Global Testing, Inspection, and Certification (TIC) Market is Expected to Exhibit a CAGR of 5.9% During the Forecast Period (2019-2027)
SEATTLE, July 19, 2019 /PRNewswire/ -- According to Coherent Market Insights, the global testing, inspection, and certification (TIC) market is projected to exhibit a CAGR of 5.9% over the forecast period (2019 – 2027).
Market growth opportunities in the Global Testing, Inspection, and Certification (TIC) Market: Growth Opportunities For Small- And Medium-Sized Businesses, and Employment in the TIC Ecosystem
The use of digital technology is increasing in the TIC sector. Companies are focused on hiring workforce with digital skills. However, according to Coherent Market Insights' analysis, in 2018, less than 1% of jobs advertised on LinkedIn are related to digital technology, which suggests less focus by key players on hiring workforce with digital skills. This is expected to result in an opportunity for small- and medium-sized businesses and startups to employ a workforce with digital skills, which is projected to facilitate employment in the small and medium sized business in the near future.
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TIC services play an important role in the consumer goods and retail sector which includes personal care and beauty products, softlines, hard goods and accessories, toys and juvenile products, as well as electronics and other electrical products. In the personal care industry, manufacturers, retailers, and importers need to ensure product safety which has created significant demand for testing, inspection, certification, and quality assurance services. Moreover, increasing awareness about safety of processed, and packaged food products in the food and beverages industry is boosting the global testing, inspection, and certification market growth.
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Key Market Takeaways:
- The 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.
- The Europe testing, inspection, and certification market held the dominant position in 2017, and is expected to retain its dominance throughout the forecast period. The major factors driving demand for TIC services in the region are technological advancements in the automotive industry and outsourcing of TIC services. Also, increasing trade of consumer products is expected to drive growth of TIC market in the region. Organizations such as the European Telecommunications Standards Institute, and European Committee for Standardization are constantly 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.
- Among verticals, the food, beverage, & agriculture vertical segment in the TIC market accounted for the largest share of 14.1% in 2017. The segment is expected to exhibit a CAGR of 6.3% over the forecast period. The food and beverages industry is evolving rapidly due to increasing demand for consumer products, and technological advancements in the agricultural industry. The food and beverages, and agriculture industries are focusing on implementing TIC services due to surge in illicit trading and other factors. Stringent food certifications such as the ISO 22000 which details the requirements of quality management system, are expected to drive growth of the market. Moreover, the segment is expected to witness growth due to increasing demand for high quality goods. For instance, TUV Nord Group, a provider of TIC services, offers FSSAI (Food Safety and Standards Authority of India) compliant services, and also provides food certification services such as HACCP, ISO 22002-1, FSSC 22000, and testing of agricultural products.
- Key players in the global testing, inspection, and certification (TIC) market are focused on business strategies such as mergers and acquisitions. For instance, on October 18, 2018, SGS GROUP acquired INTER BASIC RESOURCES INC (IBR), a provider of testing and verification for air and fluid filtration performance across multiple industries. Moreover, in March 2019, BUREAU VERITAS SA acquired OWEN GROUP, a regional leader in building and infrastructure compliance service. The acquisition is expected to expand BUREAU VERITAS' presence in California, U.S. and strengthen the company's market position in the building and infrastructure compliance service in the U.S.
- Some of the major players operating in the global testing, Inspection, and Certification (TIC) market 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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Report Segmentation:
- Global Testing, Inspection, and Certification (TIC) Market, By Type:
- Management Systems Certification
- Third-Party Inspection
- ASME
- Others
- Global Testing, Inspection, and Certification (TIC) Market, By Vertical:
- Oil and Gas
- Chemicals
- Life Sciences
- Power & Utilities
- Food, Beverages, and Agriculture
- Transportation
- Automotive & Aerospace
- Consumer Products and Goods
- Construction
- Metals and Minerals
- Industrial Goods Manufacturing
- Global Testing, Inspection, and Certification (TIC) Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- Europe
- By Country:
- U.K.
- Spain
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- By Country:
- GCC Country
- South Africa
- Rest of the Middle East & Africa
- Company Profiles-Consultancy Companies
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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Coherent Market Insights
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SOURCE Coherent Market Insights
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