Global TIC Services Market 2018-2024 Key Players: RINA, SAI Global, SGS, SOCOTEC, TÜV SÜD, UL, Intertek, Eurofins, DNV GL, Corelab Laboratories, Bureau Veritas, BSI, Applus+, ALS, DEKRA, Exova Group Limited, Lloyd's Register, MISTRAS Group, Inc.

Global TIC Services Market is driven by the demand for the third-party service providers. According to the International Confederation of Inspection and Certification Organization (CEOC), approximately 40% of the market is currently being outsourced. Whereas, the remaining services are carried out in the in-house facilities. The privatization of the state-owned laboratories is the primary factor supporting the demand for third party service providers. Furthermore, the increasing pressure on the government organizations to reduce the cost is forcing them to restrict the market surveillance activities. This has also augmented the demand for the third-party service providers.

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Testing, Inspection & Certification (TIC) Services Market size is estimated to be over USD 240 billion to grow at a CAGR of more than 6% over 2018-2024. TIC services market is propelled by the growing trend of outsourcing services from third-party specialist firms. Large corporations & state-owned establishments are gradually outsourcing their TIC activities to reduce the cost and focus on their core business competency. The stringent government regulations to ensure the safety and quality of the products also drives the market growth. Over the past five years, the incidences of non-compliance scandals have increased significantly. This is encouraging government authorities to implement stringent regulations associated with testing, inspection, and certification standards.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. RINA
2. SAI Global
3. SGS
4. SOCOTEC
5. TÜV SÜD
6. UL
7. Intertek
8. Eurofins
9. DNV GL
10. Corelab Laboratories
11. Bureau Veritas
12. BSI
13. Applus+
14. ALS
15. DEKRA
16. Exova Group Limited
17. Lloyd's Register
18. MISTRAS Group, Inc.

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The certification service market is anticipated to attain CAGR of over 9% during the forecast timeline. TIC services market growth will be increasing concern towards the product quality, safety, and environmental health. Furthermore, the requirement to comply with the national and international standards is augmenting the demand for the testing, inspection & certification services market.

Agriculture & food markets are among the most lucrative applications of the TIC services market. These are anticipated to grow at the CAGR of over 10%. The increasing focus of the government authorities on the food safety and health is a primary factor driving the market growth. Food contamination diseases are forcing the governments to develop strict standards and guideline for manufacturers to ensure the safety of their products. Furthermore, the increasing number of foodborne illnesses are driving the demand for inspection services in the food and agricultural sector.

The testing services were leading the TIC services market with more than 65% of total revenue share in 2017. The testing activities mainly focus on measuring the properties and performance of the products and services. The growth of the market is attributed to the rising concern among consumer regarding the quality of the product. This rise in the conscious consumerism is encouraging companies to protect their reputation by maintaining the quality of the products and by adhering to government standards and regulations. Furthermore, the development of numerous government standards and regulations for the product safety and quality control also foster the market.

Browse key industry insights spread across 250 pages with 210 market data tables & 31 figures & charts from the report, Testing, Inspection, and Certification (TIC) Services Market in detail along with the table of contents:

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Asia Pacific testing, inspection & certification services market is anticipated to attain a growth rate of over 9% during the forecast timespan. The growth of the market is driven by the rapid industrialization and urbanization in emerging economies such as India and China. The urbanization in these countries has attracted massive investment in the energy, infrastructure, and transport. This is developing myriad opportunities for the growth of the market. Furthermore, the rising demand for quality and safety of the products along with the environmental health is giving rise to the requirement of effective TIC services in these regions.

North America holds a significant share in the TIC services market. The market is driven by the upsurge in food safety audits in the region. Food and Drug Administration Authority (FDA) of U.S. had introduced the Food Safety Modernization Act to transform the country’s food safety system with its primary focus on preventing foodborne illnesses. Under this act, the government has set different standards for a variety of food products. This has resulted in a rise in the number of tests, inspections and certification activities in the country.

Europe is dominating the TIC services market with over 40% of the total stake in 2017. The growth is driven by the stringent government regulations and standards to maintain the quality of the product. The European government had introduced several regulations to enhance the product safety, environmental health, and life cycle of infrastructure. For instance, in 2018, the UK government had launched new regulations to reduce the carbon emission. The country’s Carbon Reduction Commitment (CRC) broaden existing emission trading structures to comprise non-energy exhaustive businesses & public-sector establishments with high energy consumption. Furthermore, the presence of the major market players such as SGS, Bureau Veritas, and Intertek also support the growth.

The key players in the TIC services market include ALS, AmSpec Group, APAVE Inspection UK Limited, Applus+, BSI,Bureau Veritas, Corelab Laboratories, DEKRA, DNV GL, Eurofins, Exova Group Limited, Intertek, Kiwa, Lloyd's Register, MISTRAS Group, Inc., National Collateral Management Services Limited, RINA, SAI Global, SGS, SOCOTEC, SynLab, TUV Nord, TÜV Rheinland North America, TÜV SÜD,UL

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