Global TIC Services market to witness robust growth from transportation sector, certifications in healthcare to provide additional boost
Sellbyville, DE -- (SBWIRE) -- 04/06/2019 -- TIC Services Market growth is Propelled by increasing concern towards the product quality, safety, and environmental health during the coming years. Furthermore, the requirement to comply with the national and international standards is augmenting the demand for the testing, inspection & certification services market. The outsourcing is estimated to grow at a CAGR of over 8% during the forecast period. The demand for the third-party companies is driven by the development of various government regulations & standards to improve product the quality and efficiency.
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The 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. Citing an instance that signifies the importance of the TIC services industry, Swiss WorldCargo recently received IATA's Center for Independent Validators (CEIV) Pharma certification, which encompasses not only the airline but also the entire organization.
Globalization has further foster the demand for the TIC services market. The new trade partnerships between the nations are encouraging companies to outsource their business operations to offshore countries. This is augmenting the demand for the third-party service providers to inspect the supply chain, raw material, and quality control procedure to ensure the safety and quality of the product. Furthermore, the rise in the conscious consumerism along with the development of the brand protection policies across the globe also supports the market growth. However, the protectionist policies and trade barriers act as major constraints. Moreover, the uncertain regulatory environment and complex nature of the global supply chain are also hindering the growth.
In a bid to ensure increased productivity for clients and assist manufacturers, prominent TIC services market giants have been working to substantially augment their services portfolio. While regulatory bodies like the World Trade Organization (WTO) have been encouraging product manufacturers to maintain the quality and compliance of the products, regional policymakers have also been active in helping private companies develop quality management infrastructure in order to meet the requirements of international product standards.
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The transportation sector holds more than 25% of the share in the TIC services market. The growth is attributed to the technological advancements in the automobile component. Moreover, the requirement to comply with the international standards and guidelines will also foster the growth. The agriculture & food sector is anticipated to attain the growth rate of over 10% during the forecast timeline. The growing prevalence of the food contamination diseases and food-borne illnesses is the major force driving the demand for the TIC services in the agriculture & food sector.
Europe is leading the TIC services market with more than 40% share in the revenue in 2017. The growth is credited to the stringent government standards to promote consumer safety and improve the product quality. Moreover, the presence of commonly-accepted standards across the European Union member countries has further nurtured the growth. On the other hand, Asia Pacific is anticipated to grow substantially at a CAGR of over 9% during the forecast period. The demand is driven by the rapid urbanization and industrialization in the emerging economies including India and China.
The efforts put in by regional governments and industry players for the standardization of policies to ensure quality infrastructure will have a major influence on TIC services market size at the regional level. The deployment of these policies has also been helping testing, inspection, and certification market participants to upscale their existing technology capability to the next stage with the adoption of supportive business policies. Driven by the upsurge in the demand for quality inspection and monitoring, in tandem with the upgradation in regulatory policies, TIC industry is forecast to garner returns of more than USD 240 billion by the end of 2024.
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