Testing, Inspection & Certification Services Market to hit $240bn by 2024: Global Market Insights, Inc.

Testing, Inspection, and Certification (TIC) Services Market Size By Application, Type, Service, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecasts to 2024

Selbyville, Delaware, UNITED STATES


Sellbyville, Delaware, July 30, 2018 (GLOBE NEWSWIRE) --

TIC Services Market is anticipated to reach USD 240 billion by 2024; according to a new research report by Global Market Insights, Inc. The testing, inspection & certification services market is propelled by the growing trend of outsourcing services from third-party specialist firms. Large corporations & state-owned establishments are gradually outsourcing their TIC activities to reduce the cost and focus on their core business competency. The stringent government regulations to ensure the safety and quality of the products also drives the market growth. Over the past five years, the incidences of non-compliance scandals have increased significantly. This is encouraging government authorities to implement stringent regulations associated with testing, inspection, and certification standards.

Moreover, the rise in the unethical manufacturing methodologies to reduce the cost is also augmenting the demand for the TIC services market. The quality expectations and consumer safety requirements are becoming complex day by day, and the nonfulfillment of consumer expectations has led to product callbacks. This is forcing companies to employ advanced inspection methodologies to comply with the industry standards and fulfill customer expectations.

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The certification service market is anticipated to attain CAGR of over 9% during the forecast timeline. The increasing concern towards the product quality, safety, and environmental health is driving the market growth. Furthermore, the requirement to comply with the national and international standards is augmenting the demand for the testing, inspection & certification services market. 

Agriculture & food markets are among the most lucrative applications of the TIC services market. These are anticipated to grow at the CAGR of over 10%. The increasing focus of the government authorities on the food safety and health is a primary factor driving the market growth. Food contamination diseases are forcing the governments to develop strict standards and guideline for manufacturers to ensure the safety of their products.  Furthermore, the increasing number of foodborne illnesses are driving the demand for inspection services in the food and agricultural sector. For instance, in 2016 the FDA reported a Hepatitis outbreak due to contaminated frozen strawberries, which caused 143 illnesses across 9 states and hospitalized approximately 50 people. In addition, the increasing trade between countries and the globalized food supply chain is also driving the demand for TIC services within the food and agricultural sector.

Browse key industry insights spread across 250 pages with 210 market data tables & 31 figures & charts from this 2018 report Testing, Inspection, and Certification (TIC) Services Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/testing-inspection-certification-tic-market

Asia Pacific testing, inspection & certification services market is anticipated to attain a growth rate of over 9% during the forecast timespan. The growth of the market is driven by the rapid industrialization and urbanization in emerging economies such as India and China. The urbanization in these countries has attracted massive investment in the energy, infrastructure, and transport. This is developing myriad opportunities for the growth of the market. Furthermore, the rising demand for quality and safety of the products along with the environmental health is giving rise to the requirement of effective TIC services in these regions. 

The key players in the testing, inspection & certification 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 & acquisition is the common strategy used by market players to gain the market share. For instance, in November 2017, SGS acquired BioVision Seed Research Limited to strengthen its presence in the Canadian Agriculture market.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology. 


        

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