Testing, Inspection & Certification (TIC) Services Market Forecasts Report 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

Testing, Inspection & Certification (TIC) Services Market to witness robust growth from transportation sector, certifications in healthcare to provide additional boost. Testing, Inspection, and Certification (TIC) Services Market is anticipated to be cross USD 240 billion mark by 2024; according to a new research report by Global Market Insights, Inc. 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. The in-house services held more than 60% of the total stake in the testing, inspection & certification services market in 2017. Earlier, manufacturers had to develop their in-house testing facilities to comply with the government standards and regulations. However, due to the increasing pressure to reduce the cost of operation and the need to focus on the core business competencies is encouraging enterprises to outsource the services.

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

The outsourcing is estimated to grow at a CAGR of over 8% during the forecast period. The demand for the third-party companies is driven by the development of various government regulations & standards to improve product the quality and efficiency. Furthermore, the increasing pressure on the government organizations to reduce the spending on the testing, inspection, and certification services is also augmenting the demand for the third-party services providers.

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The testing services were leading the testing, inspection & certification 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.

As per estimates, the EU alone produced over 17 million passenger cars and 2.6 million commercial vehicles in 2017. With strict regulations in place to enhance the fuel efficiency of future vehicles and reduce carbon emissions, the testing, inspection & certification services market will experience tremendous growth from testing and inspection of advanced auto components and manufacturing processes. New processes need to be sufficiently tested before implementation and vigorously inspected for any faults or defects to ensure product uniformity. Globally, an emerging product line in the automotive sector is connected and self-driving cars, which presents a challenging task for the TIC services industry. Chipmakers and testing companies are helping to develop these products by adhering to ideal temperature, voltage, electromagnetic interference and several other standards put down for an efficient autonomous system. Automotive standards like ISO 26262 have been introduced related to the safety of electrical and electronic systems within vehicles, warranting adequate testing and inspection to be done on advanced automotive chips.

The testing services accounted for over 65% stake in the testing, inspection & certification 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.

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

The transportation sector holds more than 25% of the share in the testing, inspection & certification 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.

Europe is leading the testing, inspection & certification 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 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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