Global Testing, Inspection, and Certification (TIC) Market worth USD 230.58 Billion by 2024

Global Testing, Inspection, and Certification (TIC) Market worth USD 230.58 Billion by 2024

Pune, India, February 21, 2019 -- /360iResearch/ -- The report "Global Testing, Inspection, and Certification Market - Premium Insight, Industry Trends, FPNV Positioning Matrix, Competitive News Feed Analysis, Company Usability Profiles, Market Sizing & Forecasts to 2024 (Q4 2018 Update)", published by 360iResearch, states that the global market was valued at USD 170.37 billion in 2017 and is projected to reach USD 230.58 billion by 2024, growing at a CAGR of 4.42% from 2017 to 2024.

The major forces driving the growth of the testing, inspection, and certification market include the increasing trade between countries as a result of globalization and digitalization and increasing incidents of product recalls globally. Moreover, surge in global counterfeiting and piracy activities government regulations and standards enforcement pertaining to quality, health and environment safety across various sectors end-user demand seeking third-party assurance and improved risk awareness and focus on risk prevention and rise in conscious consumerism piling pressure on brands to protect their reputations are also some of the factors that are driving the market growth. However loosely defined standards and regulations across geographies, and trade wars and growth fluctuations among end-user industries may hinder the market growth. In the middle of difficulty lies opportunity such as the increased outsourcing of testing, inspection & certification services and diversified requirement of products and standard regulations, digital inspection, predictive maintenance and integrated sensors embracing tic companies, and players entring forging partnership with new technology providers. The possible challenges for the market growth are complicated process of supply chains trading globally, and time taking overseas qualification tests. But key players in the market are overcoming the challenges with continual improvement and innovation.

Based on industry coverage, the global testing, inspection, and certification market is studied across Agriculture & Food, Chemicals, Construction & Infrastructure, Consumer Goods & Retail, Energy & Power, Industrial & Manufacturing, Medical & Life Science, Mining, Oil & Gas, and Petroleum, Public Sector, Supply Chain & Logistics, and Transportation. Based on service, the global testing, inspection, and certification market is studied across Certification, Inspection, and Testing. Based on source, the global testing, inspection, and certification market is studied across In-House, and Outsourced. Based on industry, the global testing, inspection, and certification market is studied across and Consumer Goods & Retail. Based on geography, the global testing, inspection, and certification market is studied across Americas, Europe, Middle East & Africa, and Asia-Pacific.

The report features a competitive scenario of the testing, inspection, and certification market and provides inclusive analysis of key growth strategies adopted by major players. Key company profiled in the study are ALS, Applus, Avomeen Analytical Services, Bureau Veritas, DNV GL, Dekra, Element Materials Technology, Envigo, Eurofins Scientific, Intertek, Lloyd’s Register, Medistri, Mistras, SGS, TUV Nord, TUV Rheinland, TUV SUD, and UL.

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