June 07, 2021
According to the research report titled ‘Global Testing, Inspection and Certification (TIC) Market - Analysis By Service, Source, Application, By Region, By Country (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)’, available with Market Study Report LLC, global testing, inspection & certification (TIC) market amassed USD 263.41 billion in 2020 and is touted to grow further over 2021-2026.
Mergers & acquisitions which guarantee solid development for players, in turn supporting mid-level TIC organizations is augmenting the growth of global testing, inspection & certification (TIC) market. Additionally, the positive outlook of the market is attributed to GDP growth in the BRIC countries, emphasis on standardizing quality for security of products, rising import & export, and better consumer cognizance.
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Based on service type, the testing segment is anticipated to grow significantly over 2021-2026, accredited to surging globalization that enhanced worldwide sourcing globally. End-users are opting for testing services to meet different benchmark standards for commodities across various nations.
In terms of source type, worldwide testing, inspection & certification industry consists of in-house, and outsourced. Among these, in-house segment held the largest market share in 2020 and is anticipated to influence the industry trends during the stipulated period, owing to administration’s grant of authority to organizations for procedures.
Speaking of application spectrum, global testing, inspection and certification (TIC) market is classified into supply chain & logistics, automotive, industrial & manufacturing, oil & gas & petroleum, consumer goods & retail, energy & power, construction & infrastructure, food & agriculture, transportation, and others.
As per the report consumer goods & retail application holds significant industry share creditable to mandatory TIC and its benefits for personal care & beauty products, softlines & accessories, toys & adolescent items, electrical & hardware, hard products, and others.
As per expert opinion, Europe testing, inspection & certification (TIC) market accounted to significant revenue share in 2020. On the other hand, Asia Pacific market is anticipated to grow substantially over 2021-2026, owing to customer awareness, and stringent regulations & government compliances.
Key industry players profiled in the report are Eurofins Scientific SE, Intertek Group plc, SGS S.A., IBM Food Trust™, Bureau Veritas, Applus+, ALS Limited, TÜV SÜD, and DNV among others.