Testing, Inspection, and Certification (TIC) Market Report, By Type (Management Systems Certification (MSC), Third-party Inspection, ASME, and Others), By Vertical (Oil & Gas, Chemicals, Life Sciences, Power & Utilities, Food, Beverages, & Agriculture, Transportation, Automotive & Aerospace, Consumer Products & Goods, Construction, Materials & Minerals, and Industrial Goods Manufacturing), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)

  • Published On : Jul 2019 |
  • Pages : 226 Pages |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Global Testing, Inspection, and Certification (TIC) Market - Insights

Global testing, inspection, and certification (TIC) market was valued at US$ 182,933.6 Mn in 2018, and is expected to exhibit a CAGR of 5.9% over the forecast period to reach US$ 310,003.6 Mn in 2027. Europe accounted for 37.1% revenue share in the global testing, inspection, and certification market in 2018.

Asia Pacific is expected to account for high market share in the following years, particularly in China and India. Asia Pacific TIC market growth is driven by increasing environmental and food safety violations in the region, which have led government agencies to implement policies that will ensure consumer safety and limit the amount of environmental deterioration caused due to e-waste. Also, rising international trade has increased the number of exports from Asia Pacific to Europe. Exports from emerging economies of Asia Pacific have to clear detailed estimation to meet various standards set by governing authorities in Europe and North America, which is expected to drive the TIC market growth in Asia Pacific.

Use of digital technology in the TIC market

The current trend in the testing, inspection, and certification market is use of digital technology. Companies such as SGS, Intertek, and Bureau Veritas are focused on the adoption of digital technology, which is expected to boost the market growth. TIC companies are also focused on verifying security, performance, and safety of a product, process, or a service. There are two types of product verifications, 1) before product launch and 2) while the product is in use or in service. These verifications are either done in a lab, on-site, or through other methods. Moreover, outsourcing of TIC services is increasing due to growing global trade and regulatory requirements. As a result, digital technology is playing an important role in meeting the increasing demand for TIC services.

For instance, mobile payments, cars and devices connected to the internet, and use of software for testing and inspection of products has become a common practice in the TIC industry. Use of smart sensors and cloud connectivity aids instant data sharing, issuing and creating automated certification report. Furthermore, digital technology also improves analytical methods and detection limits which is expected to help TIC companies meet the growing demand for analytics techniques, better reporting, and greater accuracy.

For instance, in May 2018, Bureau Today announced the publication of ‘The digital asset across industries – A TIC company perspective’, a position paper that outlined the importance of companies embarking on digital transformation, in order to define their needs with regards to new technologies, and decide how to integrate them in their value chain processes.

Moreover, the Industry 4.0 transformation is expected to allow better management of quality, integrity, efficiency and performance, and enhance the industrial agility of companies. It is also expected to strengthen needs in terms of data management and cybersecurity. This revolution does not solely impact conventional industry players but all those in the value chain, including TIC companies.

Figure. Global Testing, Inspection, and Certification (TIC) Market Share (%), by Region, 2017

 Testing, Inspection, and Certification (TIC)  | Coherent Market Insights

Europe held the dominant position in the Testing, Inspection, and Certification (TIC) market in 2017

Europe is expected to be the largest market in terms of size during the forecast period. The major factors driving the growing demand for TIC services in the region are technological advancements in the automotive industry and outsourcing of TIC services. Also, increasing trade of consumer products is expected to drive growth of TIC market in Europe. Organizations such as the European Telecommunications Standards Institute, and European Committee for Standardization are developing new rules and regulations such as those listed under the Construction Products Directive to maintain product safety and limit the flow of counterfeit products. Key players in the market such as Test Pro, Testing Solutions Group Ltd, and Testhouse Ltd. are driving the market growth by providing assurance and testing services. Also, Brexit, the withdrawal of U.K. from European Union, added new channels for free trade and communication, which has led to higher opportunities for offshore businesses to conduct trade in the U.K. However, different regulations for trade such as import tariffs and regulation or discrimination against foreign suppliers within and outside the European Union are restraining growth of the TIC market in Europe.

Lack of commonly accepted international standards by countries is one of the major factors hampering growth of the global testing, inspection, and certification market. The standards of testing, inspection, and certification to safeguard consumers from unsafe and non-compliant products and services vary according to countries. Companies which provide TIC services need to follow these varying standards, which leads to an increase in the cost of operation, in addition to other expenses. Moreover, the complex nature of the supply and value chain, as well as the uncertainties in macroeconomics is another factor hindering growth of the testing, inspection, and certification market.

Furthermore, scarcity of skilled workforce, and lack of global certification standards is also expected to restrain the market growth. Increasing globalization and import-export activities leads to high demand for product testing, inspection, and certification. However, varying quality and testing methods and lack of global certification standards hinders the market growth. Moreover, countries in Asia Pacific and Middle East are experiencing a shortage of skilled workforce. For instance, according to Coherent Market Insights’ analysis, in India, out of the total labor force, only around 5% are skilled workforce.

