Ocean View, DE -- (SBWIRE) -- 04/09/2020 -- Growing emphasis on consumer satisfaction and safety has proliferated 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.

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Improvements in management, product quality, manufacturing processes, supply chains and service value have become imperative for the growth of any business, imposing the need for TIC services, which would eventually augment the industry outlook. 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 share is anticipated to exceed USD 260 billion by 2025, driven by the obligation of companies towards meeting specific product requirements and to comply with international quality standards.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
ALS, Applus+, BSI,Bureau Veritas, Corelab Laboratories, DEKRA, DNV GL, Eurofins, Exova Group Limited, Intertek, Lloyd's Register, MISTRAS Group, Inc., RINA, SAI Global, SGS, SOCOTEC, TÜV Rheinland North America, TÜV SÜD, UL

Globalization serves a vital force steering the TIC services market growth, as it has removed the international trade barriers and encouraged trade among countries. This has assisted companies in broadening their operations across territorial borders, leading to foreign direct investments (FDI) into manufacturing and services sectors. Certification service market is likely to register a CAGR of more than 9% between 2019-2025.

FDIs help in improving the economy of the country by increasing employment and bringing in foreign technology and operations. However, when companies try to gain access to global markets, their products face many national and regional compliance drawbacks. This has encouraged the use of certification services in order to prove the credibility, reliability, and safety of the item to the consumers. Rising adoption of certification services will significantly amplify TIC services market trends.

Transportation sector is one of the lucrative application segments of TIC services market. In 2018, the transportation sector led global TIC market with over 20% share of the total revenue. An increase in disposable income has offered tremendous scope for the transportation industry, as technological advancements and innovations in the field are supporting the sector growth.

Strict regulations levied by the government has helped to ensure safety of the components used in railways, marine, automotive and aerospace domains. Surging cases of non-compliance with TIC services market standards across the automobile industry coupled with technological advancements are escalating the requirement for robust testing, inspection, and certification services globally.

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Increasing initiatives undertaken by the government to control the growing food safety and environmental violations across the region is supplementing TIC services market growth. These violations have instigated the government and other regulatory authorities to implement standards to safeguard consumer safety. Efforts have also been made to control the number of environmental hazards caused due to the release of harmful chemicals during the dumping of e-waste.

Rise in trade activities in Asia Pacific is further magnifying market landscape. According to reports, APAC TIC services market is estimated to achieve more than 9% CAGR over 2019-2025.

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