Testing Inspection and Certification Market Development Strategy, Top Players

Posted by Sakshi Mishra on April 26th, 2021

Market Synopsis 

The global testing, inspection, certification (TIC) market is estimated to progress at a CAGR of 5.8% by the end of 2022. As per the study conducted at Market Research Future Reports (MRFR), the strict rules and regulation in end-user sectors such as food & beverage, pharmaceuticals, and textiles are projected to drive the global TIC market 2020. Besides, the robust fundamentals of the industry are likely to be another factor leading to market expansion. Also, the imports have increased, which have to pass through strict quality and safety testing procedures, which has augmented the demand considerably. Besides, the number of manufacturing units has increased in developing countries such as China, India, and Singapore, which is another crucial factor leading to market growth.

Further, the growing awareness about quality among consumers has multiplied the demand, growing at double rate of global GDP. Additionally, the import and export, along with globalization, is likely to propel the market further. On the contrary, the absence of global certification standards is estimated to hamper market growth. Besides, the lack of expertise is further likely to influence the market negatively. Countries like India and, in MEA witness lack of expertise with about only 5% of the workforce being skilled. Also, the difference in regional rules & regulations affects the investments made by international players. 

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Market Segmentation 

The global testing, inspection, certification (TIC) market can be segmented on the basis of service type, sourcing type, application, end-user, and region.

On the basis of service, the global testing, inspection, certification market can be distinguished into testing service, certification service, and inspection service.

 On the basis of sourcing, the global testing, inspection, certification market can be distinguished into in-house and outsourcing. 

On the basis of application, the global testing, inspection, certification market can be distinguished into industrial and commercial.

On the basis of end-user, the global testing, inspection, certification market can be distinguished into textile, automotive, aerospace, petroleum, oil & gas, and food & beverage, among others.

On the basis of region, the global testing, inspection, certification market can be distinguished into North America, Europe, APAC, and the Rest-of-the-world (RoW). 

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