Testing, Inspection, and Certification Market Is Thriving Worldwide | Latest Innovation, Advance Technology, Top Companies

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A fresh report titled “Testing, Inspection, and Certification Market” delivering key insights and providing a competitive advantage to clients through a detailed report. The report also details the information about the global market status, growth rate, future trends, market drivers, challenges, opportunities and porter’s forces analysis with respect to these elements. An exclusive data offered in this report is collected by research and industry experts team.

The Testing, Inspection, and Certification Market is estimated to grow from US$ 209.4 Billion in 2019 to US$ 266.2 Billion by 2024—growing at a CAGR of 4.91%.

Top Companies profiled in the Testing, Inspection, and Certification Market:
• SGS Group (Switzerland)
• Bureau Veritas SA (France)
• Intertek (UK)
• TÜV SÜD Group (Germany)
• Eurofins Scientific (Luxembourg)
• DNV GL (Norway)
• TÜV Rheinland Group (Germany)
• Applus+ (Spain)
• ALS Limited (Australia)
• TÜV NORD Group (Germany)
• Lloyd’s Register Group Limited (UK)
• MISTRAS (US)
• Element Materials Technology (UK)
• UL LLC (US)

The market for certification services is estimated to grow at a higher CAGR during the forecast period. Certification demonstrates a company’s credibility in the market. Certification services in the TIC market validate the result of a test or inspection against a range of pre-specified standards set by governments, international standardization institutions, or clients. Generally, certification or safety marks are applied to the product.

The market for the automotive application is estimated to grow at the highest CAGR during the forecast period. Automotive testing requires highly advanced capabilities and expertise to evaluate the performance and reduce the delivery time of a vehicle. Governments are increasingly focusing on implementing legislation to prevent road accidents and minimize the environmental impact of non-compliant vehicles.

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“The market in APAC is expected to witness the highest CAGR during the forecast period”
The market in APAC is estimated to grow at the highest higher CAGR during the forecast period. Countries in APAC such as China and Japan are the most developed countries, with significant export capacity. However, its imports are mainly targeted at the agriculture, petroleum, and mining industries, among others. Major industries in APAC include consumer electronics, processed foods, and agriculture. These industries have a significant demand for TIC services to stay in compliance with international standards.

Breakdown of primary participants’ profile:
• By Company Type: Tier 1 – 56%, Tier 2 – 18%, and Tier 3 – 26%
• By Designation: C-Level Executives –45%, Directors – 30%, and Others – 25%
• By Region: North America – 36%, Europe – 22%, APAC – 28%, and RoW – 14%

Study Objectives:
• Study the complete value chain and allied industry segments, as well as perform a value chain analysis of the TIC services landscape

• Analyze opportunities in the market for various stakeholders by identifying high-growth segments of the TIC market

• Describe and forecast the testing, inspection, and certification (TIC) market by service type, sourcing type, application, and geography in terms of value

• Forecast the market size for various segments with regard to 4 main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)

• Provide detailed information regarding the drivers, restraints, opportunities, and challenges pertaining to the TIC market

• Analyze the micromarkets with respect to individual growth trends, prospects, and contribution to the overall market

• Profile key players and comprehensively analyze their market position in terms of revenue and core competencies

• Analyze competitive developments such as service launches, partnerships, acquisitions, expansions, agreements, and research and development (R&D) in the TIC market

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Competitive Landscape of Testing, Inspection, and Certification Market:
1 Overview
2 Key Players in TIC Market
3 Competitive Situations and Trends
3.1 Acquisitions
3.2 Expansions
3.3 Service Launches
3.4 Others

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