- Report ID: BMRC 509 | Number of pages: 192 | Publish Date: Jan 2020
Status: Published | Category: Technology And Media | Delivery Timeline:
Testing, Inspection and Certification (TIC) Services Market report is segmented on service type, end user, and by regional & country level. Based upon service type, testing, inspection and certification (TIC) services market is segmented into Testing Service, Inspection Service and Certification Service. On the basis of end user the Testing, Inspection and Certification (TIC) Services market is segmented into Construction and Engineering, Chemicals, Energy and Commodities, Food and Healthcare, Transportation, Products and Retail, Industrial and Other.
Testing, Inspection and Certification (TIC) Services Market is valued at USD 206.9 Billion in 2018 and expected to reach USD 309.1 Billion By 2025 with CAGR of 3.02% over the forecast period.
Testing, inspection and certification services involved the confirmative authorities which provide services from auditing, inspecting, verification and provide quality assurance certificate. These services can be in house or outsourced by the organization as TIC is one of the major policies which everyone has to adhere. TIC is one of the major compliance which assures the quality and safety of goods for use and manufactured with standard process without compromising with resources and quality.
The regions covered in this Testing, Inspection and Certification (TIC) Services market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Testing, Inspection and Certification (TIC) Services market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for Testing, Inspection and Certification (TIC) Services market are Intertek Group PLC, Bureau Veritas SA, DNV GL, Dekra Certification GmbH, BSI Group, TUV SUD AG, SGS SA, SAI Global Limited, Eurofins Scientific SE, MISTRAS Group, Inc., ALS Limited, Underwriters Laboratories (UL), Exova Group PLC among others.
Stringent regulatory policies coupled with increasing trade practices due to the globalization of Testing, Inspection and Certification (TIC) Services Market
There are various factors pertaining to the growth of TIC services market. There is constant increase in the outsourcing of TIC services Due to increasing trade practices between countries due to the globalization. Due to these practices every product has to adhere the standard regulation to assure the safety of the product. Furthermore, increased awareness among people and risk associated with the quality has made these services compulsory on a regular basis. Increase awareness led to the increase focus on quality and production process coupled with changing compliance regulations. Moreover, the regulatory policies are getting stringent day by day about the quality, environment safety and health has increased the demand for TIC services market over the forecast period. However, Increasing safety breaches making the TIC services and process more complex which is expected to negatively affect the growth of TIC services market in the near future.
Europe is expected to dominate the Testing, Inspection and Certification (TIC) Services Market.
Europe is expected to account the major market share over the forecast period which was closely followed by North America in terms of revenue share. The presence of developed countries such as U.S., Canada, UK, Germany and other, the developed countries are particular about the quality, safety and production process. Furthermore, presence of advanced technology and R&D services for better TIC services are expected to fuel the growth of TIC Services market over the forecast period. Asia Pacific is expected to develop significantly over the forecast period due to the presence of developing economies such as India, China and others and it is expected that these countries have wide scope of these services in near future. Moreover, increasing investment in new technologies and government initiatives are further expected to drive the growth of TIC services market. Latin America, Middle East and Africa is expected to develop at a considerable rate over the forecast period due to the lack of awareness among people and lack of better infrastructure.
Key Benefits for Testing, Inspection and Certification (TIC) Services Market Reports –
By Service Type
By End User
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Testing, Inspection and Certification (TIC) Services Market Size, Segmented by Product Type, Top Manufacturers, By End-User Industry, Geography Trends and Forecast 2020-2025