Testing, Inspection, and Certification (TIC) Market to Grow at a CAGR of 5.5% During The Forecast Period, 2019–2026

Wed, 29 May 2019 6:53

The global Testing, Inspection, and Certification (TIC) Market Size will reach 300.40 million US$ in 2025, from 196.25 million US$ in 2017, with a CAGR of 5.5% during the forecast period. Late advances such as from drones to Big Data are being embraced by Testing, Inspection and Certification companies. Integrated sensors, digital inspection, and predictive maintenance are replacing traditional labor-intensive are expected to offer better opportunities in testing, inspection, and certification market during the forecast period, 2019–2026.

Market players have adopted acquisition as a key strategy to expand and explore further growth opportunities in the market. For instance, SGS completed 12 acquisitions in 2017 and 8 in 2018 moving it closer to its strategic plan of acquiring revenues of CHF 1bn (c. €867m) by 2020.

Segmental Insights

The Global Testing, Inspection and Certification (TIC) market is segmented by product type, application, and region.

Based on product type, the Testing, Inspection and Certification market is segmented into in-house and outsourced. In-house quality team conducts thorough inspection initially from raw materials throughout the processing and until the final product that ensures reliability, safety, quality, and performance.

On the basis of application, the Testing, Inspection and Certification market is segmented by consumer product, commodities, industry, life science pharma, and others. Banking, mining, software, and other niche sectors are included under this application segment. Several in-house laboratories, as well as third-party companies, offer inspection, analytical testing, and advisory services to the minerals, exploration, ore, and mining industries. Services provided in banking and software sectors contain highly confidential data that needs to be protected which therefore demand them to be tested, inspected, and certified from good authorities.

Regional Insights

Geographically, global Testing, Inspection, and Certification market are divided as North America, Europe, Asia-Pacific, and Latin America, the Middle East & Africa.

North America followed by Europe is expected to witness significant growth in testing, inspection and certification market owing to rising government regulations in the region.

Regulating control over product quality and food safety systems to enhance economic efficiency is expected to fuel the market growth in Asia Pacific region. Pertaining to this, the Chinese government has started taking great efforts to better the China Compulsory Certification system for product quality control. While some other organizations are striving to improve its food certification and supervision and increasing the number of random inspections to mitigate the public’s health and safety issues. Whereas, The Japanese Industrial Standards Committee plays a central role in developing standards in Japan covering a wide range of products and technologies from robots to pictograms.

Additionally, government norms and regulations for product certification in each region is expected to fuel the market growth in LAMEA region.

Key Players

Some of the most prominent players in Testing, Inspection, and Certification market are SGS Group, Bureau Veritas, Dekra Certification, Intertek, TUV SUD, Eurofins Scientific and others.

Testing, Inspection and Certification Market Segmentation

  • By Product Type
    • In-House
    • Outsourced
  • By Application
    • Industry
    • Life Science and Pharma
    • Consumer Product
    • Commodities
    • Other
  • By Region
    • North America
    • Europe
    • Asia Pacific
    • LAMEA