Testing, Inspection, and Certification Services Market Analysis Focusing on Top Key Players – SGS SA, Bureau Veritas, Intertek, DEKRA, Eurofins, TUV SUD, DNV GL, TUV Rheinland, Applus, SYNLAB, TUV Nord, LR, ALS, SOCOTEC, Corelab, Kiwa Group, RINA, Apave

Market Study Report recently introduced new title on “2018-2024 Global Testing, Inspection, and Certification Services Market Report” that provides an in-depth overview of industry and competitive landscape, covering multiple market segments and elaborates market outlook and status to 2024.

Testing, Inspection, and Certification (TIC) Services Market is anticipated to be cross USD 240 billion mark by 2024. The market is propelled by the increasing trend of outsourcing services. The companies are leveraging on the third-party companies to minimize their operation cost and focus on their core business competencies. The stringent government regulations pertaining to the product safety and health also drive the demand for TIC services market.

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Globalization has further foster the demand for the TIC services. The new trade partnerships between the nations are encouraging companies to outsource their business operations to offshore countries. This is augmenting the demand for the third-party service providers to inspect the supply chain, raw material, and quality control procedure to ensure the safety and quality of the product. Furthermore, the rise in the conscious consumerism along with the development of the brand protection policies across the globe also supports the market growth. However, the protectionist policies and trade barriers act as major constraints. Moreover, the uncertain regulatory environment and complex nature of the global supply chain are also hindering the growth.

The testing services accounted for over 65% stake in the TIC services market. The growth is credited to the increasing concerns among consumers for improved quality of products & services. Furthermore, the rising focus of the government on the product quality and health is also augments the demand for the testing services. On the other hand, the certification services are anticipated to grow at a CAGR of more than 9% during the forecast period. The continuous efforts by the government to reduce the carbon dioxide emissions and energy consumption will drive the demand for the certification services.

The transportation sector holds more than 25% of the share in the TIC services market. The growth is attributed to the technological advancements in the automobile component. Moreover, the requirement to comply with the international standards and guidelines will also foster the growth. The agriculture & food sector is anticipated to attain the growth rate of over 10% during the forecast timeline. The growing prevalence of the food contamination diseases and food-borne illnesses is the major force driving the demand for the TIC services in the agriculture & food sector.

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Europe is leading the TIC services market with more than 40% share in the revenue in 2017. The growth is credited to the stringent government standards to promote consumer safety and improve the product quality. Moreover, the presence of commonly-accepted standards across the European Union member countries has further nurtured the growth. On the other hand, Asia Pacific is anticipated to grow substantially at a CAGR of over 9% during the forecast period. The demand is driven by the rapid urbanization and industrialization in the emerging economies including India and China.

The major players in the TIC services market are SGS SA, Intertek, Bureau Veritas, Eurofins, DNV GL, Applus+, Corelab, Kiwa Group, RINA, Apave, TUV Nord, ALS, SOCOTEC LR SYNLAB, TUV Rheinland TUV SUD, and DEKRA. These players are adopting merger and acquisition activities to gain the share and increase the global footprint. For instance, in 2018, SGS acquired SIT Skin Investigation and Technology to expand the company?s presence in the retail portfolio in testing services for cosmetics and skin care.

Table of Contents

Chapter 1. Methodology & Scope

Chapter 2. Executive Summary

Chapter 3. Global TIC Services Industry Insights

Chapter 4. Competitive Landscape

Chapter 5. Global TIC Services Market, By Service

Chapter 6. Global TIC Services Market, By Type

Chapter 7. Global TIC Services Market, By Application

Chapter 8. Global TIC Services Market, By Region

Chapter 9. Company Profiles

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