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compound annual growth rate (CAGR %) for the forecast period (2019– 2027), considering 2017 as the base year
Testing, Inspection, and Certification (TIC)
SGS Group, Bureau Veritas SA, Intertek Group PLC, and TUV Rheinland Group are some of the key players in the testing, inspection, and certification (TIC) market. The global testing, inspection, and certification (TIC) market is dominated by few key players, and the leading 15 players hold around 40% of the testing, inspection, and certification (TIC) market share. According to Coherent Market Insights’ analysis, the ‘Others’ segment held the largest market share in the global testing, inspection, and certification (TIC) market in 2018.
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Market Drivers: Increasing disposable income and rapid urbanization in developing economies
Increasing disposable income and rapid urbanization in developing economies is propelling growth of the testing inspection and certification (TIC) market. Disposable income increases due to development in various industries such as automotive, commodities, environmental, agriculture, consumer, food, oil & gas, life science, petrochemical, leisure, medical, education, trade, assurance, systems compliance, textile, and footwear. For all these developing sectors, testing inspection and certification is a service, which plays an important role in improving product quality. Moreover, increasing disposable income leads to higher consumption of products in end use industries, thereby increasing demand for safety and product quality.
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