Testing, Inspection and Certification Market Forecast by Sourcing Type, Service Type, End-User, Application | TIC Market Growing at 5.8% of CAGR

“TIC Market”
Global TIC Market, By Sourcing Type (Outsourcing, In-house), Service Type (Testing, Inspection, Certification), End-User (Automotive, Textile, Aerospace, Oil & gas, petroleum, Food & Beverage), Application (Commercial, Industrial) – Forecast till 2023

Market Synopsis of the Global TIC Market

The testing, inspection, certification (TIC) is providing services to the companies operating across various industrial verticals for the  purpose of improving the productivity, efficiency, manufacturing process for  manufacturers to meet with the globally recognized  standards, regulations and policies set by government to improve the quality of the product. The testing, inspection and certification services can be applied to any product, service, or company. With the growth in research and development and constant innovation in medical science, the rise of medical equipment is high resulting the some of the healthcare key players like Philips and Nokia healthcare develop equipment that meet the quality and safety standards to ensure that the product is safe for usage by both the doctor and the patient. Many different TIC key players like Intertek, UL and many more come up with certain testing solutions for medical equipment.

 

However, the lack of global certification standards and lack of skilled personnel. With the increase in the import and export and globalization, the product testing and quality standards are increasing but some of the factors such as difference in the quality and testing and lack of global certification standards restrain the growth of Testing, Inspection And Certification Market on a global scale. Many countries like India, and in Middle East are experiencing the lack of skilled personnel. Out of the large labor force in India, only 5% are the skilled workforce and many of them are without any professional skills.

 

Key Findings

  • By sourcing type: In-House sourcing type is dominating the market and has reached USD 25.53 billion inn year 2017. However, outsourcing type market is expected to grow fastest with 6.72% CAGR.
  • By service type: Testing service is dominating the market of TIC by service type and has reached USD 21.63 billion in the year 2017. However, certification service is the fastest growing at a 6.78 % CAGR.
  • By end user: automotive is dominating the market of TIC by end user and has reached USD 8.59 billion in the year 2017. However, food and beverage is the fastest growing at a 7.36 % CAGR during the forecasted period.
  • By application: industrial is dominating the market of TIC by application and has reached USD 27.25 billion in the year 2017. However, commercial is expected to show the fastest growth at a 5.91 % CAGR.

 

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Segmentation

On the basis of sourcing type, the market is segmented into outsourcing and in house.

On the basis of service type, the market is segmented into testing service, inspection service, and certification service.

On the basis of end user, the market is segmented into automotive, textile, aerospace, oil & gas, petroleum, food & beverage among others.

On the basis of application, the market is segmented into commercial and industrial.

 

Key Players

The key players in the testing, inspection and certification market include SGS group (Switzerland), Bureau Veritas SA (France), Dekra Certification GmbH (Germany), Intertek Group Plc (U.K), ALS Limited (Australia), ASTM international (U.S.), BSI Group (U.K), SAI Global Limited (Australia), Mistras Group (U.S.) and UL LLC (U.S.) among others. However, SGS Group and Bureau Veritas hold the largest market with 14% and 11% respectively.

 

Regional Analysis

North America had dominated the market of Testing, inspection and certification market in 2016 and would go further in the forecast period. The major drivers for the growth of North America include increased global trade, large presence of electronics, software, defense and aviation industry and advancement in medical equipment automation. However, lack of certification standards is one of the restraining factor.

 

Europe holds the second position in global testing, inspection and certification market and will be a fastest growing region. The major driving factor are the advancement in automotive industry, and growing demand for organic and processed food. However, different government regulations for trade within and outside European Union is one of the main restraining factor.

 

Asia Pacific shows a positive growth in global testing, inspection and certification market during the forecast period. The major driving factors for the growth include increased demand of consumer electronics, growing consumer awareness towards quality, increase in cross border imports and exports. However, the lack of expertise and advance technique in TIC is the restraining factor.

 

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