The global 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. Some of the key factors driving this market are 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 key players in the testing, inspection, and certification (TIC) market include SGS (Switzerland), Bureau Veritas (France), Intertek (UK), DEKRA (Germany) and TÜV SÜD (Germany). Most of the leading companies have followed the inorganic growth strategies of mergers and acquisitions. This market is evolving globally with the increasing competition to offer niche TIC services. The leading strategies in this market such as technological investments and service launches help companies to grow and remain technically competitive in the market.

Leading players in the testing, inspection, and certification (TIC) market:

SGS is a global market leader in providing inspection, verification, testing, and certification services. With its global business services strategy, the company seeks to simplify, streamline, and optimize the processes and systems of its back office departments, as well as leverage the best practices across its internal business services. SGS Group is acquiring companies and establishing partnerships with state-owned stakeholders with the necessary regulatory permissions and licenses, which would allow it to leverage their national and global network, thus giving it an early-mover advantage. For example, in July 2016, SGS Group acquired Compliance Certification Services, Inc. (Taiwan), which would strengthen its presence in Asia Pacific (APAC). The company is highly focused on its continued growth through acquisitions, strategic partnerships, and expansions to gain a competitive advantage.

Bureau Veritas caters to its clients through a well-developed network, particularly in industrialized countries such as France, the US, Canada, Japan, and the UK. The company plans to further penetrate its traditional markets by providing a broader range of services to expand its market coverage through key growth initiatives. The company is shifting toward integrated and global solutions, thereby becoming a partner of choice for big international companies for facilitating and securing their transactions and operations. The company is also developing in-house initiatives and efficient models to improve its deployment, agility, and productivity. Being one of the leading players in the highly fragmented TIC market, the company is viewed as an active consolidating force in its industry. The company is also adopting an aggressive acquisition strategy to accelerate its growth in potential markets. For instance, in March 2017, the company acquired Schutter Groep (Netherlands), a leading provider of TIC and logistical support services for the global agri-commodities markets. This development would provide new capabilities that would expand the footprint of Bureau Veritas in the agri-commodities in Europe, South America, and Asia.

Related Reports:

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

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