According to the research report titled ‘Global Testing, Inspection and Certification (TIC) Market – Analysis By Service, Source, Application, By Region, By Country (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)’, available with MarketStudyReport, global testing, inspection and certification (TIC) market was worth USD 263.41 billion in 2020 and is anticipated to showcase lucrative growth trends between 2021 and 2026.
Increasing number of mergers and acquisitions propelling development among the leading companies as well as mid-level organizations are majorly driving global testing, inspection & certification (TIC) market growth.
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Robust GDP growth in the BRIC nations, global exchange of items & administrations, push to uphold guidelines by governments, efforts to maintain business standards, and growing end-client awareness connecting a safe business with a productive business, are further adding traction to the overall market size.
Based on service type, the industry is segmented into testing, inspection and certification. As cited in the report, testing service segment is anticipated to garner significant returns over the projected timeline. This can be accredited to its rising popularity among several end-user segments along with to increasing globalization.
Speaking of source type, the marketplace is divided into in-house and outsourced. Among these, the in-house segment held a considerable market share in 2020 and is slated to amass notable gains over the estimated timeframe, as these testing administrations offer unlimited authority to organizations over the whole procedure.
Considering the application range, the business space is categorized into consumer goods & retail, oil & gas and petroleum, food & agriculture, construction & infrastructure, transportation, energy & power, industrial & manufacturing, supply chain & logistics, automotive, and others.
Experts cite, consumer goods & retail segment is reckoned to expand lucratively over the assessment period, primarily due to growing requirement for TIC benefits in hard products, softlines and accessories, personal care & beauty products, toys and adolescent items, and electrical & hardware, among others.
On the geographical front, the global testing, inspection and certification industry is categorized into Americas, Asia Pacific, and Europe.
Europe market held a significant share in 2020 and is anticipated to garner notable returns over the estimated timeline. Meanwhile, Asia Pacific market is likely to expand with a strong CAGR over the study duration, on account of increasing consumer awareness along with rising government norms for safety & quality of the products.
Leading players swaying the worldwide testing, inspection and certification industry trends are Applus+ Group, IBM Food Trust, ALS Limited, DNV GL, Eurofins Scientific, TÜV SÜD, Intertek Group plc, Bureau Veritas Group, and SGS S.A.
Question & Answer: Global Testing, Inspection and Certification Market
Question 1: How is the competitive landscape of worldwide testing, inspection and certification industry defined?
Answer: Top contenders in the industry are Applus+ Group, IBM Food Trust, ALS Limited, DNV GL, Eurofins Scientific, TÜV SÜD, Intertek Group plc, Bureau Veritas Group, and SGS S.A.
Question 2: What are the key growth drivers of global testing, inspection and certification market?
Answer: Increasing mergers and acquisitions propelling development for players and supporting mid-level TIC organizations are majorly driving global testing, inspection and certification (TIC) market growth.
Question 3: How will Asia Pacific testing, inspection and certification market perform over the estimated timeline?
Answer: Asia Pacific market is likely to expand with a strong CAGR over the study duration, on account of increasing consumer awareness along with rising government norms for safety & quality of the products.
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