Testing Inspection and Certification (TIC) Market
Testing Inspection and Certification (TIC) Market Global Industry Assessment & Forecast
Segments Covered
- By Service Type Testing, Inspection, Certification
- By Sourcing Type In-House, Outsource
- By Application Quality and Safety, Production Evaluation, Industrial Inspection, System Certification, Others
- By Consumer Electronics, Industrial, Automotive & Transportation, Aerospace & Defense, Others
Snapshot
Forecast Years: | 2021 - 2028 |
Historical Years: | 2016 - 2020 |
Revenue 2021: | 207.2 Billion |
Revenue 2028: | 313.2 Billion |
Revenue CAGR (2021 - 2028): | 5.3 |
Fastest Growing Region (2022 - 2028) | Asia Pacific |
Customization Offered
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
Service Type Analysis: Preview On the basis of Service Type,
the market is segmented into Testing, Inspection, Certification. Inspection held the
highest share in 2020 and is expected to grow at a significant rate over the
forecast period. This is attributed to the rising demand for the Inspection
in developing countries such as China and India. Digitalization in Asia Pacific
region has led to a surge in the usage of technology in various business
processes over the past few years. Rising adoption of online platforms across
various sectors along with analytical solutions, IoT, AI, and Blockchain
technology to gain a competitive advantage is also paving the way for the Testing Inspection and Certification (TIC)
market growth. Sourcing Type
Analysis: Preview
Based on Sourcing Type,
the market is segmented into In-House, Outsource. In-House held the
largest share and is projected to grow at a notable CAGR over the coming years.
Rising demand for Testing Inspection and Certification (TIC) in various countries
such as the U.S., Germany, China, India, and Japan, among others is likely to
support the growth of the market. Numerous companies are focusing on investing
heavily in this application to cater the end user requirements effectively.
Global Testing Inspection and Certification (TIC) Market: Service Type Segment Analysis
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- Testing
- Inspection
- Certification
Global Testing Inspection and Certification (TIC) Market: Sourcing Type Segment Analysis
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- In-House
- Outsource
Global Testing Inspection and Certification (TIC) Market: Application Segment Analysis
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- Quality and Safety
- Production Evaluation
- Industrial Inspection
- System Certification
- Others
Global Testing Inspection and Certification (TIC) Market: Segment Analysis
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- Consumer Electronics
- Industrial
- Automotive & Transportation
- Aerospace & Defense
- Others
FAQ
Frequently Asked Question
What is the global demand for Testing Inspection and Certification (TIC) in terms of revenue?
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The global Testing Inspection and Certification (TIC) valued at 207.2 Billion in 2020 and is expected to reach 313.2 Billion in 2028 growing at a CAGR of 5.3%.
Which are the prominent players in the market?
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The prominent players in the market are Hohenstein, SGS, Bureau Veritas, Eurofins Scientific, TUV Rheinland, TUV-SUD, Intertek Group, Testex, QIMA, STC..
At what CAGR is the market projected to grow within the forecast period?
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The market is project to grow at a CAGR of 5.3% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
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The driving factors of the Testing Inspection and Certification (TIC) include
- The quality of the products help companies for not only gaining the satisfaction of customer but also the retention by reducing the risk and expenses associated with product recalls. Companies gain a good competitive edge while following quality management standards. With this, major certifications are offered by credible authorities to improve the business creditability with overall efficiency. Owing to these advantages the global testing inspection and certification (TIC) for oil & gas market is expected to grow during the forecast period.
- The increase in number of international imports and exports, and application in industries like consumer electronics, food and beverage, agriculture, and automotive, is also supporting the growth of the market in the years to come.
Which region accounted for the largest share in the market?
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Asia Pacific was the leading regional segment of the Testing Inspection and Certification (TIC) in 2020.