The global testing, inspection and certification (TIC) market was valued at USD 183.21 billion in 2018 and is expected to reach USD 283.73 billion in 2026, growing at a CAGR of 5.6% during the forecast period. The growth of the testing, inspection and certification (TIC) market is primarily driven by the increasing awareness of the consumers on significance of certified products.
Increasing levels of strict rules and regulations have started a change from a voluntary-based risk management approach to compulsory testing services. Evolving regulatory landscape due to new product development and technological innovation is creating new opportunity as well as generating businesses for Testing, inspection and certification (TIC) industry. The TIC market is expected to grow further into new markets and developing economies, mainly by acquisition, and through a deal with new tax and legislative governments. China is expected to continue as a prime growth territory for the sector. The procurement of raw materials from jurisdictions with different quality control processes, for example, will require more TIC input. Also – given the expansion of firms trading products globally, often simultaneously, with intricate manufacturing and supplier measures is a major growth element of the TIC industry.
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The companies in the global testing, inspection and certification (TIC) market primarily influence and targets various strategies such as mergers and acquisitions, alliances, contracts, and new technology development. These strategies were aimed in the past years in order to gain a competitive edge over other manufacturing companies during the forecast period. Major players are initiating a range of initiatives in an effort to augment productivity and customer experience. Instead of developing proprietary software, they are pursuing strategic partnerships with specialist technology providers. Bureau Veritas is one of the most active in this area, which has ongoing initiatives involving analytics, simulation, and workflow.
In the global market, the rise of protectionist policy and trade barriers are the main restraining factor, which hampers the industry growth in the coming years.
Key Findings:
Based on the service type, the certification service segment is growing fastest in the Testing, inspection and certification (TIC) market with the highest CAGR of 7.5% in the forecast period
Based on the sourcing type, the in-house segment is dominating the industry share of around 60% in 2018
Based on the end user, the consumer products and goods segment is expected to dominate the market during the forecast period
Europe is accounted for nearly 34% share of the global testing, inspection and certification (TIC) market in 2018
Recent News:
In April 2015, Netherlands-based ACTA Holding BV’s purchased Inspecta Group Oy which is headquartered in Helsinki for USD 221.61 million.
In January 2018 Eurofins acquired Ashwood UK, a food microbiology and chemistry testing lab in Scotland.
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