Testing, Inspection and Certification Market worth $279.3 billion by 2025

NORTHBROOK, Ill. - July 9, 2019 - PRLog -- According to the new market research report "Testing, Inspection and Certification Market by Service (Testing, Inspection, Certification), Sourcing Type (In-House and Outsourced), Application (Consumer Goods and Retail, Construction and Infrastructure), and Geography - Global Forecast to 2024", the overall TIC market is expected to grow from USD 209.4 billion in 2019 to USD 279.3 billion by 2025—growing at a CAGR of 4.9%. Factors such as the increase in disposable income and rapid urbanization in developing economies; high growth in product recalls across the world; high adoption of outsourcing service models by worldwide manufacturers; increased requirement for harmonized standards; surge in illicit trading, counterfeiting, and piracy practices across the world; and enforcement of rigorous government regulations and standards across various sectors are driving the growth of the TIC market.

Certification services segment is expected to grow at the highest CAGR during the forecast period

In the TIC ecosystem, certification services validate the result of a test or inspection against a range of pre-specified standards set by governments, international standardization institutions, or clients. In the current scenario, certification services are widely adopted by manufacturers to demonstrate that their products adhere to the compliance as well as to improve their marketability. Certifications ensure that the manufacturers of the products have followed the standards and quality and safety norms during the production process. As global markets grow and expand, many consumers prefer safe, reliable, and eco-friendly products, which are validated by certifications.

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In-House services segment held the largest market size during the forecast period

To perform in-house TIC activities, a company must build in-house capabilities in terms of technology, test and measurement equipment, and skilled personnel. Approximately 60% of the testing, inspection, and certification is conducted in-house. This process is particularly evident in applications such as life sciences, utilities, and public sectors. The rest of the market is served by independent/third-party service providers (companies whose primary business activities are providing TIC services), termed as outsourced services. To enter the TIC market, companies must have expertise, reputation, authorizations, and accreditations in a large number of countries for further business operations, require huge capital and a wide geographic network of offices and laboratories at both local and international levels. Owing to the criticality of applications, industries such as the public sector and mining prefer in-house services rather than opting for outsourced TIC services.

Consumer Goods and Retails segment held the largest market size during the forecast period

The TIC market for consumer goods and retail is driven by the increasing need of TIC services in personal care and beauty products, hard goods, softlines and accessories, toys and juvenile products, and electrical and electronics, among others. In a highly regulated marketplace, manufacturing and retailing is no longer limited to producing and selling goods at present. Third-party quality assessment agencies/labs are gaining traction because they provide the necessary expertise for product safety. The scope of this study covers consumer goods and retail products such as personal care and beauty products, hard goods, softlines and accessories, and toys and juvenile products, electrical and electronic products that utilize or undergo TIC services.

APAC is expected to grow at the highest CAGR during the forecast period

Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period owing to the significant developments in applications such as automotive, construction and infrastructure, environmental, agriculture, and consumer goods and retail. Many economically advanced countries have their manufacturing units in the developing economies of APAC, especially China and India. These units are required to manufacture products in compliance with internationally accepted standards. The domestic markets in APAC are growing rapidly owing to the rising per capita income among the middle class. Moreover, there is growing consumer awareness about the importance of certification.

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Key players operating in the TIC market include SGS Group (Switzerland), Bureau Veritas SA (France), Intertek (UK), and TÜV SÜD Group (Germany), Eurofins Scientific (Luxembourg), DNV GL (Norway), TÜV Rheinland Group (Germany), Applus+ (Spain), ALS Limited (Australia), TÜV NORD Group (Germany), Lloyd's Register Group Limited (UK), MISTRAS (US), Element Materials Technology (UK), and UL LLC (US).