Major TIC market participants include DEKRA, Apave International, SGS SA, Intertek Group PLC, Eurofins Scientific, and Bureau Veritas alongside DNV GLs, TUV Rheinland, Kiwa Group, TUV SUD, TUV Nord, and SYNLAB.
SELBYVILLE, Del., Aug. 8, 2022 /PRNewswire/ -- The TIC market is expected to record a valuation of USD 300 billion by 2030, according to the most recent study by Global Market Insights Inc. The increasing demand for testing services to guarantee the connected devices' efficient interoperability across various industry verticals will spur market expansion. IoT devices can benefit from testing in several ways, including enhanced test coverage, quick defect corrections, increased testing efficiency, and the removal of hardware resource bottlenecks.
The report cites the rising government initiatives for greater sustainability to generate lucrative growth prospects for the testing, inspection, and certification industry. For instance, in May 2022, Intertek introduced a new audit program, the Think Green Initiative 3.0 (TGI), in order to help businesses, combat climate change through advancements in key environmental performance metrics.
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The TIC market from the certification segment is poised to exhibit a growth rate of 8% during 2022 to 2030. Certification processes aid manufacturers in ensuring that their products or services are compliant with specific standards and regulations and approved by authorized third-party organizations. The rapid rise of globalization and the subsequent dissolution of global barriers has facilitated trade activities among countries, which could further contribute to segmental growth.
The outsourced segment held nearly 35% of the global TIC market share in 2021. Businesses worldwide are shifting focus to outsourcing for testing, inspection, and certification needs, owing to benefits such as reduced labor costs, enhanced efficiency, and safety in various levels of compliance. Outsourced TIC services are gaining momentum across numerous industrial sectors, including automotive, consumer electronics, and oil & gas, among others, which could augment industry dynamics.
The transportation segment accounted for a 23% share of the testing, inspection and certification services market in 2021 and is anticipated to reach USD 70 billion by 2030. Testing, inspection, and certification activities in the transportation sector encompass various activities, such as regular inspection, testing, and maintenance of components and raw materials in cars, trains, containers, ships, aircraft, trucks, and other transportation models. Compliance activities are also critical for air quality benefits associated with emission regulations, which could amplify demand for TIC services.
Middle East and Africa TIC market is projected to register around 8% CAGR through 2030, on account of the various standards and regulations issued by regional regulatory authorities. These organizations implement defined parameters for the safety of consumer products. Additionally, the thriving oil & gas sector in the region has resulted in consistent extraction activities, which could boost demand for oil testing solutions to ensure product safety and quality.
Major companies operating in the TIC market are DEKRA, Apave International, SGS SA, Intertek Group PLC, Eurofins Scientific, and Bureau Veritas alongside DNV GLs, TUV Rheinland, Kiwa Group, TUV SUD, TUV Nord, and SYNLAB. These leaders are engaging in various strategic activities such as technological advancements to strengthen their market presence.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 TIC services industry 3600 synopsis, 2018 - 2030
2.2 Business trends
2.3 Regional trends
2.4 Type trends
2.5 Services trends
2.6 Application trends
Chapter 3 TIC Services Industry Insights
3.2 COVID-19 impact
3.3 Impact of the Russia-Ukraine crisis on the TIC Services Market
3.4 TIC Services industry ecosystem analysis
3.5 TIC market evolution
3.6 Technology and innovation landscape
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.2 Industry pitfalls & challenges
3.9 Investment landscape
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis
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