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 the 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 the globe and strict government regulations to maintain product standards are further boosting the demand for Testing, Inspection & Certification globally.
Two major trends prevailing in TIC market currently is growing adoption of “Digital TIC” with the integration of advanced technology such as AR, VR, drones, and so on in testing, inspection and certification service. Another trend ruling the market is outsourcing service, around 40% of the TIC service in the market is outsourced in 2019 and a similar trend will be seen during the forecast period.
Growing urbanization across developed as well as developing economies and therefore rise in the range of products used in the market is a major driver for the 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.
Geographically, APAC is the largest and fastest-growing testing, inspection & certification market with the largest number of small and large product manufacturers residing in the region. Further, the administration of several countries in the region is inspiring companies across the globe to make an investment in the region. This will further upsurge the growth of the China Testing, Inspection & Certification (TIC) market in years to come.
Further, the US and Europe hold the second and third largest testing, inspection & certification market share respectively.
Key players in the testing, inspection & certification market are highly fragmented with both in-house TIC service providers who have a partnership or are part of manufacturing companies and the third-party service providers from where service is outsourced based on the requirement. Further, mergers & acquisitions 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. The industry has a large number of global as well regional players offering service to a diverse industry segment. On the other hand, small players have focused on one particular region or industry.
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.
Toll Free (U.S. and Canada): +1-888-253-3960
VynZ Research is a global market research firm offering research, analytics, and consulting services on business strategies. We have a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT, and other emerging technologies. READ MORE…