Global Testing, Inspection, and Certification (TIC) Market
Report Highlights
Market Overview:
The Global Testing, Inspection, and Certification (TIC) Market was valued at USD 182.02 billion in 2016 and is projected to reach USD 287.50 billion by 2025, growing at a CAGR of 5.21% from 2017 to 2025.
The testing, inspection & certification is the process adopted by end-user sector to ensure safety, maintenance, and quality in consumer products. Testing, inspection, and certification companies are engaged in inspection, verification, testing and certification services to help increase productivity and also help local manufacturers comply with the global standards.
Market Dynamics:
1. Market Drivers
1.1 Emergence of fragmented markets
1.2 Emerging outsourced TIC services
1.3 Increasing consumption of goods in developing countries
1.4 Growing incidents of product recall globally
1.5 Stringent government regulations and standards
1.6 Rise in global counterfeiting and privacy activities
2. Market Restraints
2.1 High lead-time for overseas qualification tests
2.2 High complexity global supply chain functionalities
2.3 Divergent standards and regulations across geographies
Market Segmentation:
The Global Testing, Inspection, and Certification (TIC) Market is segmented on the Sourcing Type, Service Type, vertical, and region.
1. Sourcing Type:
1.1 Outsourced
1.2 In-house
2. By Service Type:
2.1 Inspection Services
2.2 Testing Services
2.3 Certification Services
2.4 Others
3. By Vertical:
3.1 Public Sector
3.2 Transportation
3.3 Supply Chain & Logistics
3.4 Consumer Goods & Retail
3.5 Agriculture & Food
3.6 Energy & Power
3.7 Mining
3.8 Chemicals
3.9 Construction & Infrastructure
3.10 Industrial & Manufacturing
3.11 Medical & Life Sciences
3.12 Oil & Gas and Petroleum
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. Bureau Veritas
2. Intertek
3. TUV SUD
4. Dekra
5. ALS
6. Lloyd’s Register
7. Applus
8. Element Materials Technology
9. TUV Nord
10. DNV GL
11. TUV Rheinland
12. SGS
13. UL
14. Eurofins Scientific
15. Mistras
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Testing, Inspection, and Certification (TIC) Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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