Testing, Inspection, and Certification (TIC) Market by Service Type (Testing, Inspection, Certification), Sourcing Type (In-house and Outsourced), Application (Consumer Goods & Retail, Agriculture & Food, Chemicals), and Geography - Global Forecast to 2023
“TIC market is projected to grow at a CAGR of 5.02% between 2017 and 2023”
The Testing, Inspection, and Certification (TIC) market is estimated to be USD 184.77 billion in 2017 and is expected to be worth USD 247.94 billion by 2023, growing at a CAGR of 5.02% between 2017 and 2023. Some of the drivers for this market are harmonization of standards, growing consumption of goods in emerging countries, increasing incidents of product recalls globally, surge in global counterfeiting and piracy activities, and imposition of rigorous government regulations and standards across various sectors. The main restrain for this market is divergent standards and regulations across geographies.
“TIC market for certification services expected to grow at the highest CAGR during the forecast period”
There has been an increasing demand for certification services owing to the increasing number of specified standards by governments and international standardization institutions. Companies are more aware about their credibility than before and certifications demonstrate the compliance of their products with specific standards and improve its marketability.
“TIC market for in-house sourcing type accounted for the largest share in 2016”
Earlier, manufacturers and organizations had to adhere to limited standards and regulations; hence, it was possible for companies to build their in-house testing and inspection capabilities. In recent years, the standards pertaining to human/user safety and environment safety have increased and become mandatory for certain category of products. However, this trend is shifting to the increase in outsourcing TIC services to specialized third-party service providers as they drastically reduce the operational expenditure for the manufacturers.
“TIC market for agriculture and food application to grow at the highest CAGR during the forecast period”
Increasing mandates to ensure the quality and improve the productivity of food products (packaged and unpackaged) and changing regulations in the agriculture space across the world would drive the adoption of TIC services by manufacturers of agricultural equipment.
“APAC is expected to be the fastest-growing market for TIC services during the forecast period”
Many economically advanced countries have their manufacturing units in the developing economies of Asia Pacific (APAC), especially China and India. These units are required to manufacture products in compliance with internationally accepted standards. Moreover, the domestic markets in APAC are growing rapidly because of the rising per capita income among the middle class.
Breakdown of profile of primary participants:
By Company: Tier 1 - 53 %, Tier 2 - 15%, and Tier 3 - 32%
By Designation: C-Level Executives - 48%, Directors = 27%, and Others = 25%
By Region: North America - 19%, Europe - 43%, APAC - 33%, and RoW - 5%
The major players profiled in this report include:
Bureau Veritas (France)
TÜV SÜD (Germany)
Eurofins Scientific (Luxembourg)
DNV GL (Norway)
TÜV Rheinland (Germany)
TÜV Nord (Germany)
Lloyd’s Register (UK)
Element Materials Technology (UK)
The study segments the testing, inspection, and certification market report into service type (testing services, inspection services, certification services, and others) and sourcing type (in-house and outsourced). The study also covers applications and provides the geographic forecast of the market size for various segments with regard to four main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to buy the report
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the testing, inspection, and certification market comprehensively and provides the closest approximations of the overall market size and those of the subsegments across different applications and regions.
2. The report provides the detailed analysis of the testing, inspection, and certification market with the help of PEST analysis, competitive leadership mapping, and value chain analysis including key companies in the market and their relations in the ecosystem.
3. The report helps stakeholders to understand the pulse of the market and provides them information on the key market drivers, restraints, challenges, and opportunities.
4. This report would help stakeholders to understand their competitors better and gain insights to enhance their position in the business. The competitive landscape section includes the competitor ecosystem, product developments, partnerships, and mergers and acquisitions in the testing, inspection, and certification market.
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