About Testing, Inspection and Certification (TIC)
Testing, Inspection, and Certification assessment organizations offer numerous inspection services ranging from testing, auditing, certification, and quality assurance. The assessment bodies offer TIC services for both in the house as well as outsourced projects. In addition to this, due to increasing laws and regulations for mandating TIC services the overall market for Testing, inspection and Certification will show significant growth in the forecasting years.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia-Pacific |
Unit | Value (USD Billion) |
CAGR | 4.85% |
The Global TIC Market is highly fragmented due to the availability of robust local as well as international service providers. Moreover, globally top players are holding around 25 to 30% of the global market share. Thus, the market is showing slightly oligopolistic competition that is leveraging the number of strategic alliances to attain inorganic growth and gain market share. For example, one of the leading companies in TIC industry SCG has alone completed more than 12 strategic transactions in the year 2017 Analyst at AMA Research estimates that United States and European Players will contribute the maximum growth to Global Testing, Inspection and Certification (TIC) market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Bureau Veritas S.A. (France), SGS Group (Switzerland), Intertek Group PLC (United Kingdom), TUV SUD Group (Germany), Dekra Certification GmbH (Germany), ALS Limited (Australia), ASTM International (United States), BSI Group (United Kingdom), Exova Group PLC (United States) and TUV Rheinland A.G. (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are TUV Nord Group (Germany), SAI Global Limited (Australia), Eurofins Scientific (Belgium), Mistras Group Inc. (United States) and UL LLC. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Testing, Inspection and Certification (TIC) market by Type (In-House and Outsource), Application (Environmental, Consumer Goods, Manufacturing, Petroleum, Agriculture and Others) and Region.
On the basis of geography, the market of Testing, Inspection and Certification (TIC) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement.
If we see Market by , the sub-segment i.e. will boost the Testing, Inspection and Certification (TIC) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Influencing Trend:
Stringent Safety Regulations Legislations and Growing Trend of Outsourcing Testing, Inspection and Certification Activities
Market Growth Drivers:
Increasing Awareness about the Hygienic and Healthy Production Environment and Ensures Safety, Health, and Quality Requirements of Particular Product
Challenges:
Continuously Growing Labour Cost and Introduction to Third Party Accreditations Institutes
Restraints:
Leads to Increase Operational Cost and Very Seldom Common International Standards leading to Standard Rejections
Opportunities:
Robust Globalization and increasing Awareness about Safety and Hygienic Working Environment and Growing Trade Agreements across the Developed and Developing Countries
Market Leaders and their expansionary development strategies
In January 2022, SGS announced its partnership with Microsoft. The new collaboration will enable the company to develop and innovate data, IoT, and AI-based TIC services that are sustainable and inclusive and can help its customers realize their full potential.
In December 2022, UL Solutions launched the SPIRE Qualification Program to meet the smart building assessment and verification demand. UL Solutions' SPIRE Qualification Program enables qualified third-party assessors to conduct SPIRE Smart Building Assessments and gain insights from UL Solutions smart building experts.
Key Target Audience
TIC Service Providers, TIC Industry Associations, Private Industries, Government Agencies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.