Testing, Inspection & Certification (TIC) Market 2018 Global Players: SGS group, Bureau Veritas, Dekra Certification, Intertek Group, ALS Ltd, ASTM international, BSI Group, SAI Global, Mistras Group, UL LLC

Market Scenario
Looking at the current trend of development and technological advancements over various industries, one can positively say that the global testing, inspection and certification market will experience tremendous growth in the coming years. During the forecast period of 2018-2023, the market is expected to generate a revenue of around USD 247 billion. Whereas, in terms of CAGR the market is expected to tread forward at the rate of 5%.

There are many growth factors that cumulatively contribute towards the growth and development of this market. One of the chief development propellers for this market happens to be the rise in research and development activities.

Additional aspects that further positively impact the market are continuous advancements in medical science and increased demand for better medical equipment will further help the market in further expansion.

Although, the market may be hampered by certain restraints like shortage of experienced personnel and absence of global validation standards. However, as the market moves forward, it is expected to overcome such short comings.

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Testing, Inspection & Certification – Brief Insights
Quality of the end product is of paramount importance in any given industry. There are many measures that manufacturers undertake to ensure that the product’s quality is not compromised upon. This is where testing, inspection and certification (TIC) comes into play. This procedure can be explained as an amalgamation of services that are aimed at enhancing proficiency, output and manufacturing processes. Through the overall value of the product changes and the market players get benefitted. In recent times, the demand for these services has risen considerably which in turn has proved to be helpful for the global testing, inspection & certification market.

TIC forms an integral part of a number of industries like life sciences, agriculture, automotive, commodities, maritime, leisure, education, trade assurance, compliance, environmental and many more. Testing, inspection & certification market is expected to garner great benefits over the forthcoming years.

Market Segmentation
The worldwide testing, inspection and certification market has been divided into five equal parts. They can be listed as applications, sourcing types, end-users, service types and geographies.
On the basis of applications, the market has been bifurcated into industrial and commercial. The industrial sub-segment has the upper hand out of the two, in the year 2017, it registered a revenue of around 27 million.

When it comes to sourcing types, the market has been segregated into in-house and outsourcing. Out of the two in-house section has a stronger hold over the market. It was valued at USD 25 billion in the year 2017 and will continue to grow in the coming years as well.

On account of end-users, the market has been separated into oil & gas, automotive, food & beverage, textile, aerospace and petroleum. Amongst all of these, the automotive segment has the lead and its last evaluated value was USD 8 billion.

Based on service types, the market has been segmented into inspection, testing and certification.
Geographically, the market has its reach across various areas of the world like North America, Europe, Asia Pacific and Rest of the World.

Industry trends
One of the major trends that has been doing rounds in the global testing, inspection and certification market is that of outsourcing TIC services. This has proven to be extremely helpful for this industry and seems to gaining a lot of attention lately.

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Market Players & Key strategies
Some of the most prominent players of this market can be listed as ALS Limited, SGS Group, BSI Group, SAI Global Limited and Intertek Group Plc. The two major strategies used by these players are strategic expansion and novel product development.

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