Testing, Inspection and Certification (TIC) Market Research Report Categorizes Global Market by Type (Testing, Inspection, & Certification), Sourcing Activity (In-House and Outsourced), End-User Industry (Environmental, Consumer Goods, Manufacturing), and Geography
2. http://www.marketsandmarkets.com/Market-Reports/testing-inspection-certification-market
According to the new market research report "Testing, Inspection and Certification (TIC)
Market by Type (Testing, Inspection, & Certification), Sourcing Activity (In-House and
Outsourced), End-User Industry (Environmental, Consumer Goods, Manufacturing), and
Geography - Global Forecast to 2022", the TIC market is expected to reach USD 113.24 Billion
by 2022, growing at a CAGR of 5.15% between 2016 and 2022. The major factors driving the
growth of the TIC market include the increasing number of new regulations and standards in
end-user industries, rising trend of outsourcing TIC services to third-party service providers,
formulation of stringent regulations and standards to ensure the quality and safety of
products, increasing product diversification, and global trading of products & growth of
distributed manufacturing.
http://www.marketsandmarkets.com/Market-Reports/testing-inspection-certification-market-5
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3. “The TIC market for the consumer goods end-user industry to hold the largest market
share by 2022”
Governments have formulated stringent regulations and standards to ensure the quality
and safety of products and there is increasing awareness among consumers regarding the
quality of consumer goods. These products have become essential in everyday life and are
manufactured keeping in mind the regulations specified by government bodies to
guarantee product safety. The increasing demand for consumer goods leads to a greater
requirement of testing, inspection, and certification services to ensure the product quality
and safety.
“Trend of outsourcing TIC to third-party vendors is expected to grow rapidly during the
forecast period”
The market for outsourced TIC is served by a variety of independent service providers
whose primary business activity is providing TIC services. Also, the major industries mainly
outsource these services to third-party providers to reduce costs as the increasing
regulations make it more costly to conduct these tests in-house.
http://www.marketsandmarkets.com/Market-Reports/testing-inspection-certification-market-
4. “APAC expected to grow at the highest rate during the forecast period”
The APAC market has emerging economies such as India and China. Considering the overall
scenario, the region is expected to see strong growth in all sectors as governments enforce
stringent legislation to ensure health and safety compliance. TIC services in end-user
industries such as agriculture, consumer goods, and electrical goods are likely to continue to
show strong growth. With the growing disposable income in the region, the number of
vehicles in use is also expected to increase. Thus, vehicle testing would have a strong
demand, especially in countries such as China and India. The industrial growth in China and
India would also increase the demand for industrial infrastructure and TIC services as
industrial plants are built with strict energy efficiency mandates.
The major companies involved in the development of TIC market include SGS Group
(Switzerland), Bureau Veritas S.A. (France), Intertek Group plc (U.K.), TÜV SUD Group
(Germany), Dekra Certification GmbH (Germany), ALS Limited (Australia), ASTM
International (U.S.), BSI Group (U.K.), Exova Group plc (U.K.), TÜV Rheinland Group
(Germany), TÜV Nord Group (Germany), SAI Global Limited (Australia), Eurofins Scientific
(Luxembourg), MISTRAS Group, Inc.(U.S.), and UL LLC (U.S.) among others.
http://www.marketsandmarkets.com/Market-Reports/testing-inspection-certification-market-5352498.htm
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7. Contact Us
Mr. Rohan
Markets and Markets
701 Pike Street
Suite 2175, Seattle,
WA 98101, United States
USA : 1-888-600-6441
Email: sales@marketsandmarkets.com
MarketsandMarkets Blog
http://www.marketsandmarkets.com
http://twitter.com/marketsmarkets
http://www.linkedin.com/company/marketsandmarkets
