Pune, India, July 01, 2019 (GLOBE NEWSWIRE) -- Testing, inspection, and certification (TIC) companies are associations which offer auditing, inspection, quality assurance, and certification services for in-house and outsourced products. They aim to boost productivity and innovation across all industry verticals by emphasizing on certain parameters set by international bodies. The global testing inspection and certification market report on Wise Guy Reports (WGR) highlights various factors and drivers enveloping the market.
Market Outlook
The global testing inspection and certification market can reach USD 58.38 billion mark by 2023, as per the report on Wise Guy Report (WGR). Advent of new technologies, new safety measures, and sustainable policies are factors expected to influence the market demand over the forecast period.
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Growth Factors
Increase in trading activities across various industry verticals is expected to drive the demand for TIC services. Adherence to new norms and aversion to paying heavy penalties by companies can push the market demand. Globalization has made it possible for companies to collaborate even from remote locations. This has pushed the need for contract organizations which can conduct these services on behalf of them to gain approval for services and speed-to-market novel products.
The healthcare sector holds high promise for the testing, inspection, and certification market due to adoption of technology for rapid diagnosis of patients. In addition, constant innovation in the sector has led to companies such as Philips opting for TIC services to ensure their adherence to set standards.
But lack of skilled personnel and non-uniform standards across nations can spike up expenses and impede market growth.
Segmentation
The global testing, inspection, and certification market is segmented by sourcing type, service type, end-user, and application.
By sourcing type, it is segmented into in-house and outsourcing. The in-house segment is currently dominating the TIC market. But the outsourcing type can display a high growth rate during the forecast period. This is evident by the privatization of state-owned laboratories which support third-party solution providers which can provide services at affordable rates.
By service type, it is segmented into testing, inspection, and certification. The testing segment accounted for USD 21.63 billion in 2017. The segment can accrue high returns to prevent the number of product recalls and identify defects at an early stage. On the flip side, the certification segment can display a robust growth rate over the forecast period. This can be attributed to the use of certificates of systems and processes to signify good manufacturing practices.
By application, it is segmented into industrial and commercial. The industrial segment stood at USD 27.25 billion in 2017. The commercial segment is touted to exhibit the highest growth rate over the forecast period.
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Regional
Geographically, the global testing and inspection certificate market spans across North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America was the leading region of the market with 35.66% share in 2016 and continue its dominance till 2023. This can be credited to presence of major companies with wide portfolios across aviation, defense, software, and electronics sectors. Advances in medical and automation can boost the market growth continuously.
APAC, on the other hand, accounted for 31.34% share in 2016. The region is driven by rise in import-export trade activities, growth of the fast-moving consumer goods (FMCG) sector, and heavy demand for consumer electronics. Strict regulations with regards to safety and efficiency in light of the Boeing scandal can bode well for the regional market growth.
Europe can display a modest growth rate over the forecast period due to demand from industries looking to speed up the commercialization rate.
Competitive Outlook
Influential market players include Bureau Veritas SA (France), Intertek Group Plc (U.K), Mistras Group (U.S.), SAI Global Limited (Australia), UL LLC (U.S.), SGS Group (Switzerland), ALS Limited (Australia), ASTM International (U.S.), Dekra Certification GmbH (Germany), BSI Group (U.K), and others.
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