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Testing, Inspection, & Certification (TIC) Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

A09890
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Jun 2021 | 330 Views
 
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COVID-19

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The global testing, inspection, & certification (TIC) market is experiencing significant growth and is expected  to grow considerably in the next few years. Testing, inspection, and certification are providing facilities to the companies operating across various industrial verticals to improve efficiency, productivity, manufacturing process for manufacturers to meet with the globally recognized regulations, standards, and policies set by the government to improve the quality of the product. Testing, inspection, and certification services can be applied to any product, service, or company. The certifications benefit in developing trusts among customers. Both state-owned and privately-owned companies provide testing, inspection, & certification services. It has applications in all the industries that are mainly responsible for quality assessment. Rapid urbanization and industrialization have caused an increment in the requirement of TIC services.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast unit

  Value (USD)

  Segments covered

  Product Type, System Type, Industry Vertical, and Region

  Regions covered

North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, Africa)

  Companies covered

ASTM International, Intertek Group PLC, Dekra SE, Lloyd’s Register Group Limited, TÜV Rheinland Group, Bureau Veritas SA, SGS Group, TUV SUD AG, DNV GL Group AS, ALS Ltd., AsureQuality Ltd., and Underwriters Laboratories Inc.

 

COVID-19 scenario analysis: 

  • To subdue the spread of COVID–19, respective governments have shutdown day-to-day business operations by implementing a full-scale lockdown. Labor shortages and delays in project completion are a few factors hampering the global testing, inspection, & certification (TIC) market resulting in a decline in production.
  • The global market has been significantly impacted by the outbreak. New projects throughout the world have stalled, which have significant demand for testing, inspection, & certification (TIC).
  • The global factories have struggled to manufacture and assemble new devices as workers have stayed in their homes and even the already available devices in various warehouses cannot be transported due to current rules & regulations, which disrupted the global supply chains.
  • The impact of COVID-19 on testing, inspection, & certification (TIC) market is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for these products are gradually going to increase.
  • This is expected to provide opportunities for companies to think about ways of increasing production, research about technologies, and improve current products.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

The global testing, inspection & certification (TIC) market is experiencing growth due to factors such as increased outsourcing of testing, inspection, & certification services and diversified requirement of products & standard regulations. Regulations pertaining to quality, health, and environment safety have become severe in the recent past, which are driving the demand for these services. In addition, end-user demand seeking third-party assurance, improved risk consciousness, and focus on risk prevention are also the major aspects, which are expected to boost the demand for testing, inspection, & certification services across the global market. Furthermore, rising trade between countries as a result of globalization has also impacted the growth of this market positively. Considering these positive factors, the demand for testing, inspection, & certification services is set to rise during the forecast period.

Vendors implementing technological advancements to tackle data theft

Internet of Things (IoT) is creating huge potential for the growth of the testing, inspection, & certification (TIC) market. Increase intangible threats of unauthorized data capture in the automotive industry are encouraging stakeholders in the testing, inspection, & certification (TIC) market to provide improved services for the standardization and certification of automotive products. TIC companies are leveraging advanced technologies, such as big data, to offer enhanced services of predictive maintenance and digital inspection to raise their profit margins.

Surge in usage in automotive and industrial applications 

Testing, inspection, & certification are accepted by end-user industries to ensure quality, safety, and maintenance in consumer products. Nowadays, strict regulations on quality and safety regarding health matters have increased the demand for TIC process in manufacturing zones. Furthermore, growing acceptance of TIC process across a wide range of divisions, such as food & beverages, textile, aerospace, oil & gas, has augmented the market growth globally. The thriving industrial segment and the rise of customers have made the market more demanding. Emerging economies present across the world is expected to experience huge growth in the global TIC market. The growth in the outsourcing of testing, inspection, & certification services by major industries operating in the automotive, manufacturing, and consumer goods is expected to boost the testing, inspection, & certification (TIC) market growth.

Key segments covered:

Segments

Sub-segments

  Product Type

  • Testing
  • Inspection
  • Certification

  System Type

  • In-House
  • Outsourcing

  Industry Vertical

  • Chemical & Petrochemical
  • Oil & Gas
  • Energy & Power
  • Automotive
  • Food & Beverages
  • Healthcare
  • Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the global testing, inspection, & certification (TIC) industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global testing, inspection, & certification (TIC) market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global testing, inspection, & certification (TIC) market trends and growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed testing, inspection, & certification (TIC) market analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions answered in the testing, inspection, & certification (TIC) market research report:

  • Which are the leading market players active in the market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

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  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
 
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