TIC Industry - Size, Trends, Analysis and Outlook 2020-2023
TIC Industry - Size, Trends, Analysis and Outlook 2020-2023
In recent years, regulatory norms of health, quality, and safety have become strict which is thereby affecting the global import & export business. Imports from developing regions have to pass through stringent quality and safety testing procedures. This, as a result, has increased demand for testing, inspection, and certification process in the manufacturing sectors.
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).
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Segmentations
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).
Regional Analysis
North America is dominating the global testing, inspection and certification 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 testing, inspection and certification market in the European region is expected to account for the second-largest market, following the North American market closely. The presence of high-tech automation division in the region which provides extensive vehicle testing & inspection services to the automotive products alongside the burgeoning automobile industry in the region drives the growth of the regional market. Moreover, factors such as the growing demand for organic and processed food fuels the market growth.
The Asia Pacific is rapidly becoming a promising TIC Industry. 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.
Competitive Analysis
The global TIC market appears highly competitive and fragmented characterized by the presence of a number of giant players with their strong presence in the international and regional market. The high potential for growth opportunities, demonstrated by the market attracts several entrants to join the bandwagon, resulting in intensifying the market competition.
Product launch, distinguished services & product offerings, agreement & partnership, acquisition & expansion are some of the prevailing strategies traced from the analysis of recent developments of the key players. The deal activity will remain high as larger players seek to consolidate what is still a highly fragmented industry.
Key Players
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.
Browse More Details on Report at: https://www.marketresearchfuture.com/reports/testing-inspection-certification-market-1947
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