Testing, Inspection, and Certification (TIC) Market by Service Type (Testing, Inspection, Certification), Sourcing Type (In-house and Outsourced), Application (Consumer Goods & Retail, Agriculture & Food, Chemicals), and Geography - Global Forecast to 2023

[323 Pages Report] The testing, inspection, and certification (TIC) market is expected to increase from USD 175.34 Billion in 2016 to USD 247.94 Billion by 2023, at a CAGR of 5.02% between 2017 and 2023.

The years considered for the study are as follows:

• Base Year: 2016
• Estimated Year: 2017
• Projected Year: 2023
• Forecast Period: 2017–2023

The major objectives of the study are as follows:

• Define, describe, and forecast the Testing, Inspection, and Certification (TIC) market on the basis of service type, sourcing type, application, and geography
• Forecast the market size, in terms of value, for various segments with regard to four main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW) 
• Provide detailed information regarding the major factors influencing the growth of the TIC market (drivers, restraints, opportunities, and challenges)
• Analyze the micromarkets with respect to individual growth trends, prospects, and contribution to the overall market
• Study the complete value chain and allied industry segments, and perform a value chain analysis of the TIC services landscape.
• Analyze the opportunities in the market for various stakeholders by identifying the high-growth segments of the TIC market
• Profile the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for market leaders 
• Analyze competitive developments such as partnerships and joint ventures, mergers and acquisitions, product developments, expansions, and research and development (R&D) in the TIC market

During this research study, major players of the TIC ecosystem in various regions have been identified and their offerings, regional presence, and distribution channels have been understood through in-depth discussions. To find the overall market size, top-down and bottom-up approaches have been used to estimate the market size of other individual markets by using percentage splits from secondary sources such as Hoovers, Bloomberg Business, Factiva, and OneSource, as well as primary research. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interview of industry leaders such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The following figure shows the breakdown of the primaries on the basis of the company size, designation, and region conducted during the research study.

To know about the assumptions considered for the study, download the pdf brochure

The ecosystem of the TIC market comprises a network of regulatory bodies, accreditation and standards organizations, third-party TIC service providers, research and development (R&D) institutions, manufacturers, technology integrators, and distributors. The key companies in the TIC market are SGS (Switzerland), Bureau Veritas (France), Intertek (UK), DEKRA (Germany), and TÜV SÜD (Germany). The prominent companies in the TIC market includes the well-established, financially stable, and technical strong players that have been operating in the industry for several years and have diversified product portfolios, proprietary technologies, and strong distribution networks through collaborations and acquisitions.

Target Audience:

• Raw material and testing equipment suppliers
• Research organizations
• Original equipment manufacturers (OEMs)
• Technology standards organizations, forums, alliances, and associations
• Technology investors
• Analysts and strategic business planners
• Government bodies, venture capitalists, and private equity firms
• End users who want to know more about TIC and the latest standards in the TIC market

Report Scope:

By Service Type:

• Testing Services
• Inspection Services
• Certification Services
• Others (Auditing Services, Consulting Services, Technical Assistance & Training Services, Project Management Services, Asset Integrity Management Services, and Quality-Safety-Health-&-Environment Services)

By Sourcing Type:  

• In-house
• Outsourced

By Application:

• Consumer Goods & Retail
• Agriculture & Food
• Chemicals
• Construction & Infrastructure
• Energy & Power
• Industrial & Manufacturing
• Medical & Life Sciences
• Mining
• Oil & Gas and Petroleum
• Public Sector
• Transportation
• Supply Chain & Logistics

By Geography:

• North America
• Europe
• Asia Pacific (APAC)
• Rest of the World (RoW)

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the client’s specific needs. The following customization options are available for the report:

Geographic Analysis

• Further analysis of the TIC market for additional countries

Company Information

• Detailed analysis and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 21)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Geographic Scope
           1.3.3 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 25)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Assumptions

3 Executive Summary (Page No. - 34)

4 Premium Insights (Page No. - 39)
    4.1 Lucrative Opportunities in TIC Market
    4.2 TIC Market, By Service Type
    4.3 TIC Market in APAC
    4.4 TIC Market, By Countries

