Testing, Inspection, and Certification (TIC) Market Is Estimated To Witness High Growth Owing to Increasing Product Safety Regulations

Testing Inspection and Certification Market



Market Overview:

Testing, inspection, and certification (TIC) services help ensure safety, quality, reliability and compliance of products and systems. TIC covers a wide range of services ranging from auditing and inspection of management systems and products to testing, verification, quality assurance and certification. The TIC market comprises of wide range of stakeholders including manufacturers, regulatory bodies, consumers and certification bodies. Major products and services include testing, inspection and certification of consumer goods, food and beverage products, healthcare equipment, industrial products, construction, transportation and other applications.

Market Dynamics:
Increasing product safety regulations: Governments across various regions have implemented stringent product safety regulations to ensure the health and safety of consumers. For example, European Union has introduced various directives related to electrical, chemical and mechanical safety along with emission norms. Similarly, FDA in the US regulates the quality and safety of medical devices. The tightening of such norms has increased the demand for pre-market testing and post-market surveillance services, thereby driving the market growth.

Rising consumer awareness about product quality: Over the years, consumers have become more quality conscious and seek verification about product attributes, performance and reliability. They prefer certified products for assurance of safety and quality. This has prompted manufacturers to seek TIC services to meet consumer expectations and standards, thus spurring the market growth.
Segment Analysis
The global Testing, Inspection, and Certification (TIC) market is dominated by testing segment. It accounts for more than 50% of the total market share owing to the strict regulations regarding quality, health and safety of products across industries. The testing segment includes laboratory testing, field testing, physical properties testing and analytical testing among others. These tests are widely conducted to ensure the products meet the desired quality, safety, and performance standards before entering the market.

PEST Analysis
Political: The Global Testing, Inspection, and Certification (TIC) Market is strongly influenced by government legislation and regulations pertaining to safety and quality standards. Stringent regulation regarding safety, performance testing and certification has increased the demand for TIC services.
Economic: Emerging economies are witnessing fast economic growth which has increased investments in infrastructure, mining, manufacturing and industrial sectors driving the need for TIC services to ensure projects meet compliance requirements.
Social: Rising health awareness among consumers has increased social responsibility of organizations towards ensuring product safety which contributes to the growth of the TIC market.
Technological: Advancements in testing technologies like IoT, AI and automation have improved testing accuracy and efficiency. This has encouraged many companies to leverage new technologies to strengthen their service capabilities.

Key Takeaways
The global Testing, Inspection, and Certification (TIC) market is expected to witness high growth, exhibiting CAGR of 3.2% over the forecast period, due to increasing regulatory compliance requirements across industries. The market size for TIC market was valued at US$ 225.1 Billion in 2023.

Regionally, Asia Pacific region dominates the global TIC market and is expected to grow at the highest CAGR during the forecast period. This can be attributed to rapid industrialization and stringent quality and safety regulations enforced by governments in the region. China, India and other Southeast Asian countries are expected to be the major revenue generators.

Key players operating in the Testing, Inspection, and Certification (TIC) market are SGS Group, Bureau Veritas SA, TUV Rheinland Group, Intertek Group PLC, ALS Limited, DNV GL, MISTRAS, Lloyd’s Register Group Limited, Underwriters Laboratories Inc., ABS Group, and ASTM International. The market players are focusing on expanding their service portfolio and geographic presence through mergers and acquisitions to strengthen their market position.

Read More:

https://www.marketwebjournal.com/the-global-testing-inspection-and-certification-tic-market/

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