(TIC) Testing, Inspection and Certification Market - Outsourcing is one of the key driving factors

Whipsmartmi.com offers "Global Testing, Inspection and Certification Market 2021-2027" from its research database.

Testing, Inspection and Certification Market is projected to grow up to USD 262.4 billion by 2027 growing at a CAGR of 4.3% during the forecasting period 2021-2027.

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Multiple product and component manufacturers use outsourcing TIC services to third-party service providers to ensure adherence to national and international quality and safety requirements, as well as to minimise recall costs and increase manufacturing productivity by delegating non-core duties, procedures, employment, or processes to an external third-party professional for an extended period of time. Outsourcing allows companies to devote more resources to improving their core business processes, reduce overhead costs, and offer quicker and improved services. As a result, the company's productivity and process performance boost, leading to an improvement in net profits.

This report offers the major market player’s profiles, such as ASTM International, TUV SUD AG, AsureQuality Ltd, Dekra SE, TÜV Rheinland Group, Intertek Group Plc, SGS Group, Bureau Veritas SA, ALS Ltd, DNV GL Group AS, Underwriters Laboratories Inc, Lloyd’s Register Group Limited, APPLUS+, TUV Nord group.

The TIC market has seen a significant shift in revenue from developed countries to smaller economies for global main TIC players with broad geographic scope. The revenue change is primarily due to the continuing trade war between the United States and China. For example, the trade war has caused revenue figures for key TIC players to turn away from China and towards smaller economies like Vietnam, Bangladesh, Sri Lanka, and Indonesia for application-specific testing, inspection, and certification services. Vietnam, which had a recognisable furniture industry for the previous 20 years, has benefited from the furniture industry as a result of the trade war, which has caused demand for US-based furniture TIC services to move to Vietnam rather than China.

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