5 Market Overview (Page No. - 42)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Harmonization of Standards
                    5.2.1.2 Growing Consumption of Goods in Emerging Countries
                    5.2.1.3 Increasing Incidents of Product Recalls Globally
                    5.2.1.4 Surge in Global Counterfeiting and Piracy Activities
                    5.2.1.5 Imposition of Rigorous Government Regulations and Standards Across Various Sectors
           5.2.2 Restraints
                    5.2.2.1 Divergent Standards and Regulations Across Geographies
           5.2.3 Opportunities
                    5.2.3.1 Consolidation of Fragmented Markets
                    5.2.3.2 Inclination Toward Outsourcing TIC Services
           5.2.4 Challenges
                    5.2.4.1 Complex Nature of Global Supply Chains
                    5.2.4.2 Long Lead-Time for Overseas Qualification Tests

6 Industry Trends (Page No. - 48)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Core Industry Segments for the Overall TIC Market
           6.3.1.1 TIC Standards and Regulatory Bodies
           6.3.1.2 Companies Offering TIC Services
           6.3.1.3 End-USer Industries
    6.4 Key Industry Trends
    6.5 Pest Analysis
           6.5.1 Political Factors
           6.5.2 Economic Factors
           6.5.3 Social Factors
           6.5.4 Technological Factors

7 TIC Market, By Service Type (Page No. - 52)
    7.1 Introduction
    7.2 Testing
    7.3 Inspection
    7.4 Certification
    7.5 Others

8 TIC Market, By Sourcing Type (Page No. - 64)
    8.1 Introduction
    8.2 In-House
    8.3 Outsourced

9 TIC Market, By Application (Page No. - 71)
    9.1 Introduction
    9.2 Consumer Goods and Retail
           9.2.1 Personal Care and Beauty Products
           9.2.2 Hard Goods
           9.2.3 Softlines and Accessories
           9.2.4 Toys and Juvenile Products
           9.2.5 Electrical & Electronics
           9.2.6 Others
    9.3 Agriculture and Food
           9.3.1 Seed and Crop
           9.3.2 Fertilizers
           9.3.3 Commodities
           9.3.4 Others
    9.4 Chemicals
           9.4.1 Asset Integrity Management Services
           9.4.2 Project Life Cycle Services
           9.4.3 Finished Product Services
           9.4.4 Chemical Feedstocks Services
           9.4.5 Others
    9.5 Construction and Infrastructure
           9.5.1 Project Management
           9.5.2 Material Services
           9.5.3 Construction Machinery & Equipment Services
           9.5.4 Facilities Management & Inspection Services
           9.5.5 Others
    9.6 Energy & Power
           9.6.1 Energy Sources
                    9.6.1.1 Nuclear
                    9.6.1.2 Wind
                    9.6.1.3 Solar
                    9.6.1.4 Alternative Fuels
                    9.6.1.5 Fuel Oils and Gases
                    9.6.1.6 Coal
           9.6.2 Power Generation
           9.6.3 Power Distribution
           9.6.4 Asset Integrity Management Services
           9.6.5 Project Life Cycle Services
           9.6.6 Others
    9.7 Industrial and Manufacturing
           9.7.1 Suppliers Related Services
           9.7.2 Production and Products Related Services
           9.7.3 Projects Related Services
           9.7.4 Others
    9.8 Medical and Life Science
           9.8.1 Medical Devices
           9.8.2 Health, Beauty, & Wellness
           9.8.3 Clinical Services
           9.8.4 Laboratory Services
           9.8.5 Biopharmaceutical and Pharmaceutical Services
           9.8.6 Others
    9.9 Mining
           9.9.1 Inspection & Sampling Service
           9.9.2 Analytical Service
           9.9.3 Exploration Service
           9.9.4 Metallurgy and Process Design
           9.9.5 Production and Plant Services
           9.9.6 Site Operations & Closure
           9.9.7 Project Risk Assessment & Mitigation
    9.10 Oil & Gas, and Petroleum
           9.10.1 Upstream
           9.10.2 Downstream
           9.10.3 Biofuels & Feedstock
           9.10.4 Petrochemicals
           9.10.5 Asset Integrity Management Services
           9.10.6 Project Life Cycle Services
           9.10.7 Others
    9.11 Public Sector
           9.11.1 Product Conformity Assessment
           9.11.2 Monitoring Services
           9.11.3 Valuation Services
           9.11.4 Others
    9.12 Transportation
           9.12.1 Automotive
                    9.12.1.1 Electrical Systems and Components
                    9.12.1.2 Electric Vehicles, Hybrid Electric Vehicles, and Battery Systems
                    9.12.1.3 Telematics
                    9.12.1.4 Fuels, Fluids, and Lubricants
                    9.12.1.5 Interior and Exterior Materials and Components
                    9.12.1.6 Vehicle Inspection Services (VIS)
                    9.12.1.7 Homologation Testing
                    9.12.1.8 Others
           9.12.2 Aerospace and Defense
                    9.12.2.1 Services for Airports
                    9.12.2.2 Services for Aviation
                    9.12.2.3 Services for Aerospace
           9.12.3 Marine
                    9.12.3.1 Marine Fuel Systems & Component Services
                    9.12.3.2 Ship Classification Services
                    9.12.3.3 Marine Materials & Equipment Services
                    9.12.3.4 Others
           9.12.4 Rail
                    9.12.4.1 Rail Testing Services
                    9.12.4.2 Rail Inspection Services
                    9.12.4.3 Rail Certification Services
                    9.12.4.4 Others
    9.13 Supply Chain and Logistics
           9.13.1 Packaging & Handling
           9.13.2 Risk Management
           9.13.3 Others

