Testing, Inspection, and Certification (TIC) Market Analysis and Forecast 2020: By Keyplayers SGS Group, Bureau Veritas SA, TUV Rheinland Group, Intertek Group PLC, ALS Limited, DNV GL, MISTRAS, Lloyd’s Register Group Limited, Underwriters Laboratories
Global Testing, Inspection, and Certification (TIC) Market - Insights
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 a significant market share in the near future, 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. Moreover, 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.
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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Use of digital technology in the Global Testing, Inspection, and Certification (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.
For instance, mobile payments, cars and devices connected to the internet, and use of software for testing and inspection of products has become a common practice in the TIC industry. Use of smart sensors and cloud connectivity aids instant data sharing, issuing and creating automated certification report. Furthermore, digital technology also improves analytical methods and detection limits which is expected to help TIC companies meet the growing demand for analytics techniques, better reporting, and greater accuracy.
For instance, in May 2018, Bureau Today announced the publication of ‘The digital asset across industries – A TIC company perspective’, a position paper that outlined the importance of companies embarking on digital transformation, in order to define their needs with regards to new technologies, and decide how to integrate them in their value chain processes.
Moreover, the Industry 4.0 transformation is expected to allow better management of quality, integrity, efficiency and performance, and enhance the industrial agility of companies. It is also expected to strengthen needs in terms of data management and cybersecurity. This revolution does not solely impact conventional industry players but all those in the value chain, including TIC companies.
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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 market growth are increasing demand for TIC services in the region, technological advancements in the automotive industry, and outsourcing of TIC services. Moreover, increasing trade of consumer products is expected to drive growth of Testing, Inspection, and Certification (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. Moreover, 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 Testing, Inspection, and Certification (TIC) Market in Europe.
Lack of commonly accepted international standards by countries is one of the major factors hampering growth of the Global Testing, Inspection, and Certification (TIC) Market. The standards of testing, inspection, and certification to safeguard consumers from unsafe and non-compliant products and services vary according to countries. Companies that provide TIC services need to follow these varying standards, which leads to an increase in the cost of operation, in addition to other expenses. Moreover, the complex nature of the supply and value chain, as well as the uncertainties in macroeconomics is another factor hindering growth of the testing, inspection, and certification market.
Furthermore, scarcity of skilled workforce, and lack of global certification standards is also expected to restrain the market growth. Increasing globalization and import-export activities leads to high demand for product testing, inspection, and certification. However, varying quality and testing methods and lack of global certification standards hinders the market growth. Moreover, countries in Asia Pacific and Middle East are experiencing a shortage of skilled workforce. For instance, according to Coherent Market Insights’ analysis, in India, out of the total labor force, only around 5% are skilled workforce.
• Global Testing, Inspection, and Certification (TIC) Market, By Type:
◦ Management Systems Certification
◦ Third-Party Inspection
• Global Testing, Inspection, and Certification (TIC) Market, By Vertical:
◦ Oil and Gas
◦ Life Sciences
◦ Power & Utilities
◦ Food, Beverages, and Agriculture
◦ Automotive & Aerospace
◦ Consumer Products and Goods
◦ Metals and Minerals
◦ Industrial Goods Manufacturing
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