HOME › Research Insight › The Players in the Testing, Inspection and Certification (TIC) Market Have Adopted New Service/Product Launches, Service Expansions, and Acquisitions as the Key Strategies to Maintain Their Position in the Market
The Players in the Testing, Inspection and Certification (TIC) Market Have Adopted New Service/Product Launches, Service Expansions, and Acquisitions as the Key Strategies to Maintain Their Position in the Market
The TIC market is expected to reach USD 113.24 Billion by 2022, at a CAGR of 5.15% between 2016 & 2022. The TIC market services can be applied to any product, service, or company independently of the sector. They offer an objective assessment of the quality and safety of the product being tested to reassure consumers and end users that the manufacturer has followed the national and international regulations as well as industry standards to ensure quality, environmental protection, and public health and safety. The growth of this market is driven by the factors such as increasing number of new regulations and standards in end-user industries, growing trend of outsourcing TIC services to third-party service providers, formulation of stringent regulations and standards to ensure the quality and safety of products, increasing product diversification, and global trading of products & growth of distributed manufacturing.
The players in the TIC market have adopted new service/product launches, service expansions, and acquisitions as the key strategies to maintain their position in the market. Bureau Veritas S.A. (France), TUV SUD Group (Germany), SAI Global Limited (Australia), SGS Group (Switzerland), Intertek Group plc (U.K.), Dekra Certification GmbH (Germany), Exova Group plc (U.K.), MISTRAS Group, Inc. (U.S.), TÜV Nord Group (Germany), TÜV Rheinland Group (Germany), BSI Group (U.K.), and Eurofins Scientific (Luxembourg) are some of the leading players that have adopted these strategies to develop their businesses. The key players in this market are SGS Group (Switzerland) and Bureau Veritas SA (U.K.).
SGS Group is a Switzerland-based company that offers inspection, verification, testing, and certification services in Asia-Pacific, the Americas, Europe, Africa, and the Middle East. The company operates in various segments such as agricultural services, minerals services, oil & gas, and chemicals services among others. The company adopted strategies such as service expansion and acquisition to compete in TIC market. For instance, in February 2016, the company acquired Compliance Certification Services, Inc. (Taiwan) to strengthen its presence in the APAC region as well as in the EMC, safety, and wireless and component certification market. In June 2016, the company extended the coverage of its crop quality service to Germany. In this service, the company directly provides primary data regarding the crops to the traders and brokers so that they can plan their purchases before crops are ready to be exported or processed.
Bureau Veritas SA (France) is a France-based company that delivers high-quality service solutions to companies to meet the growing challenges in terms of quality, safety, and environmental protection. The company is spread across various regions such as Europe, Asia-Pacific, and the Americas. It has largely adopted the strategy of acquisition and is one of strong players in TIC market. In January 2015, the company acquired CTS Lab (China), a Chinese laboratory that specializes in the testing of toys, electrical goods, and electronics. The acquisition strengthened the company’s position in the Chinese market for testing consumer goods.
Testing, Inspection and Certification (TIC) Market by Type (Testing, Inspection, & Certification), Sourcing Activity (In-House and Outsourced), End-User Industry (Environmental, Consumer Goods, Manufacturing), and Geography - Global Forecast to 2022
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