TIC Services Market By Type, Application, Region-Forecast and Top Key Players: Applus+, BSI, Bureau Veritas, DEKRA, DNV GL, Eurofins, Exova Group Limited, Intertek, Lloyd's Register, MISTRAS Group, Inc., RINA, SAI Global, SGS, SOCOTEC
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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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. AmSpec Group
2. APAVE Inspection UK Limited
5. Bureau Veritas
6. Corelab Laboratories
8. DNV GL
10. Exova Group Limited
13. Lloyd's Register
14. MISTRAS Group, Inc.
15. National Collateral Management Services Limited
17. SAI Global
21. TUV Nord
22. TÜV Rheinland North America
23. TÜV SÜD
Testing, Inspection & Certification (TIC) Services Market size is estimated to be over USD 240 billion by 2024; according to a new research report by Global Market Insights, Inc.The rise in the unethical manufacturing methodologies to reduce the cost is also augmenting the demand for the TIC services market. The quality expectations and consumer safety requirements are becoming complex day by day, and the nonfulfillment of consumer expectations has led to product callbacks.
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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.
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 TIC 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.
To elaborate, a CEIV Pharma certification indicates that the lifesaving pharmaceutical products are being handled in compliance with the best global standards of safety, security and efficiency by the certified party. With this certification, Swiss WorldCargo has attained a milestone which only a small number of airlines have been able to earn, recognizing them as globally consistent in exhibiting high quality standards while handling pharmaceutical products. Further, U.S. based Nu-Med Plus Inc. has established a quality management program and trained its employees regarding quality standards in an effort to gain ISO 13485 certification. The certification is essential for the company before it files for the approval of its new nitric oxide delivery devices with the FDA and demonstrates the significance of the TIC services market in forming the image of a top-quality healthcare product or service provider.
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:
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 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.
Growing emphasis on consumer satisfaction and safety has proliferated the testing, inspection, and certification (TIC) services market as governments worldwide have implemented stringent quality regulations on almost every industry vertical. Whether it is construction, automobile, energy, healthcare or other segments, continuous advancement in products and components have necessitated upgraded testing and certification requirements. Improvements in management, product quality, manufacturing processes, supply chains and service value have become imperative for the growth of any business, imposing a need for the TIC services market.
Existence of recognized certifications such as ISO:9001 or ISO/TS 16949 make it easier for customers to search for companies that provide excellent product quality, better customer service and new, innovative solutions. The global TIC services market valuation in 2017 stood at over USD 150 billion, driven by the obligation of companies towards meeting specific product requirements and to comply with international quality standards.
The key players in the testing, inspection & certification 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,SAI Global and UL. Merger & acquisition is the common strategy used by market players to gain the market share.
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