Transparency Market Research have recently published a new research report that gives details about the global testing, inspection, and certification (TIC) market. As per the research report, the testing, inspection, and certification market stood at an initial valuation of US$184,545.5 mn in 2016. This figure is expected to reach around US$299,628.6 mn by the fall of 2026. Such eye-catching growth of the global market is expected to be achieved with a strong CAGR of 5.8% over the course of the given forecast period of 2017 to 2025.
The global testing, inspection, and certification market has a highly fragmented but intensely competed vendor landscape. Such characteristic vendor landscape is because of the presence of large number of companies operating in the market. Many leading companies in the testing, inspection, and certification market are adopting aggressive business strategies such as takeovers and mergers to bolster their product portfolio. In addition to this, new players in the market are trying to tap the potential of emerging economies to attract new customers and strengthen their base in these markets.
Inspection and Certification to Continue Leading Market
In terms of types of services, the global testing, inspection, and certification market is currently dominated by the segment of testing and inspection. This segment accounts for nearly 95% of the overall share of the global market. The growing adoption of the market is due to the recurrent focus on maintaining strong hygienic environments in sectors such as food and beverages, and supply management. This segment will continue leading the market over the course of the given forecast period.
In terms of geography, the global testing, inspection, and certification market is segmented into five key regions viz. North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the global market is dominated by the Europe region and is expected to lead the market in coming years. Such high and sustained growth of the global testing, inspection, and certification market is because of the strict governmental guidelines for the safety and hygiene of different end use sectors such as chemical, transportation and logistics, water and wastewater management, and food and beverages among others.
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Changing Approach of Companies towards TIC is Helping Market Growth
There has been a considerable rise in the number of industry players committing to maintain the quality of their product. Additionally, the companies are also focusing on adopting an end-to-end approach for inspect, test, and certify their operation. These factors are thus helping to drive the growth of the global testing, inspection, and certification market. The added benefit of this is that the end-use industries are able to ensure the standard of their production and operational activities. In addition to this, the testing, inspection, and certification market is experiencing a huge impetus due to the changing compliance guidelines in different industries such as energy, semiconductors, consumer goods, pharmaceuticals, and food and beverages among others.
Another important factor that has positively influenced the growth of the global testing, inspection, and certification market is evolving product regulatory framework in the developed countries. Stricter implementation of these new guidelines is expected to create huge demand for the testing inspection, and certification market. A notable trend observed in the global testing, inspection, and certification market is outsourcing these services, particularly in the emerging economies of South America and Asia Pacific regions.
This post was originally published on Market Reports