Testing, Inspection and Certification (TIC) Market 2020: Size, Growth, Analysis by Top Players (ALS Limited, ASTM International, Mistras Group etc.) Forecast till 2023

Market Synopsis:

Testing, inspection, and certification refer to conformity assessment for quality assurance and certification. In the report circulated by MRAKTE Research Future (MRFR), the global testing inspection and certificate (TIC) market is projected to mark 5.8% CAGR over the review period. The valuation of the market, in terms of revenue, is estimated to exceed USD 58 Bn by 2023.
Automotive industry to Contribute to Development of Testing Inspection and Certification (TIC) Market

Competitive Dashboard:

SGS group (Switzerland) and Bureau Veritas SA (France) are two major participants of the testing inspection and certification (TIC) market accounting for 14% and 11% market share respectively. Other important players of the market are Dekra Certification GmbH (Germany), ALS Limited (Australia), Intertek Group Plc (U.K), ASTM International (U.S.), SAI Global Limited (Australia), Mistras Group (U.S.), BSI Group (U.K), and UL LLC (U.S.)

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The rising threats of safety breaches are anticipated to boost the growth of the testing inspection and certificate (TIC) market in the years to come. Implementation of safety standards and regulations are projected to influence the growth of the market positively on the global front. To illustrate, recent Johnson & Johnson's baby talc was accused of having cancer triggering chemicals. The product has now passed safety standards. Another case was Volkswagen's pollution test fail. Thus, rising cases of failures to meet standards have generated growth opportunities for the testing inspection and certificate industry.

Market Segmentation:

Based on sourcing type, the testing inspection and certificate (TIC) market has been divided into outsourcing and in house. Among these, the in-house segment was valued at USD 25.53 Bn in 2017 and is likely to dominate the market in the near future. The outsourcing segment, on the other hand, is expected to expand at a higher CAGR of 6.72% over the assessment period.

On the basis of service type, the testing inspection and certification (TIC) market has been segmented into inspection service, testing service, and certification service. The testing service segment is currently dictating the growth of the market. In 2017, the segment held a valuation of USD 21.63 Bn. Meanwhile, the certification segment is poised to register the highest CAGR over the review period.

Based on end-user, the testing inspection and certification (TIC) market has been segmented into automotive, aerospace, oil & gas, textile, petroleum, food & beverage, and others. Among these, the food and beverage segment is poised to mark the fastest growth at a rate of 7.36% across the assessment period, compounded annually. However, the market is assessed to be dominated by the automotive segment over the next couple of years.

On the basis of service type, the testing inspection and certification (TIC) market has been bifurcated into commercial and industrial. The industrial segment was valued at over USD 27 Bn in 2017. It is anticipated to account for the maximum market share in the coming years. The commercial segment, on the other side, is likely to register a CAGR of 5.91 across the evaluation period.

Regional Analysis:

The geographical assessment of the global testing inspection and certification (TIC) market covers the following major regions - Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW). These regional segments are also assessed on the basis of key country-level markets. North America is the most significant market for TIC.

Increasing implementation of higher safety standards for end-user industries such as automotive, aerospace, etc. is anticipated to drive the growth of the testing
inspection and certificate market in the region. Europe is also poised to benefit from the growth of the automotive industry. It is supposed to maintain its second position through the evaluation period. Asia Pacific is also prognosticated to exhibit a positive growth in the forthcoming years.

List of Table:

TABLE 1 GLOBAL TIC MARKET, BY SOURCING TYPE (USD MILLION) (2017-2023)
TABLE 2 GLOBAL TIC MARKET, BY SERVICE TYPE (USD MILLION) (2017-2023)
TABLE 3 GLOBAL TIC MARKET, BY END-USER (USD MILLION) (2017-2023)
TABLE 4 GLOBAL TIC MARKET, BY APPLICATION (USD MILLION) (2017-2023)
TABLE 5 GLOBAL TIC MARKET, BY REGION (USD MILLION) (2017-2023)
Continued. . .

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This release was published on openPR.