March 13, 2020
The research report on ‘North America Testing, Inspection, and Certification (TIC) Services Market Statistics By Type, Application, Service, Countries Outlook, Industry Report, Growth Analysis & Forecast, 2018 – 2024’, which is available on Market Study Report LLC, North America TIC services market is expected to surpass USD 40 billion by the year 2024.
Increasing import activities have impelled the demand for TIC services in North America. The U.S. alone imports goods worth over USD 2.614 trillion. Yet, a majority of the imported goods do not adhere to the consumer safety standards imposed by the regional regulatory authorities. This factor along with introduction of various strict regulations pertaining to product quality and consumer safety is a major factor driving the market growth.
The report states that the outsourcing segment is slated to expand with a CAGR of 8% through the period. Increasing outsourcing of TIC services by public institutions and key industry players in order to reduce the cost and concentrate on business competency are prime factors fueling the market growth.
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External TIC service providers allow enterprises to achieve superior product quality since they use skilled personnel in order to assure high quality through various TIC methodologies.
The report cites that consumer product segment is expected to grow with a CAGR of 9% over 2018-2024. Factors such as growing demand for high safety and quality products have enhanced the demand for TIC services in consumer market. Additionally, strict government regulations and increasing awareness pertaining to safety and quality of consumer products along with increasing disposable income are also favoring the market outlook.
Prominent companies operating in the North America TIC services market are ALS Global, Kiwa, Bureau Veritas, Dekra, SGS, NTS and CSA Group amongst others.
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