Global Market Insights, Inc.

At 6% CAGR Gain, Global TIC Services Market to Expand US $240bn by 2024: ALS, Applus+, BSI, Bureau Veritas, Intertek and 20 Other Companies Profiled

Testing, Inspection, and Certification (TIC) Services Market, By Service, Type, Application and Region-Forecasts, 2019-2024

 

Sellbyville, DE -- (SBWIRE) -- 02/27/2019 -- Global TIC Services Market is rapidly witnessing demand from the healthcare and life sciences segment, with test and inspection reports of pharmaceutical equipment being critical in assessing whether the international standards are met. TIC companies are trying their best to evolve with technological developments and remain up-to-date with new regulations pertaining to safety and quality. Products, apparatus and supply chains are subject to quality testing activities regularly, as pharmaceutical companies are responsible for providing vital therapeutic solutions. Even other parties involved in the supply chain must go through intense inspection by assigned representatives to be eligible to acquire critical certifications.

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TIC Services Market is propelled by the growing trend of outsourcing services from third-party specialist firms. Large corporations & state-owned establishments are gradually outsourcing their TIC activities to reduce the cost and focus on their core business competency. The stringent government regulations to ensure the safety and quality of the products also drives the market growth. Over the past five years, the incidences of non-compliance scandals have increased significantly.

Testing, Inspection & Certification (TIC) Services Market size is estimated to be over USD 240 billion by 2024; according to a new research report by Global Market Insights, Inc.The rise in the unethical manufacturing methodologies to reduce the cost is also augmenting the demand for the TIC services market. The quality expectations and consumer safety requirements are becoming complex day by day, and the nonfulfillment of consumer expectations has led to product callbacks.

Europe is dominating the TIC services market with over 40% of the total stake in 2017. The growth is driven by the stringent government regulations and standards to maintain the quality of the product. The European government had introduced several regulations to enhance the product safety, environmental health, and life cycle of infrastructure. For instance, in 2018, the UK government had launched new regulations to reduce the carbon emission.

North America holds a significant share in the TIC services market. The market is driven by the upsurge in food safety audits in the region. Food and Drug Administration Authority (FDA) of U.S. had introduced the Food Safety Modernization Act to transform the country's food safety system with its primary focus on preventing foodborne illnesses. Under this act, the government has set different standards for a variety of food products. This has resulted in a rise in the number of tests, inspections and certification activities in the country.

Agriculture & food markets are among the most lucrative applications of the TIC services market. These are anticipated to grow at the CAGR of over 10%. The increasing focus of the government authorities on the food safety and health is a primary factor driving the market growth. Food contamination diseases are forcing the governments to develop strict standards and guideline for manufacturers to ensure the safety of their products. Furthermore, the increasing number of foodborne illnesses are driving the demand for inspection services in the food and agricultural sector.

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Growing emphasis on consumer satisfaction and safety has proliferated the testing, inspection, and certification (TIC) services market as governments worldwide have implemented stringent quality regulations on almost every industry vertical. Whether it is construction, automobile, energy, healthcare or other segments, continuous advancement in products and components have necessitated upgraded testing and certification requirements. Improvements in management, product quality, manufacturing processes, supply chains and service value have become imperative for the growth of any business, imposing a need for the TIC services market.

Existence of recognized certifications such as ISO:9001 or ISO/TS 16949 make it easier for customers to search for companies that provide excellent product quality, better customer service and new, innovative solutions. The global TIC services market valuation in 2017 stood at over USD 150 billion, driven by the obligation of companies towards meeting specific product requirements and to comply with international quality standards.

The key players in the testing, inspection & certification services market are Applus, Apave, Bureau Veritas, Corelab, DEKRA, Eurofins, Intertek, DNV GL, Lloyd's Register Group, TUV SUD, SGS SA, SYNLAB, TUV Rheinland, TUV Nord, ALS, SOCOTEC, Kiwa Group, RINA,SAI Global and UL. Merger & acquisition is the common strategy used by market players to gain the market share.

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