Browse 79 market data Tables and 46 Figures spread through 248 Pages and in-depth TOC on "Testing, Inspection and Certification Market - Global Forecast to 2024"
Northbrook, IL -- (SBWIRE) -- 08/26/2019 -- The overall testing, inspection, and certification (TIC) market is expected to grow from USD 209.4 billion in 2019 to USD 266.2 billion by 2024—growing at a CAGR of 4.91%.
The growth of this market is being fueled by the increase in disposable income and rapid urbanization in developing economies; high growth in product recalls across the world; high adoption of outsourcing service models by worldwide manufacturers; increased requirement for harmonized standards; surge in illicit trading, counterfeiting, and piracy practices across the world; and enforcement of rigorous government regulations and standards across various sectors.
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"The market for certification services is expected to grow at the highest rate during the forecast period"
In the TIC ecosystem, certification services validate the result of a test or inspection against a range of pre-specified standards set by governments, international standardization institutions, or clients. In the current scenario, certification services are widely adopted by manufacturers to demonstrate that their products adhere to the compliance, as well as to improve their marketability. Certification services also encompass the certification of systems and processes (e.g., ISO 9000 Quality Management System and ISO 14000 Environmental Management System or Code of Conduct). As global markets grow and expand, many consumers prefer safe, reliable, and eco-friendly products, which are validated by certifications.
"The consumer goods and retails application is expected to hold the largest market share during the forecast period"
The growth of the TIC market for the consumer goods and retail application is driven by the increasing need for TIC services in personal care and beauty products, hard goods, softlines and accessories, toys and juvenile products, and electrical and electronics, among others. There is a significant demand for inspection, testing, training, and quality assurance solutions for cosmetic, beauty, and personal care products. Different brands, retailers, manufacturers, and importers need to ensure product safety and acceptability across the supply chain. TIC service providers are expanding their services owing to the increasing demand for TIC services from the textile and footwear sectors in emerging markets.
Browse in-depth TOC on "Testing, Inspection and Certification Market"
79 – Tables
46 – Figures
248 – Pages
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"APAC is expected to account for the largest market share during the forecast period"
The growth of the testing, inspection, and certification (TIC) market in APAC is driven by a combination of regulatory and economic factors. As consumers are increasingly becoming aware of the importance of certified products, manufacturers are certifying their products and services to gain the trust of customers. Moreover, investments in new technologies are sizeable and are likely to continue growing on the back of the rising global competition. Furthermore, the governments of different countries in APAC are encouraging investments by private players in the technology sector, which would lead to the increased use of independent testing and certification services.
Key Market Players:
SGS Group (Switzerland), Bureau Veritas SA (France), Intertek (UK), and TÜV SÜD Group (Germany), Eurofins Scientific (Luxembourg), DNV GL (Norway), TÜV Rheinland Group (Germany), Applus+ (Spain), ALS Limited (Australia), TÜV NORD Group (Germany), Lloyd's Register Group Limited (UK), MISTRAS (US), Element Materials Technology (UK), and UL LLC (US) are a few companies operating in the global TIC market.
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