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