TIC (Testing, Inspection and Certification) Market 2019: Global Size, Trends, Share, Segments, Analytical Overview by SWOT Analysis, Industry Challenges, Business Growth and Forecast till 2023

TIC (Testing, Inspection and Certification) Market 2019: Global Size, Trends, Share, Segments, Analytical Overview by SWOT Analysis, Industry Challenges, Business Growth and Forecast till 2023

“Testing, Inspection and Certification Market”
Global TIC Market Size to Expand at a Notable CAGR Of 5.8 % During 2019 – 2023 Information 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 Scenario:

The recent attention grabbing cases of breaching health and safety regulations such as Volkswagen’s diesel emissions scandal have demonstrated the importance of independent Testing Inspection and Certification services. The testing, inspection & certification is the process adopted by end-user sector to ensure safety, maintenance, and quality in consumer products. The sector is seeing a large number of transactions, stable multiples, and especially high demand for small and mid-size companies confirms the Scholar of Market Research Future in his study report of TIC Global Market. 

Some of the main players in Global Testing, Inspection and Certification (TIC) Market includes 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, Inc.(U.S.), and UL LLC (U.S.) among others.

These services are required in growing productivity by meeting product quality with international standard. Recently, rules and norms regarding health, quality, and safety have become strict which is further affecting the global import & export business. Imports from developing regions has to pass through strict quality and safety testing process. This has increased demand for testing, inspection and certification process in manufacturing sectors.

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Globalization has led to increase trade between emerging countries. At present, during import and export of the industrial products, strict rules and stringent quality check procedure has been applied before transportation of the products. Testing, inspection & certification is the essential and growing requirement of manufacturing units by various industrial sectors. To certain with product quality check without any rejection before product transportation, industries are adopting testing and inspection services into their production process.

The high demand of testing, inspection & certification (TIC) by various industrial sectors such as textiles, automotive, petrochemical, and oil & gas sector followed by aerospace and food & beverage sectors. The increasing inclination of out-sourced testing services, growing awareness about quality check among consumers, and growing manufacturing units in emerging economies such as China and India is supporting the market growth of testing, inspection and certification services.

Testing, Inspection and Certification (TIC) Market Segmentation:

Segmentation by Type: In-house and outsourced among others.

Segmentation by End user: Oil & gas, aerospace, food & beverage, automotive, petroleum and textile among others.

Segmentation by Region: Europe and Asia Pacific.

Testing, Inspection And Certification (TIC) Market Regional Analysis:

Europe is dominating the global testing, inspection and certification (TIC) market with the largest market share because of the presence of high-tech automation division in the region which provides widespread vehicle testing & inspection services to the automotive products .Hence it is expected to grow with high revenue by 2022. Asia-Pacific is the fastest growing region during the forecast period due to high demand of testing & inspection services, especially by emerging countries China and India. Also, strict regulations by government to ensure better health and strong security is fuelling the market growth in various end-user sectors in the region.   

Competitive Analysis:

The SAFESUPPLY platform, co-developed by ComplianceMetrix and Bureau Veritas, delivers Food and Retail manufacturers a risk-based planning of their suppliers to support their risk mitigation programs. The solution allows them to save money and optimize resources by centering on the riskiest suppliers and thus decreasing the number of audits. Suppliers will also use the platform to engage in continuous and automated improvement programs. The solution provides extra value through the reliance on an algorithm that was established based on data collected from Bureau Veritas audits conducted over many years.  “By combining external public data, thousands of local observations made by Bureau Veritas inspectors and auditors each day all over the world, and information specific to each supplier, they provide probably the most accurate risk assessment within the TIC market.

Table of Content:

1 Market Introduction

2 Executive Summary

2.1 Market Drivers

2.1.1 Increased Demand in Automotive Testing

2.1.2 Increasing TIC in Medical Equipment Industry

2.1.3 Increased Usage Of FMCG

2.1.4 Government Health and Safety Policy at Workplace

2.2 Market Restraints

2.2.1 Lack of Global Certification Standards

2.2.2 Lack of Skilled Personnel

3 Testing, Inspection and Certification (TIC) Market

3.1 Introduction

3.2 Market Statistics

3.2.1 By Sourcing Type

3.2.2 By Service Type

3.2.3 By End-User

3.2.4 By Application

3.2.5 By Region

4 Company Profiles

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