Global Testing, Inspection, and Certification (TIC) Market: Key Players

Major players operating in the global testing, inspection, and certification (TIC) industry include SGS Group, Bureau Veritas SA, TUV Rheinland Group, Intertek Group PLC, ALS Limited, DNV GL, MISTRAS, Lloyd’s Register Group Limited, Underwriters Laboratories Inc., ABS Group, and ASTM International.

Global testing, inspection, and certification (TIC) market study analyzes management system certification, third-party inspection, ASME (The American Society of Mechanical Engineers, and other prospects. Increasing demand) for testing, inspection, and certification services in industries such as food and beverage,  agriculture, consumer goods and products, oil and gas, and life sciences is driving growth of the global testing, inspection, and certification market.

SGS Group, Bureau Veritas SA, Intertek Group PLC, and TUV Rheinland Group are some of the key players in the testing, inspection, and certification (TIC) market. The global testing, inspection, and certification (TIC) market is dominated by few key players, and the leading 15 players hold around 40% of the testing, inspection, and certification (TIC) market share. According to Coherent Market Insights’ analysis, the ‘Others’ segment held the largest market share in the global testing, inspection, and certification (TIC) market in 2018.

Market Drivers: Increasing disposable income and rapid urbanization in developing economies

Increasing disposable income and rapid urbanization in developing economies is propelling growth of the testing inspection and certification (TIC) market. Disposable income increases due to development in various industries such as automotive, commodities, environmental, agriculture, consumer, food, oil & gas, life science, petrochemical, leisure, medical, education, trade, assurance, systems compliance, textile, and footwear. For all these developing sectors, testing inspection and certification is a service, which plays an important role in improving product quality. Moreover, increasing disposable income leads to higher consumption of products in end use industries, thereby increasing demand for safety and product quality.

Key features of the study:

  • This report provides in-depth analysis of the global testing, inspection, and certification (TIC) market size (US$ Mn), and compound annual growth rate (CAGR %) for the forecast period (2019– 2027), considering 2017 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by leading players
  • It profiles leading players in the global testing, inspection, and certification (TIC) market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, key developments, strategies, and future plans
  • Companies covered as part of this study include SGS Group, Bureau Veritas SA, TUV Rheinland Group, Intertek Group PLC, ALS Limited, DNV GL, MISTRAS, Lloyd’s Register Group Limited, Underwriters Laboratories Inc., ABS Group, and ASTM International.
  • Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding their future product launches, product upgrades, market expansion, and marketing tactics
  • The global testing, inspection, and certification (TIC) market report caters to various stakeholders in the industry, including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision making through various strategy matrices used in analyzing the global Testing, Inspection, and Certification (TIC) market

Detailed Segmentation:

  • Global Testing, Inspection, and Certification (TIC) Market, By Type:
    • Management Systems Certification
    • Third-Party Inspection
    • ASME
    • Others
  • Global Testing, Inspection, and Certification (TIC) Market, By Vertical:
    • Oil and Gas
    • Chemicals
    • Life Sciences
    • Power & Utilities
    • Food, Beverages, and Agriculture
    • Transportation
    • Automotive & Aerospace
    • Consumer Products and Goods
    • Construction
    • Metals and Minerals
    • Industrial Goods Manufacturing
  • Global Testing, Inspection, and Certification (TIC) Market, By Region:
    • North America
      • By Type:
        • Management Systems Certification
        • Third-Party Inspection
        • ASME
        • Others
      • By Methods:
        • Oil and Gas
        • Chemicals
        • Life Sciences
        • Power & Utilities
        • Food, Beverages, and Agriculture
        • Transportation
        • Automotive & Aerospace
        • Consumer Products and Goods
        • Construction
        • Metals and Minerals
        • Industrial Goods Manufacturing
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Type:
        • Management Systems Certification
        • Third-Party Inspection
        • ASME
        • Others
      • By Methods:
        • Oil and Gas
        • Chemicals
        • Life Sciences
        • Power & Utilities
        • Food, Beverages, and Agriculture
        • Transportation
        • Automotive & Aerospace
        • Consumer Products and Goods
        • Construction
        • Metals and Minerals
      • By Country:
        • U.K.
        • Spain
        • France
        • Germany
        • Italy
        • Rest of Europe
    • Asia Pacific
      • By Type:
        • Management Systems Certification
        • Third-Party Inspection
        • ASME
        • Others
      • By Methods:
        • Oil and Gas
        • Chemicals
        • Life Sciences
        • Power & Utilities
        • Food, Beverages, and Agriculture
        • Transportation
        • Automotive & Aerospace
        • Consumer Products and Goods
        • Construction
        • Metals and Minerals
      • By Country:
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • By Type:
        • Management Systems Certification
        • Third-Party Inspection
        • ASME
        • Others
      • By Methods:
        • Oil and Gas
        • Chemicals
        • Life Sciences
        • Power & Utilities
        • Food, Beverages, and Agriculture
        • Transportation
        • Automotive & Aerospace
        • Consumer Products and Goods
        • Construction
        • Metals and Minerals
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East & Africa
      • By Type:
        • Management Systems Certification
        • Third-Party Inspection
        • ASME
        • Others
      • By Methods:
        • Oil and Gas
        • Chemicals
        • Life Sciences
        • Power & Utilities
        • Food, Beverages, and Agriculture
        • Transportation
        • Automotive & Aerospace
        • Consumer Products and Goods
        • Construction
        • Metals and Minerals
      • By Country:
        • GCC Country
        • South Africa
        • Rest of the Middle East & Africa
  • Company Profiles-Consultancy Companies
    • SGS Group*
      • Company Highlights
      • Key Developments
      • Product Portfolio
      • Market Presence
      • Strategic Presence
    • Bureau Veritas SA
    • TUV Rheinland Group
    • Intertek Group PLC
    • ALS Limited
    • DNV GL
    • MISTRAS
    • Lloyd’s Register Group Limited
    • Underwriters Laboratories Inc.
    • ABS Group
    • ASTM International

