Global Testing, Inspection, Certification (TIC) Market Size By Service Type, By System Type, By End-Use Industry, By Geographic Scope And Forecast

Report Highlights

Testing, Inspection, ; Certification (TIC) Market Size And Forecast
Testing, Inspection, ; Certification (TIC) Market was valued at USD 211.34 billion in 2019 and is projected to reach USD 308.26 billion by 2027, growing at a CAGR of 5.21% from 2020 to 2027.

Global Testing, Inspection and Certification (TIC) Market Overview
There is a need for testing, inspection and certification services since to assist manufacturers and distributors to improve the marketability of their product. Since there is so much competition in every industry it becomes important for companies and organizations to stand out and make sure their products are of top-quality. This drives the market growth.

With developing economies making their way up, there are a ton of SMEs that are formed. To enter any market, they need to go through TIC checks that are usually conducted by third party services so that there are no issues. This is a major reason for growth in the market during the forecast period.

The need for health,quality and environment safety is also a factor that drives the market growth. To enure to consumers that their product is reliable and safe, every manufacturing organisation must go through TIC to make sure they have followed the guidelines that relate to them. TIC services ensure that manufacturers and organisations are complying with orders from the government as well as international committees. These are the reasons that propel the growth of the Testing, Inspection and Certification (TIC) Market.