Testing Inspection and Certification (TIC) Market, Service Type (Testing, Inspection, Certification), By Sourcing Type (Outsourcing, In-house), End-User (Automotive, Textile, Aerospace, Oil & gas, petroleum, Food & Beverage), Application (Commercial, Industrial) - Forecast 2027

ID: VPR/SEM/1124 Publishing Year: January 2022 Pages: 108 Format:   


Testing Inspection and Certification (TIC) Market Overview:

Many product and component manufacturers have long outsourced TIC services to third-party service providers to ensure adherence to national and international quality and safety standards, as well as to reduce recall costs and improve production efficiency by delegating non-core tasks, operations, jobs, or processes to a third-party specialist. Outsourcing allows businesses to focus more resources on their core business activities, save operational costs, and deliver faster and better services. Outsourcing is used by 59 percent of organisations to reduce costs, which allows for higher production and process efficiency, which leads to a rise in net profits. Stringent government restrictions on food and consumer product testing, mandated inspection laws, and the rising commerce of consumer products are all contributing to the TIC industry's rise.

Furthermore, the growing sensitivity of various governments toward a cleaner environment, favourable initiatives, rules, and regulations in sectors such as healthcare and automotive, and the rapid adoption of digital technologies to radically transform TIC services are expected to contribute to the market's development in the coming years. However, as trades and businesses become more globalised, different local norms and standards are likely to create barriers to product acceptance on a global scale. As a result, there are conflicts between local and international norms, limiting market expansion.

Key Players:

The key players in the Testing, Inspection And Certification Market include SGS group (Switzerland), Bureau Veritas SA (France), Dekra Certification GmbH (Germany), Intertek Group Plc (U.K), ALS Limited (Australia), ASTM international (U.S.), BSI Group (U.K), SAI Global Limited (Australia), Mistras Group (U.S.) and UL LLC (U.S.) among others. However, SGS Group and Bureau Veritas hold the largest market with 14% and 11% respectively.

Market Drivers:

Shifting non-core tasks, operations, jobs, or processes to an external third-party specialist for a long time is a business practise used by multiple product and component manufacturers to ensure adherence to national and international quality and safety standards, as well as to reduce recall costs and improve production efficiency by outsourcing TIC services to third-party service providers. Outsourcing allows businesses to devote more time to improving their core business operations, decrease operating expenses, and deliver faster and better services. As a result, the company's productivity and process efficiency improve, contributing to an increase in net income.

Both business and government organisations are embracing the trend of outsourcing TIC services to third-party professionals (public firms).

Restraint:

Different local norms and standards are expected to create impediments to product acceptability worldwide as trade and business become more globalised. This leads to inconsistencies between local and international standards, stifling market expansion. Discrepancies in tax rates result from differences in regulatory requirements across different regions, resulting in additional expenditures for businesses (hiring local staff to handle tax-related issues, etc.). Local laws apply to TIC firms, and they must follow the regulations and conventions of the countries in which they operate; this may limit their efficiency. Furthermore, there is always a risk associated with the uniformity and quality of testing and certification supplied by TIC businesses.

Market Segmentation:

The market is divided into two types of sourcing: outsourcing and in-house.

The market is divided into three segments based on service type: Testing, Inspection, and Certification.

The market is divided into automotive, textile, aerospace, oil & gas, petroleum, food & beverage, and other end users.

The market is divided into commercial and industrial segments based on application.

Regional Analysis:

The market is divided into North America, Europe, Asia Pacific, and the Rest of the World, according to Geographical Analysis. Testing, Inspection, and Certification are predicted to have the biggest market share in North America. The presence of major TIC players and the emergence of several start-ups in the region, rising demand for organic and processed foods, organisations' increasing focus on meeting regulatory and compliance requirements, early adoption of the latest technologies, and government investments in technological advancement all contribute to the region's large share of the regional market. The Asia-Pacific region, on the other hand, is expected to grow quickly during the forecast period. APAC market growth is expected to be driven by factors such as rising consumer electronics demand, increased consumer awareness of quality, and an increase in the number of TIC start-ups supported by government funding.

Covid-19 Impact:

To halt the spread of COVID-19, the governments of the affected countries have imposed a full-scale lockdown on daily commercial operations. Labor shortages and project completion delays are only a few of the factors causing a drop in production in the Global Testing, Inspection, And Certification (TIC) Sector.The outbreak has had a tremendous influence on the global market. New projects around the world have come to a halt, despite high demand for Testing, Inspection, And Certification (TIC).Workers have stayed at home, causing worldwide manufacturers to struggle to manufacture and assemble new devices, and even the previously existing devices in various warehouses cannot be transferred due to present rules and restrictions, disrupting global supply chains.COVID-19 has a temporary impact on the Testing, Inspection, And Certification (TIC) sector because only the manufacturing and supply chain are halted. Production, supply networks, and demand for these products will gradually improve as the situation improves.Companies should be able to think about ways to increase production, study new technologies, and improve present items as a result of this.

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