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Global Testing, Inspection, and Certification (TIC) Market Top Companies, Industry Demand, Growth Opportunities, Business Review and Regional Analysis 2027

 

Global Testing, Inspection, and Certification (TIC) Market was valued at USD 163 billion in 2018 which is expected to reach USD 278.7 billion by 2027 at a CAGR 4.8%.

Testing, Inspection, and certification (TIC) stamps of different products and Services are essential in order to ensure safety and quality to improve marketability. These services are helpful in developing trusts among customers. Rapid industrialization and urbanization expected to grow the market in near future.

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Drivers: Increasing Outsourcing of TIC Services and Introduction of Stringent Regulations

Rise in outsourcing of TIC functions and ever-tightening regulations are among the key factors that will push the demand for testing, inspection and certification services over the near future. As per the estimations, nearly 40% of the market is currently outsourced, while the remaining of TIC services carried out in-house

Push towards the outsourcing and also the privatization of state-owned laboratories will continue to be a strong driver of the growth. It’s not all one-way traffic though, and the outsourced model cannot rely solely on its third-party accreditation capability as justification for continued growth

Moreover, increased level of regulations have triggered a transition from a voluntary-based risk management approach to mandatory testing services – for instance, the recent high profile vehicle emission scandal. Further, the tragic Grenfell tower fire highlighted the critical need for standards an certification in the maintenance and construction of public infrastructure

Evolving regulatory landscape is an intrinsic part of the TIC industry and continue to generate new opportunities for firms matching their client’s needs

Increase in demand for testing services to ensure effective interoperability of connected devices and networks is the key driving factor which is expected to boost the global testing, inspection, and certification (TIC) market growth. Furthermore, rise in advancements in networking and communication technologies will have the positive impact on market growth. Moreover, rise in TIC services growth opportunities for small and medium sized businesses will propel the market growth. In addition to that, rapid globalization will drive the testing, inspection, and certification (TIC) market growth.

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Restraints: Lack of Internationally Accepted Standards Among Different Geographies

Lack of internationally accepted standards is one of the key restraining factor impacting the expansion of testing, inspection and certification market. Various countries have their own set of standards. This factors influences the decision-making of the manufacturer, whether to export or not to a given country

Standards and regulations vary between different types of services and product. Meeting the international standards often results in a increased cost, as it is likely to lead to the changing of design of a particular product or service. For instance, environmental regulations regarding the type and amount of packaging used for products is expected to be strict in some countries as compared to the others.

Further, it has been observed that requirement of standards in countries with a high per-capita income are generally higher, as compared to countries with a lower per-capita income. This restraint is very common in the pharmaceutical sector, as it becomes highly challenging for the rug manufacturer to develop a single drug which can be readily approved in all countries it is submitted. Considering this factors, a lack of internationally accepted standards pose a threat to the expansion of the market

However, diverse standards and regulation in various countries are the restraining factors which are expected to hamper the global testing, inspection, and certification (TIC) market growth.

However, diverse standards and regulation in various countries are the restraining factors which are expected to hamper the global testing, inspection, and certification (TIC) market growth.

Market Key Players

Various key players are discussed in this report such as SGS GROUP, BUREAU VERITAS, INTERTEK, DEKRA SE, EUROFINS SCIENTIFIC, TÜV SÜD, DNV GL, TÜV RHEINLAND, APPLUS+, ALS LIMITED, and TÜV NORD GROUP

Market Taxonomy

By Service Type

  • Inspection
  • Testing
  • Certification

By System Type

  • In-House
  • Outsourced

 

By End Use Industry

  • Chemicals
  • Agriculture and Food
  • Medical and Life Sciences
  • Oil & Gas and Petroleum
  • Consumer Goods and Retail
  • Others

 

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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