10 Geographic Analysis (Page No. - 124)
     10.1 Introduction
     10.2 North America
             10.2.1 US
             10.2.2 Rest of North America
                        10.2.2.1 Canada
                        10.2.2.2 Mexico
     10.3 Europe
             10.3.1 UK
             10.3.2 Germany
             10.3.3 France
             10.3.4 Italy
             10.3.5 Spain
             10.3.6 Rest of Europe
     10.4 Asia Pacific
             10.4.1 China
             10.4.2 Japan
             10.4.3 India
             10.4.4 South Korea
             10.4.5 Australia
             10.4.6 Rest of APAC
     10.5 Rest of the World
             10.5.1 South America
             10.5.2 Middle East & Africa

11 Competitive Landscape (Page No. - 145)
     11.1 Overview
     11.2 Key Players in TIC Market
     11.3 Competitive Situations and Trends
             11.3.1 Service Launch and Product Development
             11.3.2 Partnership and Collaboration
             11.3.3 Merger and Acquisition
             11.3.4 Service Expansion

12 Company Profiles (Page No. - 152)
(Overview, Services Offered, Strength of Product Portfolio, Business Strategy Excellence, Recent Developments, Key Relationships)*
     12.1 SGS
     12.2 Bureau Veritas
     12.3 Intertek
     12.4 Dekra
     12.5 Eurofins Scientific
     12.6 TUV SUD
     12.7 DNV GL
     12.8 TUV Rheinland
     12.9 Applus
     12.10 ALS
     12.11 TUV Nord
     12.12 Lloyd’s Register
     12.13 Mistras
     12.14 Element Materials Technology
     12.15 UL
     12.16 Key Innovators
             12.16.1 Avomeen Analytical Services
             12.16.2 Medistri
             12.16.3 Envigo

*Details on Overview, Services Offered, Strength of Service Portfolio, Business Strategy Excellence, Recent Developments, Key Relationships Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 224)
     13.1 Insights of Industry Experts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real-Time Market Intelligence
     13.5 Available Customizations
     13.6 Related Reports
     13.7 Author Details

List of Tables (78 Tables)

