Pune, India, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Market Research Future's research report has divulged that the Global TIC Market, By Sourcing Type (Outsourcing, In-house), Service Type (Testing, Inspection, Certification), End-User (Automotive, Textile, Aerospace, Oil & gas, petroleum, Food & Beverage), Application (Commercial, Industrial) - Forecast till 2023
Testing, Inspection and Certification (TIC) Market
Products and services today require testing, inspection and certification (TIC) stamps not only to ensure safety and quality but also to boost their marketability. Having such certifications help develop trust among consumers. Testing, inspection and certification services are provided by both state-owned and privately owned companies. Almost all verticals having some commercial interests have TIC approval or certification bodies that are responsible for quality assessment. Rapid urbanization and industrialization has led to a greater requirement for TIC services. The latest study conducted by Market Research Future (MRFR) reveals that the global market for testing, inspection and certification (TIC) is set to grow at a healthy pace over the next couple of years. The new quality standards that are being set by authorities is reflecting favorably on the global TIC market. TIC can be applied to any company, and its products or services.
Acceleration in research and development coupled with continuous innovation in the field of science has triggered a sense of urgency for TIC affiliations among companies who operate in large-scale sectors (healthcare, consumer goods, retail, white goods, automotive, etc.) However, players who are operating in the global TIC market continue to struggle to overcome the issue of lack of quality standard parity from region to region. Increased import and export activities worldwide characterizes the tremendous uptake in global trade. As a result, the importance of testing, inspection and certification has increased. The disparity in quality standard norms between advanced countries and developing countries remains a major hurdle. Poor efficiency of labor force and lack of robust safety and quality control regulations in developing countries create severe implications for TIC service providers.
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Market Segmentation: Insights
MRFR in its report offers a detailed segmental analysis of the global TIC market on the basis of sourcing type, services type, end user, and application. Based on sourcing type, the market has been segmented into in house and outsourcing. The former segment accounts for a relatively higher market share. In 2017, the in house segment surpassed a market valuation of USD 25 Bn. During the review period (2017-2023), the outsourcing is expected to exhibit a higher CAGR than the in house segment. Based on service type, the market is segmented into inspection service, testing service and certification service. The testing service segment reached a market valuation of USD 21.63 Bn in 2017 and is likely remain highly attractive throughout the assessment period. Meanwhile, the certification services segment will witness the fastest growth over 2023. Based on end user, the market has been segmented into textile, oil & gas, food & beverage, automotive, aerospace, and petroleum. Among these, the automotive segment holds the top position, representing a market valuation of more than USD 8 Bn. The food and beverage segment is expected to witness a strong growth in the project future. Based on application, the market is segmented into industrial and commercial. The industrial segment currently accounts for over USD 27 Bn and is expected to witness a steady CAGR during the forecast period.
North America Largest Market for TIC
North America is expected to dominate the global Testing, Inspection and Certification Market in 2018 and beyond. Increased international trade in both the U.S. and Canada has driven the need for efficient TIC services in these countries. Moreover, the presence of several large scale manufacturing sectors such as automotive, electronics, pharmaceutical, defense and aviation among others is also supporting the growth of TIC market in the region. North America is followed by Europe, the TIC market in Europe is expected to witness a strong growth in the forthcoming years. Introduction of more stringent quality standard norms and increased awareness among consumers is partly driving the growth of the market in Europe.
Competition Tracking
ASTM international (U.S.), SGS group (Switzerland), SAI Global Limited (Australia), UL LLC (U.S.), Bureau Veritas SA (France), Dekra Certification GmbH (Germany), BSI Group (U.K), Intertek Group Plc (U.K), ALS Limited (Australia), and Mistras Group (U.S.) are among the top market players. Of these, Bureau Veritas and SGS Group are two most noticeable players that collectively account for nearly 24% market share globally.
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Industry News
Eurofins Scientific an international group of laboratories headquartered in Brussels has reportedly reached an agreement with LabCorp for acquiring Covance Food Solutions, which will see it make a traction of US$ 670 Mn.
Leading certification agency Bureau Veritas has recently announced the establishment of its North America headquarters in New York. The move is in line with its 2020 growth strategy.
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