July 08, 2020
According to the research report titled ‘Global Testing, Inspection and Certification (TIC) Market - Analysis By Service Type, Source Type, Application, By Region, By Country (2020 Edition): Market Insight, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global testing, inspection & certification (TIC) market was worth USD 265.85 billion in 2019 and is expected to grow substantially by the year 2025.
Rising business-centric activities such as mergers & acquisitions among industry behemoths have resulted in rapid expansion of TIC organizations, which in turn is driving the market growth. Increasing popularity of testing, inspection and certification services owing to improving economic condition in BRIC nations is further aiding the market expansion. Shifting focus towards complying with government regulations and standardization and increasing awareness regarding safe and productive business practices are also stimulating global testing, inspection and certification industry outlook.
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As per service type, the market is split into testing, inspection and certification. The report states that testing service segment is predicted to expand considerably during the study period. Globalization and rising adoption of sourcing practices have increased the demand for testing services, which in turn is fueling the segmental share.
In terms of source type, testing, inspection and certification industry is divided into outsourced and in-house. According to the report, in-house segment accounted for a substantial market share in 2019 and is expected to register continuous growth in the subsequent years. In-house testing administration allows organizations unrestricted access and authority over testing, inspection and certification procedures, thereby favoring the market outlook.
The application space of worldwide TIC market comprises of energy & power, automotive, transportation, industrial & manufacturing, construction & infrastructure, oil & gas and petroleum, food & agriculture, consumer goods & retail and others. The consumer goods & retail segment currently dominates the overall market and is estimated to generate massive revenues in the forthcoming years. Growing demand for TIC services for personal care & beauty products as well as for hard products, toys & adolescent items and electrical & hardware goods is boosting the segment revenue.
From the regional frame of reference, global TIC market is categorized into Asia-Pacific, Europe and Americas with primary focus on countries including India, China, Germany, France and U.S. Although Europe accounted for a significant industry share in the year 2019, Asia-Pacific TIC market is expected to showcase momentous growth in the ensuing years, with China and India being the major contributors. Strict government regulations regarding safety & quality of consumer goods & products along with increasing awareness regarding TIC practices are swaying the business dynamics in Asia-Pacific.
Bureau Veritas, TÜV SÜD, ALS Ltd., DNV GL, Eurofins Scientific, Intertek Group plc and SGS S.A are the prominent companies that constitute the competitive landscape of global testing, inspection and certification market.