Testing, Inspection and Certification (TIC) Market Insights | Key players: SGS, Bureau Veritas, Intertek, DEKRA and TÜV SÜD

According to the new research report "Testing, Inspection, and Certification (TIC) Market by Service Type (Testing, Inspection, Certification), Sourcing Type (In-house and Outsourced), Application (Consumer Goods & Retail, Agriculture & Food, Chemicals), and Geography - Global Forecast to 2023", the testing, inspection and certification (TIC) market is expected to be worth USD 247.94 Billion by 2023, at a CAGR of 5.02% from USD 184.77 Billion in 2017. The growth of this market is mainly driven by harmonization of standards, growing consumption of goods in emerging countries, increasing incidents of product recalls globally, surge in global counterfeiting and piracy activities, and imposition of rigorous government regulations and standards across various sectors.

Browse 78 Market Data Tables and 55 Figures spread through 323 Pages and in-depth TOC on "Testing, Inspection, and Certification (TIC) Market - Global Forecast to 2023"

https://www.marketsandmarkets.com/Market-Reports/testing-inspection-certification-market-5352498.html

Early buyers will receive 10% customization on this report.

TIC market for testing services held the largest share in 2016

There has been increase in number of product recalls due to faulty components and parts. Such incidents are on rise than ever before due to use of sub-standard parts and materials. Moreover, the electronics, capital goods, and luxury goods industry have to adhere to stringent quality standards, thereby increasing the need for testing services.

Request for Customization @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=5352498&utm_source=OpenPR

TIC market for outsourced services is expected to grow at the highest CAGR during the forecast period

Many large firms are increasingly outsourcing TIC services because the increased regulations make it costly to conduct test in-house, thereby helping the firms to reduce the overall cost of testing. Demand for outsourcing TIC services to third-party vendors is increasing for applications such as consumer goods and manufacturing owing to the capital-intensive nature of in-house TIC activities.

TIC market for transportation application held the largest share in 2016

The transportation industry is subject to a variety of stringent regulations, standards, and legislations. The transportation application includes automotive, marine, aerospace and defense, and rail. These industries are required to continually meet the highest levels of safety and reliability for the safety of passengers and assets.

Asia Pacific (APAC) accounted for the largest share of the TIC market in 2016

In the APAC region, China is a prominent exporter to several countries around the world; this factor has led to a rise in TIC services in the country to ensure compliance with international standards. The rising dominance of emerging Asian countries such as China and India in international trade would require them to produce goods complying with internationally accepted standards.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=5352498&utm_source=OpenPR

SGS (Switzerland), Bureau Veritas (France), Intertek (UK), DEKRA (Germany), and TÜV SÜD (Germany) are the major players included in the report with market share analysis. The report also covers various innovators involved in this market. Avomeen Analytical Services (US), Medistri (Switzerland), and Envigo (UK) are few innovators in the market.

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

This release was published on openPR.