Northbrook, IL -- (SBWIRE) -- 08/13/2018 -- The global testing, inspection, and certification (TIC) market is expected to increase from USD 184.77 Billion in 2017 to USD 247.94 Billion by 2023, at a CAGR of 5.02% between 2017 and 2023. Some of the key factors driving this market are harmonization of standards, growing consumption of goods in emerging countries, increasing incidents of product recalls globally, surge in global counterfeiting and piracy activities, and imposition of rigorous government regulations and standards across various sectors.

The key players in the testing, inspection, and certification (TIC) market include SGS (Switzerland), Bureau Veritas (France), Intertek (UK), DEKRA (Germany) and TÜV SÜD (Germany). Most of the leading companies have followed the inorganic growth strategies of mergers and acquisitions. This market is evolving globally with the increasing competition to offer niche TIC services. The leading strategies in this market such as technological investments and service launches help companies to grow and remain technically competitive in the market.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=5352498

Leading players in the testing, inspection, and certification (TIC) market:

SGS is a global market leader in providing inspection, verification, testing, and certification services. With its global business services strategy, the company seeks to simplify, streamline, and optimize the processes and systems of its back office departments, as well as leverage the best practices across its internal business services. SGS Group is acquiring companies and establishing partnerships with state-owned stakeholders with the necessary regulatory permissions and licenses, which would allow it to leverage their national and global network, thus giving it an early-mover advantage. For example, in July 2016, SGS Group acquired Compliance Certification Services, Inc. (Taiwan), which would strengthen its presence in Asia Pacific (APAC). The company is highly focused on its continued growth through acquisitions, strategic partnerships, and expansions to gain a competitive advantage.

Bureau Veritas caters to its clients through a well-developed network, particularly in industrialized countries such as France, the US, Canada, Japan, and the UK. The company plans to further penetrate its traditional markets by providing a broader range of services to expand its market coverage through key growth initiatives. The company is shifting toward integrated and global solutions, thereby becoming a partner of choice for big international companies for facilitating and securing their transactions and operations. The company is also developing in-house initiatives and efficient models to improve its deployment, agility, and productivity. Being one of the leading players in the highly fragmented TIC market, the company is viewed as an active consolidating force in its industry. The company is also adopting an aggressive acquisition strategy to accelerate its growth in potential markets. For instance, in March 2017, the company acquired Schutter Groep (Netherlands), a leading provider of TIC and logistical support services for the global agri-commodities markets. This development would provide new capabilities that would expand the footprint of Bureau Veritas in the agri-commodities in Europe, South America, and Asia.

About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com