What's Driving the Testing, Inspection and Certification (TIC) Services Market Size? | Top Companies are DEKRA, DNV GL, Kiwa Group, RINA Group, SGS SA, SYNLAB, AmSpec LLC, BSI Group, Corelab Laboratories, TUV SUD

Market Study Report LLC has recently added a report on Testing, Inspection and Certification (TIC) Services Market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.

The testing services segment accounts for more than 65% of share in the TIC services market. Globalization is the primary factor driving the growth of testing services. As organizations are scaling their operations across geographies, they must comply with different regulations and standards for products & services. To address these challenges, companies are leveraging on third-party service providers to conduct testing services. This is driving the demand for testing service providers across the globe.

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Testing Inspection and Certification (TIC) Market will surpass USD 260 billion by 2025. The growth of the market is driven the privatization of testing, inspection, and certification services. Previously, these services were conducted by government organizations; however, the increasing pressure on government authorities to reduce the operation cost has led to the privatization of services. The companies are conducting testing services in in-house facilities and outsourcing their testing requirements to third-party service providers. Stringent government regulations related to the safety of products, assets, and infrastructure are also serving as a major driving force for the market.

Europe is dominating the TIC services market with over 40% of share in the revenue. The stringent government regulations related to product safety are aggregating the demand for TIC services in the region. For instance, the European Union along with the local government has introduced various stringent guidelines mandating the use of NDT services to ensure employee and product safety. This is encouraging the adoption of TIC services in the region. The increasing digitalization across industry sectors along with the use of advanced machinery is also propelling the TIC service market in the region.

Outsourced TIC services will grow at a CAGR of over 8% during the forecast period. The rising demand for third-party service providers is presenting numerous opportunities for market growth. The rising demand to reduce the cost of operation and gain business agility is driving organizations to outsource their testing, inspection, and certification requirements from third-party service providers. The growing need among organizations to concentrate on their core business competencies is further accelerating the adoption of outsourced TIC services.

Globalization is also one of the major factors augmenting the demand for TIC services market. As the global trading is increasing, the value chain and safety standards are becoming more complex. As a result, regulatory authorities and governments are increasing their surveillance and supervision activities for trades to maintain the quality & safety of products. This is driving the demand for TIC services. Moreover, an upsurge in conscious consumerism will continue a large-scale piling pressure on companies to protect their brand reputation. This has driven many businesses to adopt TIC services as they deliver real competitive advantages.

The agriculture & food sector will attain an annual growth of approximately 10% during the forecast period. Food & beverages companies are leveraging on TIC services to ensure that the product complies with various international standards across the globe. It also helps food companies to conduct gap analysis audit and compare the performance of products & services against the requirements of certification standards. This is encouraging the adoption of TIC services among the agriculture & food sector. The rising prevalence of foodborne diseases is serving as a major driver for market growth.

The transportation sector is leading the TIC services market with more than 20% share in the revenue in 2018. The market is driven by stringent government regulations and policies to maintain the safety of the components used in the automotive, railways, marine, and aerospace domains. The increasing incidences of non-compliance with industry associations standards across the automotive sector are further accelerating the adoption of TIC services. The rapid adoption of advanced technologies and automation in the sector are also paving the way for the growth of TIC services.

The TIC services market is characterized to be a highly fragmented yet competitive market. The market consists of more than one thousand players including both multinational companies and regional players. Multinational companies are leveraging inorganic growth strategies to gain market share and strengthen their position in the market, whereas, regional players are mainly focusing on expanding their service portfolio and customer base.

Table of Contents:

Chapter 1. Methodology & Scope

1.1. Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope

1.1.5. Definitions

1.1.6. Methodology & forecast parameters

1.2. Data Sources

1.2.1. Secondary

1.2.2. Primary

Chapter 2. Executive Summary

2.1. TIC industry 360 degree synopsis, 2014 - 2025

2.1.1. Business trends

2.1.2. Regional trends

2.1.3. Service trends

2.1.4. Type trends

2.1.5. Application trends

Chapter 3. Global TIC Industry Insights

3.1. Introduction

3.2. Industry segmentation

3.3. Industry landscape, 2014 - 2025

3.4. Industry ecosystem analysis

3.5. TIC market evolution

3.6. Market news

3.7. Technology and innovation landscape

3.8. Industry impact forces

3.8.1. Growth drivers

3.8.1.1. Growing demand for third part services

3.8.1.2. Rise in globalization

3.8.1.3. Stringent government regulation

3.8.1.4. Empowered consumers

3.8.1.5. The rise of brand protection policies

3.8.2. Industry pitfalls & challenges

3.8.2.1. Uncertain regulatory environment

3.8.2.2. Complex nature of global supply chain

3.8.2.3. Replacement of KYTO protocol

3.9. Growth potential analysis

3.10. Porter's analysis

3.11. PESTEL analysis
Chapter 4. Competitive Landscape
Chapter 5. Global TIC Services Market, By Service
Chapter 6. Global TIC Services Market, By Type
Chapter 7. Global TIC Services Market, By Application
Chapter 8. Global TIC Services Market, By Region
Chapter 9. Global TIC Services Market Company Profiles

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