Improved Risk Awareness and Emphasis on Risk Prevention by Customers is Influencing the Growth of TIC market

2024-11-07 06:58:10 News & Society

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The global testing, inspection, and certification (T.I.C.) market is expected to develop rapidly during the period from 2015 to 2023. Robust growth and development of the global testing, inspection, and certification market is influenced by continuous introduction of standards owing to technological advancements, globalization of international standards and laws, improved risk awareness, emphasis on prevention of risks, and improved safety legislation. Nowadays, customers seek product safety and risk prevention assurance from third parties.

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Europe and North America Driving TIC Services Globally

The global testing, inspection, and certification market is segmented on the basis of geography and end use. By geography, the global testing, inspection, and certification market is divided into regions such as Asia Pacific, Europe, North America, and Rest of the World.

Europe and North America were the two leading regional markets that developed rapidly in 2015 and are expected to continue contributing even more to the global market till 2023. With development opportunities and technical advancements in testing, inspection, and certification procedures, countries from the Asia Pacific region are expected to attract huge investments during the forecast period. Rapid growth in demand for testing, inspection, and certification services from emerging companies in industries such as electronics, healthcare, medical devices, automation, and pharmaceuticals will further boost the global testing, inspection, and certification market.

Lack of directives from local governments and lack of globally accepted standards are two of the major restraints on the global testing, inspection, and certification market. With improved TIC services, the global market is expected to grow rapidly during the forecast period. Some of the TIC services offered by the leading companies are industrial inspection, testing, quality services, safety services, product performance testing, and shipment valuation. These services make sure that international and domestic standards are met.

Testing and inspection of products ensures that the quality standards of the products are met. Certification services assure that the products are manufactured following specific global and domestic terms. The government organizations in countries across all the regions design, develop, and distribute the globally accepted standards that are followed for testing, inspecting, and certifying the products.

The growth of the global testing, inspection, and certification market has been remarkable over the past few years due to increasing customer awareness about TIC in nearly every sector. Growing contribution towards development of the global testing, inspection, and certification market from Rest of the World will earn the regional market a positive share during the forecast period.

The leading companies in the global testing, inspection, and certification market have been offering quality services across various industries such as aviation, oil and gas, automotive, petrochemicals, electrical, environmental, textile, agriculture, life science, food, medical, consumer goods, pharmaceuticals, and others. The global testing, inspection, and certification market is widespread across regions across the globe, with many leading companies contributing their share.

Some of the leading companies in the global testing, inspection and certification market are Bureau Veritas S.A., TUV SUD Group, Eurofins Scientific, SGA S.A., British Standards Institution Group, Compliance Engineering Pvt. Ltd., Intertek Group PLC., ASTM International, Exova Group Plc, and Dayton T. Brown Inc.