CHICAGO, March 22, 2019
CHICAGO, March 22, 2019 /PRNewswire/ -- According to the new market research report "Testing, Inspection, and Certification Market by Service (Testing, Inspection, Certification), Sourcing Type (In-House and Outsourced), Application (Consumer Goods and Retail, Construction and Infrastructure), and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the overall TIC market is expected to grow from USD 209.4 billion in 2019 to USD 266.2 billion by 2024 growing at a CAGR of 4.91%. Factors such as the increase in disposable income and rapid urbanization in developing economies; high growth in product recalls across the world; high adoption of outsourcing service models by worldwide manufacturers; increased requirement for harmonized standards; surge in illicit trading, counterfeiting, and piracy practices across the world; and enforcement of rigorous government regulations and standards across various sectors are driving the growth of the TIC market.
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Testing services held the largest size of the TIC market, by service type, during the forecast period
Testing services are likely to hold the largest size, in terms of value, of the TIC market during the forecast period. Testing is carried out in laboratories and facilitates by manufacturers to improve the marketability of their products and lower manufacturing costs in the pre-production phase. For most applications, testing is required to check whether the products and services comply with the required standards and regulations. Thus, this segment is likely to hold a major size of the market during 2019–2024. Within the automotive TIC industry, testing services are implemented in automotive lighting and components, connected car solutions, testing for materials, and reliability, thereby ensuring the compliance of products/services with particular standards and regulations.
The market for outsourced services is expected to grow at the highest CAGR during the forecast period
The market for outsourced services is expected to grow at the highest CAGR from 2019 to 2024. The market for outsourced services depends on a country's federal structure and administrative rules. Over time, these factors may have a significant impact on the size of the market, irrespective of the underlying macroeconomic conditions. The TIC market for outsourced services comprises a variety of independent service providers whose primary business is to offer TIC services.
Browse in-depth TOC on "Testing, Inspection and Certification Market"
79 – Tables
46 – Figures
248 – Pages
APAC held the largest size of the TIC market during the forecast period
APAC held the largest size of the TIC market in 2019. In India, the consumer goods sector, the textile and footwear industries are witnessing significant growth. The "Make in India" campaign—initiated by the Indian government to encourage domestic manufacturing—and the favorable economic policies are encouraging foreign companies to enter and establish their businesses in India. This has resulted in the increased production in the consumer electronics, retail, and textile industries in the country. TIC services play an integral role for businesses in meeting the national and international standards, in terms of quality of products. Moreover, the TIC market in India has witnessed major investments from the global TIC players such as Intertek Group plc (UK) and TÜV SÜD (Germany).
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Key players operating in the TIC market include SGS Group (Switzerland), Bureau Veritas SA (France), Intertek (UK), and TÜV SÜD Group (Germany), Eurofins Scientific (Luxembourg), DNV GL (Norway), TÜV Rheinland Group (Germany), Applus+ (Spain), ALS Limited (Australia), TÜV NORD Group (Germany), Lloyd's Register Group Limited (UK), MISTRAS (US), Element Materials Technology (UK), and UL LLC (US).
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