Testing, Inspection & Certification Market
The global testing, inspection and certification (TIC) market is growing at a significant rate.
Increasing urbanisation in developing countries, as well as increased inclination toward
product and outsourcing from major manufacturing firms, are the key reasons for the TIC
market's rapid growth worldwide.
On the basis of the Service, because of the growing trend of product manufacturers adhering
to a specific set of compliance, as indicated by government bodies and industry organisations,
the certification segment holds the largest market share in 2019 and is expected to expand at
the fastest pace during the forecast period.
On the basis of Source Type, with a significant number of budding TIC firms, the outsource
business market share is projected to exceed the in-house service market share in the next ten
Outsourcing service is king in the industry, with about 40% of TIC services outsourced in
2019 and a similar pattern expected during the forecast period.
Increasing urbanisation in both developed and developing economies, as well as an increase
in the variety of products available in the industry, is a major driver for the TIC market.
Another market constraint is the market's diverse environment, which limits the testing,
inspection, and certification market's development to a large extent.
The governments of many countries in the region are encouraging businesses from all over
the world to invest in the region, which will boost the testing, inspection, and certification
(TIC) market in China in the years ahead.
ALS Limited, Applus Plus, Bureau Veritas SA, and DNV GL are some of the major players
in the testing, inspection, and certification sector.
Source: VynZ Research
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