FELTON, Calif., Sept. 23, 2020
FELTON, Calif., Sept. 23, 2020 /PRNewswire/ -- The global testing, inspection and certification (TIC) market size is projected to reach USD 404.7 billion by 2025 and expected to grow with a CAGR of 5.2% over the forecast period, from 2019 to 2025, according to Million Insights. TIC services have been adopted rapidly across several industries due to strict government norms for testing, inspection, and certification. The market players are focusing on capturing several industries and sectors worldwide with various standards and legislations.
Due to growing presence of international players in developing regions, governments are supporting industry participants for regulating and maintaining the quality of several products & services from third party inspections services. Further, the development of economies, rising awareness regarding food safety, and environmental protections are other major factors expected to drive the market growth during the forecast period. Increasing consumer concern related to health and safety issues for electronic products has enforced government to mandate some regulations and standards to the manufacturing industry.
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Due to rapid globalization, supply chains are becoming very complex. Growing outsourcing and consumer exceptions for high-quality products has led to an increase in demand for TIC services. Therefore, organizations are striving to ensure that infrastructures, products and process as per government norms such as health & safety, reduce the risk of injury and accidents, environmental protection and social responsibility. This involves services such as inspection and testing of bulk carriers including grains, petroleum and livestock.
Asia Pacific region is expected to have steady growth over the forecast period due to increasing regulatory and economic factors. In this region, governments of several countries are implementing several development plans across various verticals such as agriculture, infrastructure, automotive, food, and manufacturing. TIC services are expected to reshape by integrating with several technologies like connected vehicles, connected devices, artificial intelligence, and mobile payment. Hence, the adoption of such technologies in these industries is expected to augment the regional TIC market growth over the forecast period.
Further key findings from the report suggest:
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Million Insights has segmented the global TIC market based on service type, sourcing type, application and region:
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