Table 1 Mergers and Acquisitions – Leading Trend Among Key Market Players
Table 2 TIC Market, By Service Type, 2015–2023 (USD Billion)
Table 3 TIC Market for Testing Services, By Application, 2015–2023 (USD Billion)
Table 4 TIC Market for Testing Services, By Transportation, 2015–2023 (USD Billion)
Table 5 TIC Market for Inspection Services, By Application, 2015–2023 (USD Billion)
Table 6 TIC Market for Inspection Services, By Transportation, 2015-2023 (USD Billion)
Table 7 TIC Market for Certification Services, By Application, 2015–2023 (USD Billion)
Table 8 TIC Market for Certification Services, By Transportation, 2015–2023 (USD Billion)
Table 9 TIC Market for Other Services, By Application, 2015–2023 (USD Billion)
Table 10 TIC Market for Other Services, By Transportation, 2015–2023 (USD Billion)
Table 11 TIC Market, By Sourcing Type, 2015–2023 (USD Billion)
Table 12 TIC Market for In-House Sourcing Type, By Application, 2015–2023 (USD Billion)
Table 13 TIC Market for In-House Sourcing Type, By Transportation, 2015–2023 (USD Billion)
Table 14 TIC Market for Outsourced Sourcing Type, By Application, 2015–2023 (USD Billion
Table 15 TIC Market for Outsourced Sourcing Type, By Transportation, 2015–2023 (USD Billion)
Table 16 TIC Market, By Application, 20152023 (USD Billion)
Table 17 TIC Market for Consumer Goods and Retail, By Application, 2015–2023 (USD Billion)
Table 18 TIC Market for Consumer Goods and Retail, By Service Type, 2015–2023 (USD Billion)
Table 19 TIC Market for Consumer Goods and Retail, By Sourcing Type, 2015–2023 (USD Billion)
Table 20 TIC Market for Agriculture & Food, By Application, 2015–2023 (USD Billion)
Table 21 TIC Market for Agriculture & Food, By Service Type, 2015-2023 (USD Billion)
Table 22 TIC Market for Agriculture & Food, By Sourcing Type, 2015–2023 (USD Billion)
Table 23 TIC Market for Chemicals, By Application, 2015–2023 (USD Billion)
Table 24 TIC Market for Chemicals, By Service Type, 2015–2023 (USD Billion)
Table 25 TIC Market for Chemicals, By Sourcing Type, 2015–2023 (USD Billion)
Table 26 TIC Market for Construction & Infrastructure, By Application, 2015–2023 (USD Billion)
Table 27 TIC Market for Construction & Infrastructure, By Service Type, 2015–2023 (USD Billion)
Table 28 TIC Market for Construction & Infrastructure, By Sourcing Type, 2015–2023 (USD Billion)
Table 29 TIC Market for Energy & Power, By Application, 2015–2023 (USD Billion)
Table 30 TIC Market for Energy & Power, By Service Type, 2015–2023 (USD Billion)
Table 31 TIC Market for Energy & Power, By Sourcing Type, 2015–2023 (USD Billion)
Table 32 TIC Market for Industrial & Manufacturing, By Application, 2015–2023 (USD Billion)
Table 33 TIC Market for Industrial & Manufacturing, By Service Type, 2015–2023 (USD Billion)
Table 34 TIC Market for Industrial & Manufacturing, By Sourcing Type, 2015–2023 (USD Billion)
Table 35 TIC Market, By Medical & Life Sciences, By Application, 2015–2023 (USD Billion)
Table 36 TIC Market for Medical & Life Sciences, By Service Type, 2015–2023 (USD Billion)
Table 37 TIC Market for Medical & Life Sciences, By Sourcing Type, 2015–2023 (USD Billion)
Table 38 TIC Market for Mining, By Application, 2015–2023 (USD Million)
Table 39 TIC Market for Mining, By Service Type, 2015–2023 (USD Million)
Table 40 TIC Market for Mining, By Sourcing Type, 2015–2023 (USD Billion)
Table 41 TIC Market for Oil & Gas and Petroleum, By Application, 2015–2023 (USD Billion)
Table 42 TIC Market for Oil & Gas and Petroleum, By Service Type, 2015–2023 (USD Billion)
Table 43 TIC Market for Oil & Gas and Petroleum, By Sourcing Type, 2015–2023 (USD Billion)
Table 44 TIC Market for Public Sector, By Application, 2015–2023 (USD Billion)
Table 45 TIC Market for Public Sector, By Service Type, 2015–2023 (USD Billion)
Table 46 TIC Market for Public Sector, By Sourcing Type, 2015–2023 (USD Billion)
Table 47 TIC Market for Transportation, By Application, 2015–2023 (USD Billion)
Table 48 TIC Market for Transportation, By Service Type, 2015–2023 (USD Billion)
Table 49 TIC Market for Transportation, By Sourcing Type, 2015–2023 (USD Billion)
Table 50 TIC Market for Automotive, By Application, 2015-2023 (USD Billion)
Table 51 TIC Market for Automotive, By Service Type, 2015–2023 (USD Billion)
Table 52 TIC Market for Aerospace, By Application, 2015–2023 (USD Billion)
Table 53 TIC Market for Aerospace, By Service Type, 2015–2023 (USD Billion)
Table 54 TIC Market for Marine, By Application, 2015–2023 (USD Billion)
Table 55 TIC Market for Marine, By Service Type, 2015–2023 (USD Billion)
Table 56 TIC Market for Rail, By Application, 2015–2023 (USD Million)
Table 57 TIC Market for Rail, By Service Type, 2015–2023 (USD Million)
Table 58 TIC Market for Supply Chain and Logistics, By Application, 2015–2023 (USD Billion)
Table 59 TIC Market for Supply Chain and Logistics, By Service Type, 2015–2023 (USD Billion)
Table 60 TIC Market for Supply Chain and Logistics Application, By Sourcing Type, 2015–2023 (USD Billion)
Table 61 TIC Market, By Region, 2015–2023 (USD Billion)
Table 62 TIC Market in North America, By Country, 2015–2023 (USD Billion)
Table 63 TIC Market in North America, By Application, 2015–2023 (USD Billion)
Table 64 TIC Market in North America, By Transportation, 2015–2023 (USD Billion)
Table 65 TIC Market in Europe, By Country/Region, 2015-2023 (USD Billion)
Table 66 TIC Market in Europe, By Application, 2015-2023 (USD Billion)
Table 67 TIC Market in Europe, By Transportation, 2015-2023 (USD Billion)
Table 68 TIC Market in APAC, By Country/Region, 2015-2023 (USD Billion)
Table 69 TIC Market in APAC, By Application, 2015-2023 (USD Billion)
Table 70 TIC Market in APAC, By Transportation, 2015-2023 (USD Billion)
Table 71 TIC Market in RoW, By Region, 2015-2023 (USD Billion)
Table 72 TIC Market in RoW, By Application, 2015-2023 (USD Billion)
Table 73 TIC Market in RoW, By Transportation, 2015-2023 (USD Billion)
Table 74 Top 5 Players in TIC Market, 2016
Table 75 Service Launch and Product Development (2015–2017)
Table 76 Partnership and Collaboration (2015–2017)
Table 77 Mergers and Acquisitions (2017)
Table 78 Service Expansion (2016–2017)

