Testing, Inspection and Certification (TIC) is a method of providing services to companies operating across various industrial verticals for the purpose of improving productivity, efficiency, and manufacturing process for manufacturers to meet with globally recognized standards, regulations, and policies set by governments to improve the quality of a product. Global Testing Inspection and Certification Market Analysis & Forecast to 2023 provide detailed analysis of the market structure, along with forecast of the various segments and sub-segments of the (TIC) market .Testing and inspection have increased the efficiency and productivity of various automotive organizations by reducing the cost and time for delivery, managing and controlling supply chain at each manufacturing stage, improving aftermarket sales and distribution, increasing the safety, and reducing the impact on environment and road safety.
Certification and testing in aviation reduces risk, increases safety, security, and profits by identifying and managing operational risks, managing and reducing accidents, delaying risks, and reviewing training and procedures to increase the consistency and operational continuity.
The prominent players in the TIC market are SGS group (Switzerland), Bureau Veritas SA (France), Dekra Certification GmbH (Germany), Intertek Group Plc (U.K), ALS Limited (Australia), ASTM International (U.S.), BSI Group (U.K), SAI Global Limited (Australia), Mistras Group (U.S.), and UL LLC (U.S.), among others. Global Testing Inspection and Certification Market provide insights about factors affecting the market growth, analyze the virtual reality market based on Porter’s five forces analysis, provide historical and forecast revenue of the market segments and sub-segments, with respect to four main geographies and their countries-North America, Asia Pacific, Europe, and the Middle East and Africa, provide country level analysis of the market with respect to current market size and future prospects, provide country level analysis of the market for segmentation on the basis of sourcing type, service type, end-user, and application, provide strategic profiling of key players in the market, comprehensively analyze their core competencies, and draw a competitive landscape for the market, track and analyze competitive developments, such as joint ventures, strategic alliances, mergers & acquisitions, new product developments, and research & developments in the TIC market.
The global testing inspection and certification market is expected to reach USD 58.38 billion by 2023.By sourcing type, the market was dominated by in-house sourcing in 2017. The outsourcing type is expected tshow the highest growth rate during the forecast period 2017 to 2023.By service type, testing service has dominated the market at USD 21.63 billion in the year 2017. The certification service is expected tshow the highest CAGR during the forecast period 2017 to 2023.By end-user, automotive has dominated the market at USD 8.59 billion in the year 2017. The food & beverage end-user segment is expected tshow the highest CAGR during the forecast period 2017 to 2023.
By application, the industrial has dominated the market at USD 27.25 billion in the year 2017. Commercial application is expected to show the highest CAGR during the forecast period 2017 to 2023.Geographically, North America dominated the market in 2016. Asia Pacific will show the highest growth rate during the forecast period 2017 to 2023.Regional and country analysis of global testing inspection and certification market estimation and forecast
The global testing inspection and certification market by region was led by North America in 2016 at 35.66% of the market share. Large presence of electronics, software, defense and aviation industry, and advancements in medical equipment automation are supporting the market growth. Asia Pacific stands as the second biggest market with a market share of 31.34% and is considered tbe the fastest growing region. Increased demand for consumer electronics, growing presence of FMCG, and foreign trade are supporting the market growth. Europe shows a positive growth in the market and rest of the world is growing at a slow pace.
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Ankur Gupta, Head Marketing & Communications