“*” marked represents similar segmentation in other categories in the respective section

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Type
      • Market Snippet, By Vertical
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Impact Analysis
    • Mergers & Acquisitions
    • Industry Trends
    • Porter’s Five Forces Analysis
  4. Global Testing, Inspection, and Certification (TIC) Market, By Type, 2017-2027 (US$ Mn)
    • Introduction
    • Segment Trends
      • Management Systems Certification
        • Introduction
        • Market Size and Forecast, 2017-2027 (US$ Mn)
      • Third-Party Inspection
        • Introduction
        • Market Size and Forecast, 2017-2027 (US$ Mn)
      • ASME
        • Introduction
        • Market Size and Forecast, 2017-2027 (US$ Mn)
      • Others
        • Introduction
        • Market Size and Forecast, 2017-2027 (US$ Mn)
  5. Global Testing, Inspection, and Certification (TIC) Market, By Vertical, 2017-2027  (US$ Mn)
    • Introduction
    • Segment Trends
      • Oil and Gas
        • Introduction
        • Market Size and Forecast, 2017-2027, (US$ Mn)
      • Chemicals
        • Introduction
        • Market Size and Forecast, 2017-2027, (US$ Mn)
      • Life Sciences
        • Introduction
        • Market Size and Forecast, 2017-2027, (US$ Mn)
      • Power & Utilities
        • Introduction
        • Market Size and Forecast, 2017-2027, (US$ Mn)
      • Food, Beverages, and Agriculture
        • Introduction
        • Market Size and Forecast, 2017-2027, (US$ Mn)
      • Transportation
        • Introduction
        • Market Size and Forecast, 2017-2027, (US$ Mn)
      • Automotive & Aerospace
        • Introduction
        • Market Size and Forecast, 2017-2027, (US$ Mn)
      • Consumer Products and Goods
        • Introduction
        • Market Size and Forecast, 2017-2027, (US$ Mn)
      • Construction
        • Introduction
        • Market Size and Forecast, 2017-2027, (US$ Mn)
      • Metals and Minerals
        • Introduction
        • Market Size and Forecast, 2017-2027, (US$ Mn)
      • Industrial Goods
        • Introduction
        • Market Size and Forecast, 2017-2027, (US$ Mn)
  6. Global Testing, Inspection, and Certification (TIC) Market, By Region, 2017-2027 (US$ Mn)
    • Introduction
    • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Introduction
      • Regional Trends
      • Market Size and Forecast, By Type, 2017-2027 (US$ Mn)
      • Market Size and Forecast, By Vertical, 2017-2027 (US$ Mn)
      • Market Share Analysis, By Country, 2017–2027 (%)
        • U.S.
        • Canada
    • Europe
      • Introduction
      • Regional Trends
      • Market Size and Forecast, By Type, 2017-2027 (US$ Mn)
      • Market Size and Forecast, By Vertical, 2017-2027 (US$ Mn)
      • Market Share Analysis, By Country, 2017 and 2027 (%)
        • U.K.
        • Spain
        • France
        • Germany
        • Italy
        • Rest of Europe
    • Asia Pacific
      • Introduction
      • Regional Trends
      • Market Size and Forecast, By Type, 2017-2027 (US$ Mn)
      • Market Size and Forecast, By Vertical, 2017-2027 (US$ Mn)
      • Market Share Analysis, By Country, 2017 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Introduction
      • Regional Trends
      • Market Size and Forecast, By Type, 2017-2027 (US$ Mn)
      • Market Size and Forecast, By Vertical, 2017-2027 (US$ Mn)
      • Market Share Analysis, By Country, 2017 and 2027 (%)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East & Africa
      • Introduction
      • Regional Trends
      • Market Size and Forecast, By Type, 2017-2027 (US$ Mn)
      • Market Size and Forecast, By Vertical, 2017-2027 (US$ Mn)
      • Market Size and Forecast, By Method, 2017-2027 (US$ Mn)
      • Market Share Analysis, By Country, 2017 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East & Africa
  7. Competitive Landscape
    • Company Profiles
      • SGS Group
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Bureau Veritas SA
      • TUV Rheinland Group
      • Intertek Group PLC
      • ALS Limited
      • DNV GL
      • MISTRAS
      • Lloyd’s Register Group Limited
      • Underwriters Laboratories Inc.
      • ABS Group
      • ASTM International
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

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