Testing, Inspection, and Certification (TIC) Services Market ; Eminent Players – Applus+, ALS Limited, DEKRA, Eurofins Scientific, Intertek Group PLC, KIWA Group, RINA Group, TUV NORD, and TUV SUD

What are the key factors impacting testing, inspection and certification (TIC) services market outlook?

Testing, inspection and certification (TIC) services market is poised to accrue substantial proceeds in the forthcoming years, primarily driven by the rise in outsourcing trends to third party firms across the globe. For example, a company headquartered in the U.S. may have its testing done in Europe. Once the work is completed by the employees, they can forward the product details to the testing unit daily that will begin its operations hours later.

Rise in urbanization across the globe has led to a change in the consumer preference pattern demanding innovations in products, improved quality and lower prices. Additionally, growing consumer awareness across the globe has pressurized several companies to protect their brand’s reputation and offer safe, reliable and efficient products. As a result, businesses have adopted TIC services from trusted providers to gain credibility among the customer base.

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Growing trade worldwide is making the value chain more intricate as safety standards differ across various economic zones. Regulatory authorities are responding extremely slowly to the growing presence of products and services that do not comply with safety and quality standards. This has stirred political interests and public concerns over the delivery of poor quality and safety adherence to products and services.

Will rapid globalization contribute towards testing, inspection and certification services industry size?

Globalization serves a vital force steering the industry growth, as it has removed the international trade barriers and encouraged trade among countries. This has assisted companies in broadening their operations across territorial borders, leading to foreign direct investments (FDI) into manufacturing and services sectors.

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Certification service market size is likely to register a CAGR of more than 9% between 2019-2025.
FDIs help in improving the economy of the country by increasing employment and bringing in foreign technology and operations. However, when companies try to gain access to global markets, their products face many national and regional compliance drawbacks. This has encouraged the use of certification services in order to prove the credibility, reliability, and safety of the item to the consumers. Rising adoption of certification services will significantly amplify TIC services market trends.

Is increased automobile manufacturing activities fueling global TIC services industry outlook?

Transportation sector is one of the lucrative application segments of testing, inspection and certification services market. In 2018, the transportation sector led global TIC market size with over 20% share of the total revenue. An increase in disposable income has offered tremendous scope for the transportation industry, as technological advancements and innovations in the field are supporting the sector growth.

Strict regulations levied by the government has helped to ensure safety of the components used in railways, marine, automotive and aerospace domains. Surging cases of non-compliance with industry standards across the automobile industry coupled with technological advancements are escalating the requirement for robust testing, inspection, and certification services globally.

What are the factors driving Asia Pacific testing, inspection and certification services market trends?

Increasing initiatives undertaken by the government to control the growing food safety and environmental violations across the region is supplementing TIC services industry growth. These violations have instigated the government and other regulatory authorities to implement standards to safeguard consumer safety. Efforts have also been made to control the number of environmental hazards caused due to the release of harmful chemicals during the dumping of e-waste.
Rise in trade activities in Asia Pacific is further magnifying testing, inspection and certification services industry landscape. According to reports, APAC TIC services market is estimated to achieve more than 9% CAGR over 2019-2025.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com

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This release was published on openPR.