by Market Overview:
Testing, inspection and certification (TIC) services help in assessing and monitoring standards of products and systems for quality assurance. TIC services help confirm products meet quality, safety and performance standards.
Market key trends:
One of the key trends in the TIC market is increasing focus on food safety. Food safety has become one of the major concerns globally due to various foodborne diseases and contamination issues. TIC services help in examining food safety at various stages from production to consumption. Proper food safety and quality testing and certification ensures safe food is available for public consumption.
Segment Analysis
The global Testing, Inspection, and Certification (TIC) market is segmented by service type, sourcing type, application, and region. Based on service type, the testing segment dominated the market in 2022, accounting for over 35% of the market share. This is because testing services help validate product quality and performance as per various international standards which is important for the safety and health of consumers.
Key Takeaways
The global Testing, Inspection, and Certification 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 stringent government regulations regarding public health and safety.
The market size for Testing, Inspection, and Certification (TIC) was valued at US$ 225.1 Billion in 2022 and is projected to reach US$ 300 Billion by 2030.
Europe dominated the Testing, Inspection, and Certification (TIC) market with more than 30% share in 2022 due to strict harmonized standards across industries. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rapid industrialization and infrastructure development in countries such as China and India.
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. These players are focusing on adopting emerging technologies and expanding in high growth markets to gain competitive advantage.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
