Growth of Testing, Inspection, and Certification Market mainly driven by harmonization of standards, growing consumption of goods in emerging countries, increasing incidents of product recalls globally, surge in global counterfeiting & piracy activities, & imposition of rigorous government regulations & standards across various sectors. Some of drivers for market are harmonization of standards, growing consumption of goods in emerging countries, increasing incidents of product recalls globally, surge in global counterfeiting and piracy activities.
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The testing, inspection, and certification (TIC) market is expected to increase from USD 184.77 Billion in 2017 to USD 247.94 Billion by 2023, at a CAGR of 5.02% between 2017 and 2023. The growth of this market is mainly driven by harmonization of standards, growing consumption of goods in emerging countries, increasing incidents of product recalls globally, surge in global counterfeiting and piracy activities, and imposition of rigorous government regulations and standards across various sectors.
Key Target Audience:
- Raw material and testing equipment suppliers
- Research organizations
- Original equipment manufacturers (OEMs)
- Technology standards organizations, forums, alliances, and associations
- Technology investors
- Analysts and strategic business planners
- Government bodies, venture capitalists, and private equity firms
The Testing, Inspection, and Certification market for in-house sourcing type accounted for the largest share in 2016.
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Earlier, the manufacturers and organizations had to adhere to limited standards and regulations; hence, it was possible for companies to build their in-house testing and inspection capabilities. In recent years, the standards pertaining to human/user safety and environment safety have increased and become mandatory for certain category of products.
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The Testing, Inspection, and Certification market for the transportation application held the largest share in 2016. There has been a significant demand for pre-owned vehicles in several countries, which has led to the increase in the demand for vehicle inspection services.
Moreover, the annual vehicle production capacity is increasing. This factor holds the potential for increase in TIC services worldwide.
2 Key Players in TIC Market
3 Competitive Situations and Trends
4 Service Launch and Product Development
5 Partnership and Collaboration
6 Merger and Acquisition
7 Service Expansion
The key companies in the TIC market are SGS (Switzerland), Bureau Veritas (France), Intertek (UK), DEKRA (Germany), and TÜV SÜD (Germany). The prominent companies in the TIC market includes the well-established, financially stable, and technical strong players that have been operating in the industry for several years and have diversified product portfolios, proprietary technologies, and strong distribution networks through collaborations and acquisitions.
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In terms of regions, Asia Pacific (APAC) accounted for the largest share of the testing, inspection, and certification market in 2016. Industrially advanced countries such as China, Japan, South Korea, and Taiwan possess a significant export capacity.
Major industries in these countries include consumer electronics, processed foods, and agriculture. These industries have a significant demand for TIC services, which would help them to comply with international standards.
Breakdown of profile of primary participants:
- By Company: Tier 1 –53 %, Tier 2 –15%, and Tier 3 –32%
- By Designation: C-Level Executives – 48%, Directors =27%, and Others =25%
- By Region: North America –19%, Europe –43%, APAC –33%, and RoW –5%
The study segments the testing, inspection, and certification market report into service type (testing services, inspection services, certification services, and others) and sourcing type (in-house and outsourced). The study also covers applications and provides the geographic forecast of the market size for various segments with regard to four main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
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