Global Testing, Inspection, and Certification (TIC) Market was valued at USD 163 billion in 2018 which is expected to reach USD 278.7 billion by 2027 at a CAGR 4.8%.
Testing, Inspection, and certification (TIC) stamps of different products and Services are essential in order to ensure safety and quality to improve marketability. These services are helpful in developing trusts among customers. Rapid industrialization and urbanization expected to grow the market in near future.
Rise in outsourcing of TIC functions and ever-tightening regulations are among the key factors that will push the demand for testing, inspection and certification services over the near future. As per the estimations, nearly 40% of the market is currently outsourced, while the remaining of TIC services carried out in-house
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Moreover, increased level of regulations have triggered a transition from a voluntary-based risk management approach to mandatory testing services – for instance, the recent high profile vehicle emission scandal. Further, the tragic Grenfell tower fire highlighted the critical need for standards an certification in the maintenance and construction of public infrastructure
Increase in demand for testing services to ensure effective interoperability of connected devices and networks is the key driving factor which is expected to boost the global testing, inspection, and certification (TIC) market growth. Furthermore, rise in advancements in networking and communication technologies will have the positive impact on market growth. Moreover, rise in TIC services growth opportunities for small and medium sized businesses will propel the market growth. In addition to that, rapid globalization will drive the testing, inspection, and certification (TIC) market growth.
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Market Key Players
Various key players are discussed in this report such as SGS GROUP, BUREAU VERITAS, INTERTEK, DEKRA SE, EUROFINS SCIENTIFIC, TÜV SÜD, DNV GL, TÜV RHEINLAND, APPLUS+, ALS LIMITED, and TÜV NORD GROUP
By Service Type
By System Type
By End Use Industry
- Agriculture and Food
- Medical and Life Sciences
- Oil & Gas and Petroleum
- Consumer Goods and Retail
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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