Testing Inspection and Certification (TIC) Market 2020:Size, Forecast to 20
Posted by Eshu Gupta on December 29th, 2020
Testing, inspection & certification is a process adopted by end-user sector to ensure safety, maintenance, and quality in consumer products. Testing, Inspection & Certification services play an essential role in increasing productivity by meeting product quality with international standard.
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Moreover, strong industry fundamentals and stringent regulation in end-user sectors such as food & beverage, textiles, and pharmaceuticals, are escalating the market on the global platform, creating a massive demand for these services.
Acknowledging the exponential traction, the market perceives currently, Market Research Future (MRFR), in its recently published study report asserts that the global testing, inspection & certification market is expected to reach USD 58.38 BN by 2023 with approx. 5.8 % CAGR throughout the forecast period (2018-2023).
The MRFR analysis is segmented into five key dynamics for enhanced understanding.
By Sourcing Type: Outsourcing and In-house.
By Service Type: Testing Service, Inspection Service, And Certification Service.
By End-user: Automotive, Textile, Aerospace, Oil & Gas, Petroleum, and Food & Beverage among others.
By Application: Commercial and Industrial.
By Regions: North America, Europe, APAC, and the Rest-of-the-world (RoW).
North America is dominating the global Testing Inspection and Certification (TIC) Market with the largest market share due to the large presence of the electronics sector in the region. Moreover, factors such as the increased global trade, growth in the software, defense, and aviation industry, and advancement in medical equipment automation substantiate the growth of the regional market. The region is expected to create a large revenue pocket over the forecast period.
The Asia Pacific is rapidly becoming a promising market for testing, inspection and certification services. The high demand of these services, especially in emerging countries such as China and India along with the stringent government regulations to ensure better health and strong security in various end-user sectors are fueling the growth of the TIC market in the region.
Some of the players leading the global testing, inspection, and certification (TIC) market includes Bureau Veritas SA (France), SGS group (Switzerland), Dekra Certification GmbH (Germany), ALS Limited (Australia), Intertek Group plc. (U.K.), ASTM International (U.S.), SAI Global Limited (Australia), BSI Group (U.K.), UL LLC (U.S.), and MISTRAS Group, Inc. (U.S.) among others.
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About the AuthorEshu Gupta
Joined: July 8th, 2020
Articles Posted: 58
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