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The global testing, inspection and certification (TIC) market was valued at USD 210.0 billion in 2019, growing at a CAGR of 5.0% during the forecast period.The major reason behind the high growth of TIC market globally is growing urbanization in developing nations and more inclination towards product and outsourcing from major manufacturing companies. Besides, product piracy tendency in different regions of globe and strict government regulations to maintain product standards are further boosting the demand for Testing, Inspection & Certification globally.<br><br>Testing, Inspection & Certification service is a conventional assessment group which offer services ranging from auditing and inspection, to testing, verification, quality assurance and certification. The service is performed by both in-house and from third-party vendors.
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Testing, Inspection & Certification (TIC) Market The global testing, inspection and certification (TIC) market was valued at USD 210.0 billion in 2019, growing at a CAGR of 5.0% during the forecast period.The major reason behind the high growth of TIC market globally is growing urbanization in developing nations and more inclination towards product and outsourcing from major manufacturing companies. Besides, product piracy tendency in different regions of globe and strict government regulations to maintain product standards are further boosting the demand for Testing, Inspection & Certification globally.
Testing, Inspection & Certification (TIC) Market Growing urbanization across developed as well as developing economies and therefore rise in range of products used in the market is major driver for TIC market. Further, stringent government regulation to maintain product standard is another factor which will impact the testing, inspection & progression in the market in near future. Changing regulations and standards in different regions is acting as a challenge for the manufacturers since, the TIC body has to abide by diverse regulations followed regionally. Further, complex ecosystem is another restraint to the market and restrict the testing, inspection & certification market growth to large extent.
Testing, Inspection & Certification (TIC) Market Geographically, APAC, is the largest and fastest growing testing, inspection & certification market with largest number of small and large product manufacturers residing in the region. Further, administration of several countries in the region are inspiring companies across the globe to make investment in the region. This will further up surge the growth of the China Testing, Inspection & Certification (TIC) market in years to come. Further, US and Europe hold the second and third largest testing, inspection & certification market share respectively.
Testing, Inspection & Certification (TIC) Market Key players in the in the testing, inspection & certification market is highly fragmented with both in-house TIC service providers who has partnership or is part of manufacturing companies and the third-party service providers from where service is outsourced based on the requirement. Further, merger & acquisition are key strategies adopted by the product manufacturers in the market. The three major players operating in the market are SGS Group, Bureau Veritas SA, and Intertek. These three companies together hold one-fourth market share. Whereas, the top 10 global players account for around 40% of the TIC market. Some of the key players operating in the testing, inspection & certification market are ALS Limited, Applus Plus, Bureau Veritas SA, DNV GL, Element Materials Technology, Eurofins Scientific, Intertek, Lloyd’s Register Group Limited, MISTRAS, SGS Group, TUV NORD Group, TUV SUD Group, TUV Rheinland Group, and UL LLC.
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