Market Leaders- Top Testing, Inspection and Certification (TIC)
The global testing, inspection, and certification (TIC) market is projected to grow from USD 223.9 billion in 2023 to USD 265.0 billion by 2028, registering a CAGR of 3.4% during the forecast period. Rising focus on consumer satisfaction with the provision of high-quality products, advanced technological developments in household appliances, surging adoption of seed-borne disease testing and viable testing for crop quality assessment, and increasing demand for pre-shipment inspection services are likely to support market growth during the forecast period.
SGS S.A (Switzerland), Bureau Veritas (France), Intertek Group plc (UK), Eurofins Scientific (Luxembourg), DEKRA SE (Germany), TÜV SÜD (Germany), DNV GL (Norway), TÜV RHEINLAND (Germany), Applus+ (Spain), and ALS (Australia) are some of the key players in the TIC market. To retain their presence in the market, these players have adopted different growth strategies. Acquisition has been the most dominating strategy adopted by the key players from 2019 to 2023 to help them broaden their geographical reach.
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SGS S.A. has offered testing, inspection, and certification services for various applications in the oil & gas, transportation, and mining verticals for over 40 years. SGS S.A. has acquired small companies and organizations to expand its service portfolio and increase revenue. SGS S.A. heavily stresses the acquisition strategy, along with partnerships & collaborations, to enhance its product portfolio and expand its reach in the TIC market. For instance, in January 2023, the company partnered with Fairness, Integrity, Safety, And Health (FISH) Standard for Crew (US) that offers a voluntary, impartial, and recognized third-party certification scheme for labor practices on board vessels engaged in global wild-capture fisheries. In July 2022, SGS S.A. acquired proderm GmbH (Germany), the leading provider of advanced clinical testing solutions for cosmetics, personal care, and medical products in Germany. As a result of the acquisition, the company's portfolio and customer reach has improved in the Health & Nutrition industry. Such acquisitions are likely to help SGS S.A. to offer enhanced services to customers from the strategic markets of cosmetics and hygiene.
Bureau Veritas offers various testing, inspection, and certification services for aerospace and transport applications. The company adopts emerging technologies such as 5G, digital twin, blockchain, and cloud computing to provide accurate results and better client experience. Bureau Veritas meets the needs of its clients through a well-developed network of testing labs, particularly in countries with strong industrial bases, such as France, the US, Canada, Japan, and the UK. The company aims to expand its presence in these markets by offering a large portfolio of products & services. It collaborates with different organizations to gain insights to improve its service portfolio. The company focuses on acquisitions to enhance its service portfolio. Recently, it acquired several companies. For instance, in September 2022, Bureau Veritas acquired AMSfashion (Switzerland), an expert in sustainability, quality, and conformity services for the fashion industry. The acquisition strengthens the company's position as a market leader in sustainability services for the European region. The company aspires to grow by acquiring smaller companies, which indicates its acquisitions of more than 100 companies in the past decade.
Eurofins Scientific provides testing services for food, environmental, pharmaceutical, cosmetic, and forensic products. It is one of the leading global providers of genomics and clinical trial support, as well as contract development & manufacturing for biopharmaceuticals. Eurofins is one of the key players in esoteric & molecular clinical diagnostic testing in Europe and the US. With a network of over 1,000 independent companies in 59 countries and 940 laboratories with over 61,000 employees, Eurofins offers over 200,000 analytical methods. These methods help assess biological substances and products' safety, identity, composition, authenticity, origin, and purity.
Related Reports:
Testing, Inspection and Certification (TIC) Market by Service Type (Testing, Inspection, Certification), Sourcing Type (In-House, Outsourced), Application (Medical, Life Science, Food, Telecommunication) and Region - Forecast to 2028
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Management System Certification Companies
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