Testing, Inspection, and Certification (TIC) Market Chief Industry Participants Include SGS Group, Bureau Veritas SA, TUV Rheinland Group, Intertek Group PLC, ALS Limited, DNV GL, MISTRAS, Lloyd’s Register Group Limited, Underwriters Laboratories Inc.,

Global testing, inspection, and certification (TIC) market was valued at US$ 182,933.6 Mn in 2018, and is expected to exhibit a CAGR of 5.9% over the forecast period to reach US$ 310,003.6 Mn in 2027. Europe accounted for 37.1% revenue share in the global testing, inspection, and certification market in 2018.

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Asia Pacific is expected to account for high market share in the following years, particularly in China and India. Asia Pacific TIC market growth is driven by increasing environmental and food safety violations in the region, which have led government agencies to implement policies that will ensure consumer safety and limit the amount of environmental deterioration caused due to e-waste. Also, rising international trade has increased the number of exports from Asia Pacific to Europe. Exports from emerging economies of Asia Pacific have to clear detailed estimation to meet various standards set by governing authorities in Europe and North America, which is expected to drive the TIC market growth in Asia Pacific.

Use of digital technology in the TIC market
The current trend in the testing, inspection, and certification market is use of digital technology. Companies such as SGS, Intertek, and Bureau Veritas are focused on the adoption of digital technology, which is expected to boost the market growth. TIC companies are also focused on verifying security, performance, and safety of a product, process, or a service. There are two types of product verifications, 1) before product launch and 2) while the product is in use or in service. These verifications are either done in a lab, on-site, or through other methods. Moreover, outsourcing of TIC services is increasing due to growing global trade and regulatory requirements. As a result, digital technology is playing an important role in meeting the increasing demand for TIC services.
Europe held the dominant position in the Testing, Inspection, and Certification (TIC) market in 2017
Europe is expected to be the largest market in terms of size during the forecast period. The major factors driving the growing demand for TIC services in the region are technological advancements in the automotive industry and outsourcing of TIC services. Also, increasing trade of consumer products is expected to drive growth of TIC market in Europe. Organizations such as the European Telecommunications Standards Institute, and European Committee for Standardization are developing new rules and regulations such as those listed under the Construction Products Directive to maintain product safety and limit the flow of counterfeit products. Key players in the market such as Test Pro, Testing Solutions Group Ltd, and Testhouse Ltd. are driving the market growth by providing assurance and testing services. Also, Brexit, the withdrawal of U.K. from European Union, added new channels for free trade and communication, which has led to higher opportunities for offshore businesses to conduct trade in the U.K. However, different regulations for trade such as import tariffs and regulation or discrimination against foreign suppliers within and outside the European Union are restraining growth of the TIC market in Europe.

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Global Testing, Inspection, and Certification (TIC) Market: Key Players

Major players operating in the global testing, inspection, and certification (TIC) industry include SGS Group, Bureau Veritas SA, TUV Rheinland Group, Intertek Group PLC, ALS Limited, DNV GL, MISTRAS, Lloyd’s Register Group Limited, Underwriters Laboratories Inc., ABS Group, and ASTM International.

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