“TIC market is projected to grow at CAGR of 3.6% from 2020 to 2025”
The TIC market is expected to grow at a CAGR of 3.6% from USD 204.2 billion in 2020 to USD 243.7 billion. Factors such as a surge in the illicit trade of counterfeit and pirated goods, the inclination toward outsourcing TIC services, and the high demand for testing services to ensure effective interoperability of connected devices and networks have led to increased demand for TIC services.
“TIC market for certification services expected to grow at highest CAGR during forecast period”
There has been an increasing demand for certification services owing to the growing number of specified standards by governments and international standardization institutions. Certification demonstrates a company’s credibility in the market. To deliver credibility, companies in this market maintain extensive global accreditations and recognitions for certification services. As global markets grow and expand, consumers seek safe, reliable, and eco-conscious products. Certification services ensure product safety and performance attributes. Certification services mainly include customized audit and certification services with reference to quality, health & safety, environment, and social responsibility.
“TIC market for outsourced services offering accounted for largest share in 2020”
The TIC market for outsourced services depends on factors such as the industry’s requirements and a country’s federal structure and administrative rules. Over time, these factors may have a significant impact on the market size, irrespective of the underlying macroeconomic conditions. The push toward outsourcing by manufacturing companies and, in specific instances, the privatization of state-owned laboratories will continue to be a strong factor driving the growth of the TIC market for outsourced services.
“TIC market for agriculture and food application to grow at highest CAGR during forecast period”
The TIC market for agriculture and food application is expected to grow at the highest CAGR during the forecast period. TIC services for the agriculture industry are required to ensure quality and improve product efficiency. These services also support companies playing a crucial role in trading agricultural commodities and food products by acquiring international certifications. Moreover, changing regulations, especially in the agriculture space, across the world would drive the adoption of TIC services by manufacturers.
“APAC is expected to be the fastest-growing market for TIC during forecast period”
The TIC market in APAC is projected to grow at the highest CAGR during the forecast period. The highest CAGR is the presence of giant manufacturing electronic companies in countries such as China, Japan, India, Vietnam, the Philippines, and Bangladesh. The domestic markets in APAC are growing rapidly owing to the rising per capita income among the middle-class population. Moreover, there is a growing consumer awareness about the importance of certification. TIC players are increasing their horizon by setting up their testing labs in the APAC countries as the potential of APAC countries on the overall various applications.
Breakdown of the profile of primary participants:
By Company Type: Tier 1 – 60 %, Tier 2 – 25%, and Tier 3 – 15%
By Designation: C-level Executives – 50%, Directors - 30%, and Others -20%
By Region: APAC – 40%, North America– 25%, Europe – 20%, and RoW – 15%
The major players profiled in this report include:
- SGS (Switzerland)
- Bureau Veritas (France)
- Intertek (UK)
- Eurofins Scientific (Luxembourg)
- UL LLC (US)
- NTS (US)
- DEKRA (Germany)
- DNV GL (Norway)
- Applus+ (Spain)
- ALS Limited (Australia)
- Lloyd’s Register Group (UK)
- MISTRAS (US)
- Element Materials Technology (US)
The study segments the TIC market report into sourcing type (In-house services and outsourced services), application (consumer goods and retail, agriculture and food, chemicals, construction and infrastructure, energy & power, industrial manufacturing, medical and life sciences, mining, oil & gas and petroleum, public sector, automotive, aerospace, marine, railways, supply chain and logistics, IT and telecommunications, sports & entertainment). The study also provides market size for various segments regarding four main regions?North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons To Buy the report
The report would help the market leaders/new entrants in this market in the following ways:
- This report segments the TIC market comprehensively provides the closest approximations of the overall market size and those of the subsegments across different applications and regions.
- The report provides a detailed analysis of the TIC market with the help of competitive leadership mapping, including crucial companies in the market and their relations in the ecosystem.
- The report helps stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
- This report would help stakeholders understand their competitors better and gain insights to enhance their position in the business. The competitive landscape section includes the competitor ecosystem, product developments, partnerships, and mergers & acquisitions in the TIC market.