TESTING, INSPECTION AND CERTIFICATION MARKET IS PROJECTED TO GROW UP TO 4.3% CAGR DURING THE FORECASTING PERIOD 2021-2027.
Testing, Inspection, and Certification (TIC) stamps are required for a variety of goods and services in order to ensure safety and quality while also increasing marketability. These types of certifications aid in the development of consumer trust. Testing, inspection, and certification services are provided by both state-owned and privately owned businesses. It can be used in any industry that is primarily responsible for quality control. The demand for TIC services has increased as a result of rapid urbanisation and industrialization. Testing, Inspection, and Certification (TIC) covers a wide variety of business sectors as well as various standards and regulations. Auditing, monitoring, inspection, verification, quality assurance, and certification are all examples of TIC services. TICs are private companies that play an important economic role in a variety of industries, including automotive, education, tourism, hospitality, logistics, and so on.
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Key Driving Factors: A proclivity to outsource TIC services
Multiple product and component manufacturers use outsourcing TIC services to third-party service providers to ensure adherence to national and international quality and safety requirements, as well as to minimise recall costs and increase manufacturing productivity by delegating non-core duties, procedures, employment, or processes to an external third-party professional for an extended period of time. Outsourcing allows companies to devote more resources to improving their core business processes, reduce overhead costs, and offer quicker and improved services. As a result, the company's productivity and process performance boost, leading to an improvement in net profits.
This report offers the major market player’s profiles, such as ASTM International, TUV SUD AG, AsureQuality Ltd, Dekra SE, TÜV Rheinland Group, Intertek Group Plc, SGS Group, Bureau Veritas SA, ALS Ltd, DNV GL Group AS, Underwriters Laboratories Inc, Lloyd’s Register Group Limited, APPLUS+, TUV Nord group.
Opportunities: Global demand for TIC services is increasing, which presents an opportunity.
The TIC market has seen a significant shift in revenue from developed countries to smaller economies for global main TIC players with broad geographic scope. The revenue change is primarily due to the continuing trade war between the United States and China. For example, the trade war has caused revenue figures for key TIC players to turn away from China and towards smaller economies like Vietnam, Bangladesh, Sri Lanka, and Indonesia for application-specific testing, inspection, and certification services. Vietnam, which had a recognisable furniture industry for the previous 20 years, has benefited from the furniture industry as a result of the trade war, which has caused demand for US-based furniture TIC services to move to Vietnam rather than China.
By Sourcing Type:
Companies with in-house testing facilities have full control over the whole process. Companies perform in-house research as it is related to their core market skills. A organisation must develop in-house expertise in terms of infrastructure, test and measurement equipment, and trained staff to conduct in-house TIC operations. In-house testing, inspection, and certification services account for around 60% of the total. This process is especially visible in applications like life sciences, utilities, and government.
The Testing, Inspection and Certification market report has been categorized as below
By Sourcing Type
- In-house services
- Outsourced services
- Consumer Goods and Retail
- Agriculture and Food
- Construction and Infrastructure
- Energy and Power
- Industrial manufacturing
- Medical and Life Sciences
- Oil & Gas and Petroleum
- Public Sector
- Supply Chain and Logistics
- IT and Telecommunications
- Sports & Entertainment
By Service Types
- North America
- Asia Pacific
- Rest of World
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Published Date : April-2021