Market Synopsis
The global testing, inspection, certification (TIC) market is estimated to progress at a CAGR of
5.8% by the end of 2022. As per the study conducted at Market Research Future Reports
(MRFR), the strict rules and regulation in end-user sectors such as food & beverage,
pharmaceuticals, and textiles are projected to drive the Global TIC Market 2020. Besides, the
robust fundamentals of the industry are likely to be another factor leading to market
expansion. Also, the imports have increased, which have to pass through strict quality and
safety testing procedures, which has augmented the demand considerably. Besides, the
number of manufacturing units has increased in developing countries such as China, India, and
Singapore, which is another crucial factor leading to market growth.
Further, the growing awareness about quality among consumers has multiplied the demand,
growing at double rate of global GDP. Additionally, the import and export, along with
globalization, is likely to propel the market further. On the contrary, the absence of global
certification standards is estimated to hamper market growth. Besides, the lack of expertise is
further likely to influence the market negatively. Countries like India and, in MEA witness lack of
expertise with about only 5% of the workforce being skilled. Also, the difference in regional
rules & regulations affects the investments made by international players.
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Market Segmentation
The global testing, inspection, certification (TIC) market can be segmented on the basis of
service type, sourcing type, application, end-user, and region.
- On the basis of service, the global testing, inspection, certification market can be distinguished
into testing service, certification service, and inspection service. - On the basis of sourcing, the global testing, inspection, certification market can be
distinguished into in-house and outsourcing. - On the basis of application, the global testing, inspection, certification market can be
distinguished into industrial and commercial. - On the basis of end-user, the global testing, inspection, certification market can be
distinguished into textile, automotive, aerospace, petroleum, oil & gas, and food & beverage,
among others. - On the basis of region, the global testing, inspection, certification market can be distinguished
into North America, Europe, APAC, and the Rest-of-the-world (RoW).
Regional Analysis
The global market for TIC is estimated to grow significantly during the forecast period. Regions
such as North America, Europe, APAC, and the Rest-of-the-world (RoW) have been evaluated.
As per the study, the global market is likely to be dominated by North America by acquiring the
maximum part of the market. North America is likely to reign the market due to a large base of
the electronic sector. Besides, the increased global trade, defense, aviation industry, and the
development in medical equipment automation are likely to fuel the regional market. The
region is likely to acquire a large amount of revenue during the review period.
on the other hand, the APAC region is rapidly growing. The increased demand for these services
from emerging countries such as India and China are likely to trigger the market. Also, the
increased consumer awareness towards quality, growing demand for consumer electronics are
projected to be another factor leading to market expansion.
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Key Players
The renowned players of the global TIC market are Bureau Veritas SA (France), SGS group
(Switzerland), Dekra Certification GmbH (Germany), ALS Limited (Australia), Intertek Group Plc
(U.K), ASTM International (U.S.), SAI Global Limited (Australia), BSI Group (U.K), Mistras Group
(U.S.), UL LLC (U.S.), and a few others. However, SGS Group and Bureau Veritas hold the acquire
the largest market with 14% and 11% respectively.
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