-- Testing, inspection and certification services market is poised to accrue substantial proceeds in the forthcoming years, primarily driven by the rise in outsourcing trends to third party firms across the globe. For example, a company headquartered in the U.S. may have its testing done in Europe. Once the work is completed by the employees, they can forward the product details to the testing unit daily that will begin its operations hours later.
Rise in urbanization across the globe has led to a change in the consumer preference pattern demanding innovations in products, improved quality and lower prices. Additionally, growing consumer awareness across the globe has pressurized several companies to protect their brand’s reputation and offer safe, reliable and efficient products. As a result, businesses have adopted TIC services from trusted providers to gain credibility among the customer base.
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Transportation sector is one of the lucrative application segments of testing, inspection and certification services market. In 2018, the transportation sector led global TIC market with over 20% share of the total revenue. An increase in disposable income has offered tremendous scope for the transportation industry, as technological advancements and innovations in the field are supporting the sector growth.
Strict regulations levied by the government has helped to ensure safety of the components used in railways, marine, automotive and aerospace domains. Surging cases of non-compliance with testing, inspection and certification services market standards across the automobile industry coupled with technological advancements are escalating the requirement for robust testing, inspection, and certification services globally.
The testing services segment accounts for more than 65% of share in the testing, inspection and certification services market. Globalization is the primary factor driving the growth of testing services. As organizations are scaling their operations across geographies, they must comply with different regulations and standards for products & services. To address these challenges, companies are leveraging on third-party service providers to conduct testing services. This is driving the demand for testing service providers across the globe.
Outsourced TIC services will grow at a CAGR of over 8% during the forecast period. The rising demand for third-party service providers is presenting numerous opportunities for testing, inspection and certification services market growth. The rising demand to reduce the cost of operation and gain business agility is driving organizations to outsource their testing, inspection, and certification requirements from third-party service providers. The growing need among organizations to concentrate on their core business competencies is further accelerating the adoption of outsourced TIC services.
The agriculture & food sector will attain an annual growth of approximately 10% during the forecast period. Food & beverages companies are leveraging on TIC services to ensure that the product complies with various international standards across the globe. It also helps food companies to conduct gap analysis audit and compare the performance of products & services against the requirements of certification standards. This is encouraging the adoption of TIC services among the agriculture & food sector. The rising prevalence of foodborne diseases is serving as a major driver for testing, inspection and certification services market growth.
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Europe is dominating the testing, inspection and certification services market with over 40% of share in the revenue. The stringent government regulations related to product safety are aggregating the demand for TIC services in the region. For instance, the European Union along with the local government has introduced various stringent guidelines mandating the use of NDT services to ensure employee and product safety. This is encouraging the adoption of TIC services in the region. The increasing digitalization across industry sectors along with the use of advanced machinery is also propelling the TIC service market in the region.
The testing, inspection and certification services market is characterized to be a highly fragmented yet competitive market. The market consists of more than one thousand players including both multinational companies and regional players. Multinational companies are leveraging inorganic growth strategies to gain market share and strengthen their position in the market, whereas, regional players are mainly focusing on expanding their service portfolio and customer base.
Some Points From Table Of Content: -
Chapter 5. Global Testing, Inspection And Certification Services Market, By Service
5.1. Key trends, by service
5.2. Testing
5.2.1. Market estimates and forecast, 2014 - 2025
5.2.2. Market estimates and forecast, by region, 2014 - 2025
5.3. Inspection
5.3.1. Market estimates and forecast, 2014 - 2025
5.3.2. Market estimates and forecast, by region, 2014 - 2025
5.4. Certification
5.4.1. Market estimates and forecast, 2014 - 2025
5.4.2. Market estimates and forecast, by region, 2014 - 2025
5.5. Others
5.5.1. Market estimates and forecast, 2014 - 2025
5.5.2. Testing, Inspection And Certification Services Market estimates and forecast, by region, 2014 - 2025
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