The "Testing, Inspection, & Certification Market with COVID-19 Impact Analysis by Offering (In-house & Outsourced Services), Application (Consumer Goods & Retail, Agriculture & Food, Chemicals, Energy & Power, Automotive, IT & Telecommunications) & Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The TIC market is expected to grow at a CAGR of 3.6% from USD 204.2 billion in 2020 to USD 243.7 billion.
Factors such as a surge in the illicit trade of counterfeit and pirated goods, the inclination toward outsourcing TIC services, and the high demand for testing services to ensure effective interoperability of connected devices and networks have led to increased demand for TIC services.
TIC market for certification services expected to grow at highest CAGR during the forecast period
There has been an increasing demand for certification services owing to the growing number of specified standards by governments and international standardization institutions. Certification demonstrates a company's credibility in the market. To deliver credibility, companies in this market maintain extensive global accreditations and recognitions for certification services. As global markets grow and expand, consumers seek safe, reliable, and eco-conscious products. Certification services ensure product safety and performance attributes. Certification services mainly include customized audit and certification services with reference to quality, health & safety, environment, and social responsibility.
TIC market for outsourced services offering accounted for the largest share in 2020
The TIC market for outsourced services depends on factors such as the industry's requirements and a country's federal structure and administrative rules. Over time, these factors may have a significant impact on the market size, irrespective of the underlying macroeconomic conditions. The push toward outsourcing by manufacturing companies and, in specific instances, the privatization of state-owned laboratories will continue to be a strong factor driving the growth of the TIC market for outsourced services.
TIC market for agriculture and food application to grow at highest CAGR during the forecast period
The TIC market for agriculture and food application is expected to grow at the highest CAGR during the forecast period. TIC services for the agriculture industry are required to ensure quality and improve product efficiency. These services also support companies playing a crucial role in trading agricultural commodities and food products by acquiring international certifications. Moreover, changing regulations, especially in the agriculture space, across the world would drive the adoption of TIC services by manufacturers.
APAC is expected to be the fastest-growing market for TIC during the forecast period
The TIC market in APAC is projected to grow at the highest CAGR during the forecast period. The highest CAGR is the presence of giant manufacturing electronic companies in countries such as China, Japan, India, Vietnam, the Philippines, and Bangladesh. The domestic markets in APAC are growing rapidly owing to the rising per capita income among the middle-class population. Moreover, there is a growing consumer awareness about the importance of certification. TIC players are increasing their horizon by setting up their testing labs in the APAC countries as the potential of APAC countries on the overall various applications.
Market Dynamics
Drivers
- Surge in Illicit Trade of Counterfeit and Pirated Goods
- Inclination Toward Outsourcing TIC Services
- High Demand for Testing Services to Ensure Effective Interoperability of Connected Devices and Networks
- Advancements in Networking and Communication Technologies
Restraints
- Diverse Standards and Regulations Among Many Different Nations
Opportunities
- Rise in Demand for TIC Services Globally
- Growth Opportunities for Small and Medium-Sized Businesses
Challenges
- Adoption of Advanced Technologies by Smaller TIC Players
Companies Profiled
- SGS Group
- Bureau Veritas
- Intertek
- Dekra Se
- Eurofins Scientific
- Tv Sd
- Dnv Gl
- Tv Rheinland
- Applus+
- Als Limited
- Tv Nord Group
- Lloyd'S Register Group Limited
- Mistras
- Element Materials Technology
- Ul LLC
- Irclass
- Qs Testing
- Thomas Bell-Wright International Consultants
- TIC Sera
- Hohenstein
- Apave International
- Sai Global
- Astm International
- Vde Testing Institute
- Keystone Compliance
- Washington Laboratories Ltd.
- Force Technology
- Kiwa Inspecta
- Rina S.P.A.
- Technick Inpekcia
- Trk Loydu
- Safety Assessment Federation (Safed)
- Hv Technologies Inc.
- Avomeen Analytical Services
- Envigo
- Gateway Analytical
- Medistri Sa
For more information about this report visit https://www.researchandmarkets.com/r/n8rbeg
View source version on businesswire.com: https://www.businesswire.com/news/home/20200814005263/en/
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