Digital Transformation Driving The Future Of Sport And Entertainment
The sports and entertainment markets are undergoing significant changes driven by the global pandemic. Digitalization is causing a stir in the sports and entertainment industry. The result is a trend that no one could have predicted just a few years ago. These changes include an influx of capital from new sources, a post-pandemic resurgence in spectator and participation sports, book balances for college athletes, and participants in emerging and related technologies. Together, these changes have the potential to redistribute power in the sports and entertainment market and create new avenues for unprecedented growth.
At TPP Software, we are leading software development in Viet Nam which helps companies capture the value of emerging trends in sports and entertainment. With end-to-end services that include proof-of-concept, design and engineering, as well as scalable manufacturing and distribution, we provide seamless, secure, and integrated solutions and development processes and advanced products for your innovation.
Share sports and entertainment opportunities
By researching the sports and entertainment market landscape to better track and understand emerging changes and trends, companies can easily create new opportunities to capture value from different segments. Tracks include:
- Sports players and fans
- Organization and spectator sports tournaments
- Fitness enthusiast
- Fitness and recreation centre
- Gamers, amateurs, and other ordinary users
Statistics in sports and entertainment
The sports market can be divided into two broad categories: participating sports and spectator sports. The global spectator sports market will be worth nearly US$164,932.3 million in 2021, growing at a compound annual growth rate (CAGR) of 0.3% since 2016. The size of the global spectator sports market is expected to grow from US$ $164,932.3 million in 2021 to $354,000.2 million. 2026 at a rate of 16.5%. The global spectator sports market size is expected to grow at a CAGR of 11.0% from 2026 to reach $597,531.1 million by 2031.
The Fitness and Leisure Center market is expected to expand the market during the forecast period 2022-2029. Data Bridge Market Research analyzes the market to grow at a CAGR of 4.70% during the above forecast period.
The entertainment market includes several segments, where games present a functional combination with sports. The sector is expected to grow by $125.65 billion, reaching a CAGR of 12% from 2020 to 2025.
Related to the gaming segment is the radio control (RC) market, which consists of RC enthusiast vehicles. This market is expected to reach US$1,761.3 million by the end of 2027, with a CAGR of 3.1% during 2021-2027.
Digitization - Top trends in sports and entertainment
Digital technology opens up unprecedented opportunities for growth in the sports industry, offering the potential to bring fans together through innovative and personalized experiences. However, to take advantage of this opportunity, digital needs to be embedded in all aspects of business, transforming people, processes, and technology.
Digitization continues to exert strong adaptive pressure on the sports and entertainment landscape. Sensors, IoT, augmented reality (AR), virtual reality (VR), data collection, and analysis are increasingly playing an important role in applications for this market.
Thanks to the low latency benefits of 5G, these digital, wireless, and mobile applications are accelerating and rewriting the sports and entertainment market playbook. Applications include training, simulation, broadcast, on-site experience, audience customization, and more. In short, the company is moving to launch products that bring customers the best of the physical and digital worlds, while also channelling the energy and emotion of live events into the future. into a digital experience.
At TPP Software, we provide advanced AR, VR, sensor, and IoT expertise and deploy a diverse range of digital product solutions including Wi-fi 6, 5G, Bluetooth, LoRa, NB-IoT, Cat-M1, etc. This technology is central to many of the sports and entertainment innovations we develop, including fitness trackers, touchless game controllers, indoor sports cameras, and many other successful products.
Take the contiguous opportunities
As companies look to capitalize on the digital revolution in the sports and entertainment space, they must grapple with the issue of utility versus entertainment value. They also need to study how these technologies and their applications behave to open up contiguous market opportunities.
Looking to launch a successful innovation?
If your company is about to launch a new innovation in sports or entertainment, TPP Software brings nearly 10 years of proven experience in the IT industry. We will work closely with your team to understand your business goals and turn your product vision into a winning reality. If you'd like to learn more about how we can support your business, contact us today.