List of Figures (55 Figures)

Figure 1 TIC Market Segmentation
Figure 2 Process Flow of Market Size Estimation
Figure 3 Research Design
Figure 4 Data Triangulation Methodology
Figure 5 TIC Market, By Application, Snapshot, 2017–2023 (USD Billion)
Figure 6 Testing Services Likely to Hold Largest Share in the Overall Market Between 2017 and 2022
Figure 7 Outsourced TIC Market Likely to Grow at Highest CAGR During Forecast Period
Figure 8 Automotive to Exhibit Highest Growth in TIC Market During Forecast Period for Transportation Application
Figure 9 APAC LED TIC Market in 2016
Figure 10 Increasing Demand for TIC Services is Expected to Drive Growth of Market During Forecast Period
Figure 11 Testing Services to Hold Major Market Size in TIC Market During Forecast Period
Figure 12 Transportation Application Held Largest Share of TIC Market in 2016
Figure 13 Emerging Markets, Such as China and India, are Some of the Growing Countries Between 2017 and 2023
Figure 14 TIC Market Dynamics
Figure 15 Value Chain Analysis of the TIC Market
Figure 16 Certification Services to Grow at Highest CAGR During Forecast Period
Figure 17 Transportation Application to Hold Largest Share of TIC Market for Testing Services Between 2017 and 2023
Figure 18 Automotive Application Expected to Grow at Highest CAGR in TIC Market for Inspection Services During Forecast Period
Figure 19 Medical & Life Sciences Application Expected to Grow at the Highest CAGR for Certification Services During Forecast Period
Figure 20 Outsourced TIC Market Expected to Grow at Highest CAGR During Forecast Period
Figure 21 Agriculture and Food Application Expected to Have Highest CAGR in In-House TIC Market During Forecast Period
Figure 22 Automotive Application to Hold Largest Share of Outsourced TIC Market in 2017
Figure 23 TIC Market, By Application, 2015–2023 (USD Billion)
Figure 24 Softlines and Accessories to Grow at Highest CAGR in TIC Market During Forecast Period
Figure 25 Asset Integrity Management Services to Hold Largest Share of TIC Market for Chemicals Application in 2017
Figure 26 In-House to Hold Largest Share of TIC Market for Construction and Infrastructure Application in 2017
Figure 27 Production and Products Related Services to Grow at Highest CAGR in TIC Market for Industrial & Manufacturing Application During Forecast Period
Figure 28 Outsourced TIC Market to Grow at Highest CAGR for Medical and Life Sciences Application During Forecast Period
Figure 29 Upstream Services to Hold Largest Share of TIC Market for Oil & Gas and Petroleum Application in 2017
Figure 30 In-House to Hold Largest Share of TIC Market for Public Sector Application in 2017
Figure 31 Electrical Systems and Components to Grow at Highest CAGR in TIC Market for Automotive Application During Forecast Period
Figure 32 Outsourced to Grow at Highest CAGR in TIC Market for Supply Chain and Logistics Application During Forecast Period
Figure 33 Geographic Snapshot: Rapidly Growing Countries, Such as India and China, are Emerging as Potential New Markets
Figure 34 TIC Market in APAC Likely to Witness the Highest CAGR During the Forecast Period
Figure 35 Snapshot of TIC Market in North America
Figure 36 Automotive Application Likely to Hold Largest Share of TIC Market in North America in 2017
Figure 37 Germany Likely to Grow at Highest CAGR in TIC Market in Europe During Forecast Period
Figure 38 Snapshot of TIC Market in Asia Pacific
Figure 39 China to Hold Largest Share of TIC Market in APAC in 2017
Figure 40 South America to Grow at Highest CAGR in TIC Market in RoW During Forecast Period
Figure 41 Companies Adopted Acquisitions as the Key Growth Strategy Between 2013 and 2017
Figure 42 Market Evolution Framework—Acquisition as the Major Strategy Adopted By Key Players
Figure 43 Battle for Market Share: Acquisitions and Service Expansions Were the Key Strategy Adopted During 2014–2017
Figure 44 SGS: Company Snapshot
Figure 45 Bureau Veritas: Company Snapshot
Figure 46 Intertek: Company Snapshot
Figure 47 Dekra: Company Snapshot
Figure 48 Eurofins Scientific: Company Snapshot
Figure 49 TUV SUD: Company Snapshot
Figure 50 DNV GL: Company Snapshot
Figure 51 TUV Rheinland: Company Snapshot
Figure 52 Applus: Company Snapshot
Figure 53 ALS: Company Snapshot
Figure 54 TUV Nord: Company Snapshot
Figure 55 Mistras: Company Snapshot

