TIC Services Market to Surpass USD 260 Billion by 2025: Global Market Insights, Inc.
The Asia-Pacific testing, inspection and certification services market will attain a CAGR of 9% during the forecast period, driven by the growing number of environmental and food safety violations in the region.
SELBYVILLE, Del., August 20, 2019 (Newswire.com) - The Testing, Inspection and Certification (TIC) services market's growth is propelled by the growing trend of outsourcing services from third-party specialist firms. Outsourcing also allows companies to utilize various time zones to their advantage.
An upsurge in conscious consumerism will continue a large-scale piling pressure on companies to protect their brand’s reputations. This has driven many businesses to adopt TIC services, as they are able to deliver real competitive advantages. Nowadays, customers expect wider choices, lower prices and higher quality. Hence, companies are acquiring certifications from trusted TIC service providers to gain credibility among customers.
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As the trade of products and services is increasing rapidly, it is making the value chain more intricate, as safety standards vary between various economic zones. The market regulatory authorities have been very slow in responding to the increasing products and services, which do not comply with safety and quality regulations. This has led to augmented political interest and public concern regarding the disruptive argument between quality and safety. This leads to the demand for increased supervision and market surveillance by regional governments and by local public authorities.
The certification service segment is anticipated to attain a CAGR of over 9% during the forecast timeline. The rise in globalization is serving as the major force propelling the growth of the TIC services market. Globalization has broken international trade barriers, which has fostered trade among countries. This has led companies to expand their operations across different countries. When these companies try to access global markets, their products face numerous national and regional compliance issues, depending on their product types. This encourages the adoption of the certification’s services among the market players to prove the credibility and safety of the product among consumers.
In-house testing services are leading the TIC services market, with more than 58% of a share in the revenue in 2018. The growth of the market is attributed to the privatization of TIC services. Previously, TIC services were conducted by the government authorities; however, due to the limited budgetary constraints, most of the TIC activities were outsourced to various private firms. This has led to the privatization of TIC services across the globe.
Browse key industry insights spread across 553 pages with 881 market data tables and 35 figures and charts from the report, “Testing, Inspection and Certification (TIC) Services Market By Service (Testing, Inspection, Certification), Type (In-House, Outsource), Application (Agriculture & Food, Construction, Life Science, Consumer Products, Transportation, Energy, Oil, Gas & Chemical, Mining, Industrial Machinery), Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019-2025” in detail, along with the table of contents:
https://www.gminsights.com/industry-analysis/testing-inspection-certification-tic-market
The oil, gas and chemical industry accounts for more than 15% of the share in the testing, inspection and certification (TIC) services market. The growth of the market is driven by the stringent government regulations and policies related to the safety of oil, gas and chemical products. Furthermore, awareness among SMEs about the safety and quality of chemicals used in various manufacturing operations is fueling the market's revenue. Additionally, the increasing concern towards environmental health and the impact of oil, gas and chemical products on biotics are the primary factors fostering the demand for testing, inspection and a certification process across the industry.
The Asia-Pacific testing, inspection and certification services market will attain a CAGR of 9% during the forecast period. The market growth is driven by the growing number of environmental and food safety violations in the region. These violations have led the government authorities in the region to implement regulations and standards to ensure consumer safety and limit the amount of environmental degradation caused due to the dumping of e-waste in the region. Furthermore, increasing trade across the region is further encouraging the demand for the TIC service.
The key players in the TIC services market are Applus, Apave, Bureau Veritas, Corelab, DEKRA, Eurofins, Intertek, DNV GL, Lloyd’s Register Group, TUV SUD, SGS SA, SYNLAB, TUV Rheinland, TUV Nord, ALS, SOCOTEC, Kiwa Group, RINA, and UL. Merger and acquisition is the common strategy used by market players to gain a market share.
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