Global Testing, Inspection and Certification (TIC) Market to surpass $ 260 Bn by 2025

February 07, 2020


According to a recent study titled ‘Testing, Inspection and Certification (TIC) Services Market Size By Service (Testing, Inspection, Certification), By Type (In-House, Outsource), By Application (Agriculture & Food {Seeds & Crop, Fertilizers, Food, Trade & Logistics, Pest Control & Fumigation}, Construction {Building Material [Material Testing, Material Certification, Coating Inspection & Failure Analysis], Infrastructure, Capital Equipment}, Life Science {Pharmaceuticals, Clinical Trials, Environmental, Medical Devices}, Consumer Products {Hardline, Softline, Electronics, Household Personal Care & Cosmetics, Hazardous Area Equipment}, Transportation {Automotive, Marine & Offshore, Railways, Aerospace}, Energy {Energy Source, Power Generation, Power Distribution}, Oil, Gas & Chemical {Upstream, Midstream, Downstream, Petrochemicals, Chemical Feedstock, Finished Product}, Mining, Industrial Machinery), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Russia, Denmark, Australia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, the global testing inspection and certification (TIC) market is projected to cross USD 260 billion by the year 2025.
 

Increasing privatization of testing, inspection and certification services which were previously supervised by the government, is spurring the growth of Testing, Inspection and Certification (TIC) market. Private companies and organizations are using in-house facilities and outsourcing their testing needs to third-parties for carrying out the testing services. Moreover, strict government norms and policies to ensure safety of products, assets, and infrastructure is aiding the market growth.
 

Globalization is another major factor driving the testing, inspection and certification market. Rising global trade has resulted in implementation of complex value chain and safety guidelines, encouraging regulatory authorities and government to increase their inspection & regulatory operations. Rising conscious consumerism is prompting companies to maintain their brand status and opt for TIC services.
 

In terms of service, testing segment dominates the market at present with a share of 65% and is expected to witness significant growth in the coming years. Globalization is the key factor the segmental growth. To comply with different regulations and standards whilst expanding operations across the globe, organizations and companies are increasingly dependent on third parties for conducting testing services.
 

Based on the type, outsourced TIC segment is expected to grow with a CAGR of 8% during the forecast period. Increasing demand for third-party service providers by organizations, to reduce operational cost and gain a competitive edge is driving the segmental growth.
 

Speaking of the application scope, transportation segment leads the Testing, Inspection and Certification (TIC) market and held over 20% revenue share in 2018. Rising number of non-compliance cases across the automotive sector is encouraging the adoption of TIC services. Furthermore, the integration of advanced technologies and automation will boost the segmental growth in the coming years.
 

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The agriculture & food sector is expected to witness a CAGR of 10% during the study period, owing to the rising prevalence of foodborne diseases coupled with the need to comply with food safety standards.
 

Considering the geographical outlook, Europe Testing, Inspection and Certification (TIC) market currently holds 40% share of the global revenue. The regional growth can be attributed to stringent government regulations on product safety and escalating demand for TIC services in the region. Additionally, increasing digitalization and penetration of advanced machinery is augmenting the regional outlook.
 

Industry leaders of the testing, inspection and certification services market include Bureue Veritas, SGS, DEKRA, Intertek, and TUV SUD.


Frequently Asked Questions (FAQ) :

Increasing privatization of testing, inspection and certification services which were previously supervised by the government, is spurring the growth of Testing, Inspection and Certification (TIC) market. Private companies and organizations are using in-house facilities and outsourcing their testing needs to third-parties for carrying out the testing services. Moreover, strict government norms and policies to ensure safety of products, assets and infrastructure is aiding the market growth. Globalization is another major factor driving the testing, inspection and certification market. Rising global trade has resulted in implementation of complex value chain and safety guidelines, encouraging regulatory authorities and government to increase their inspection & regulatory operations. Rising conscious consumerism is prompting companies to maintain their brand status and opt for TIC services.
Testing segment dominates the market at present with a share of 65% and is expected to witness significant growth in the coming years. Globalization is the key factor the segmental growth. To comply with different regulations and standards whilst expanding operations across the globe, organizations and companies are increasingly dependent on third parties for conducting testing services.
Europe Testing, Inspection and Certification (TIC) market currently holds 40% share of the global revenue. The regional growth can be attributed to stringent government regulations on product safety and escalating demand for TIC services in the region. Additionally, increasing digitalization and penetration of advanced machinery is augmenting the regional outlook.
Key players operating in the testing, inspection and certification services market include Bureue Veritas, SGS, DEKRA, Intertek, and TUV SUD.