acquisitions, product innovation, and geographical expansion to hold a major share in the TIC market for the sports & entertainment industry.
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.
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.
The TIC Market for Sports & Entertainment Industry report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Sourcing Type
- In-House
- Outsourced
- By Service Type
- Testing
- Inspection
- Certification
- By Industry Vertical
- Sports Industry
- Sports Equipment
- Fitness Studios
- Water Sports Products
- Bicycles & Electric Cycles
- Playgrounds & Climbing Parks
- Others
- Entertainment Industry
- Theatre, Stage and Studio Equipment
- Musical Instruments, Camping & Seasonal Equipment
- Others
- Sports Industry
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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TIC Market for Sports & Entertainment Industry