The testing, inspection, and certification (TIC) market is expected to increase from USD 184.77 Billion in 2017 to USD 247.94 Billion by 2023, at a CAGR of 5.02% between 2017 and 2023. The growth of this market is mainly driven by harmonization of standards, growing consumption of goods in emerging countries, increasing incidents of product recalls globally, surge in global counterfeiting and piracy activities, and imposition of rigorous government regulations and standards across various sectors.

The TIC market for testing services accounted for the largest share in 2016. There is an increasing demand for testing services in most applications owing to the rising demand for good-quality and standard products across the industry. Manufacturers are required to ensure the products have met the quality, technical, safety, and performance regulatory standards to increase the marketability of their products.

The TIC market for in-house sourcing type accounted for the largest share in 2016. Earlier, the manufacturers and organizations had to adhere to limited standards and regulations; hence, it was possible for companies to build their in-house testing and inspection capabilities. In recent years, the standards pertaining to human/user safety and environment safety have increased and become mandatory for certain category of products.

The TIC market for the transportation application held the largest share in 2016. There has been a significant demand for pre-owned vehicles in several countries, which has led to the increase in the demand for vehicle inspection services. Moreover, the annual vehicle production capacity is increasing. This factor holds the potential for increase in TIC services worldwide.

In terms of regions, Asia Pacific (APAC) accounted for the largest share of the TIC market in 2016. Industrially advanced countries such as China, Japan, South Korea, and Taiwan possess a significant export capacity. Major industries in these countries include consumer electronics, processed foods, and agriculture. These industries have a significant demand for TIC services, which would help them to comply with international standards.

Divergent standards and regulations across geographies is the restraining factor for the growth of the TIC market. TIC companies are subject to local laws and have to abide by the regulations and jurisdiction of each region and country in which they operate, thereby reducing their effectiveness.

SGS (Switzerland) is one of the leading companies in the TIC market, followed by Bureau Veritas (France) with a large contribution to the parent market share and high financial power, and provides a broad service portfolio in the TIC market with strong technical expertise. SGS is highly focused on its continued growth through acquisitions, strategic partnerships, and expansions to gain a competitive advantage.  Bureau Veritas is focusing on an aggressive inorganic growth strategy by acquiring small companies. It has acquired more than 100 companies in the past 10 years.

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