Testing, Inspection, and Certification (TIC) Services Market Analysis By Key Players; DNV GL, Eurofins, Exova Group Limited, Intertek, Lloyd's Register, MISTRAS Group, Inc., RINA, SAI Global, SGS, SOCOTEC, Applus+, BSI, Bureau Veritas, DEKRA

Global Testing, Inspection & Certification (TIC) Services Market is estimated to be over USD 240 billion by 2024; according to a new research report by Global Market Insights, Inc. The testing, inspection & certification 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.

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Testing, Inspection, and Certification (TIC) Services Market will undergo remarkable transformation due to incessant developments in the life sciences field, resulting from the existence of rigorous certification eligibilities in healthcare and mandates that demand high quality control. Slated to record a 6% CAGR from 2018 to 2024, the TIC services market is highly dispersed with key players like Intertek, SGS SA, Bureau Veritas, DEKRA, TUV SUD, Apave and Eurofins being the major participants.

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

• 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

Taking into account the increasing importance of product quality and betterment of assessment services, the contributors in Europe testing, inspection, and certification market have been focusing on the enhancement of their existing product portfolios. Say for example, one of the leading players of the Europe TIC industry, Bureau Veritas recently formed a collaboration with the well-known scientific traceability services provider, Oritain. The New Zealand based company, Oritain develops product specific geo-chemical fingerprints with forensic science that can ensure higher security in supply chain systems. The expertise level of Oritain in verification processes will thus help Bureau Veritas improve its product offering with the addition of a scientific traceability tool.

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Agriculture & food markets are among the most lucrative applications of the testing, inspection, and certification 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. For instance, in 2016 the FDA reported a Hepatitis outbreak due to contaminated frozen strawberries, which caused 143 illnesses across 9 states and hospitalized approximately 50 people. In addition, the increasing trade between countries and the globalized food supply chain is also driving the demand for TIC services within the food and agricultural sector.

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

The transportation market is anticipated to account for over 25% of the total share in the testing, inspection & certification services market. The growth of the market is driven by the constant advancements in the vehicle components along with the development of the stringent government regulations and policies. The governments across the countries are constantly working on enhancing the safety, efficiency, quality, and compliance of the automotive components. Moreover, there is a huge demand from the aerospace sector.

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:

https://www.gminsights.com/industry-analysis/testing-inspection-certification-tic-market

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.

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.

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.

The key players in the testing, inspection & certification (TIC) services market are Applus, Apave, Bureau Veritas, Corelab, DEKRA, Eurofins, Intertek, DNV GL, Lloyd’s Register Group, TUV SUD, SGS SA, SYNLAB, TUV Rheinland, TUV Nord, ALS, SOCOTEC, Kiwa Group, RINA, and UL. Merger & acquisition is the common strategy used by market players to gain the market share. For instance, in November 2017, SGS acquired BioVision Seed Research Limited to strengthen its presence in the Canadian Agriculture market.

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