Testing, Inspection, and Certification (TIC) Market by Service Type (Testing, Inspection, Certification), Sourcing Type (In-house and Outsourced), Application (Consumer Goods & Retail, Agriculture & Food, Chemicals), and Geography - Global Forecast to 2023.
Seattle, WA -- (SBWIRE) -- 10/06/2017 -- According to the new research report "Testing, Inspection, and Certification (TIC) Market by Service Type (Testing, Inspection, Certification), Sourcing Type (In-house and Outsourced), Application (Consumer Goods & Retail, Agriculture & Food, Chemicals), and Geography - Global Forecast to 2023", the testing, inspection and certification (TIC) market is expected to be worth USD 247.94 Billion by 2023, at a CAGR of 5.02% from USD 184.77 Billion in 2017.
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The growth of this market is mainly driven by 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.
TIC market for testing services held the largest share in 2016
There has been increase in number of product recalls due to faulty components and parts. Such incidents are on rise than ever before due to use of sub-standard parts and materials. Moreover, the electronics, capital goods, and luxury goods industry have to adhere to stringent quality standards, thereby increasing the need for testing services.
TIC market for outsourced services is expected to grow at the highest CAGR during the forecast period
Many large firms are increasingly outsourcing TIC services because the increased regulations make it costly to conduct test in-house, thereby helping the firms to reduce the overall cost of testing. Demand for outsourcing TIC services to third-party vendors is increasing for applications such as consumer goods and manufacturing owing to the capital-intensive nature of in-house TIC activities.
TIC market for transportation application held the largest share in 2016
The transportation industry is subject to a variety of stringent regulations, standards, and legislations. The transportation application includes automotive, marine, aerospace and defense, and rail. These industries are required to continually meet the highest levels of safety and reliability for the safety of passengers and assets.
Asia Pacific (APAC) accounted for the largest share of the TIC market in 2016
In the APAC region, China is a prominent exporter to several countries around the world; this factor has led to a rise in TIC services in the country to ensure compliance with international standards. The rising dominance of emerging Asian countries such as China and India in international trade would require them to produce goods complying with internationally accepted standards.
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SGS (Switzerland), Bureau Veritas (France), Intertek (UK), DEKRA (Germany), and TÜV SÜD (Germany) are the major players included in the report with market share analysis. The report also covers various innovators involved in this market. Avomeen Analytical Services (US), Medistri (Switzerland), and Envigo (UK) are few innovators in the market.
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