The overall testing, inspection, and certification (TIC) market is expected to grow from USD 209.4 billion in 2019 to USD 266.2 billion by 2024—growing at a CAGR of +4.91%.
Testing, inspection and certification (ICT) play an important role in ensuring that infrastructure, services and products comply with standards and regulations related to safety and quality. As inspection and testing at regular intervals in some industries, such as oil and gas, become mandatory, ICT services are expected to increase their demand, regardless of industrial seasonality.
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Security breaches in recent times, such as the Volkswagen diesel emission scandal, the Chinese milk scandal (melamine found in infant formula), have led to stricter regulations in developing economies. Such infractions demonstrate the importance of independent inspection and certification services and have not only forced more strict and complex regulations and standards, but have also increased the third party's reliability for evaluation, thus providing scope for independent ICT companies.
SGS Group (Switzerland), Bureau Veritas SA (France), Intertek (UK), and TÜV SÜD Group (Germany), Eurofins Scientific (Luxembourg), DNV GL (Norway), TÜV Rheinland Group (Germany), Applus+ (Spain), ALS Limited (Australia), TÜV NORD Group (Germany), Lloyd’s Register Group Limited (UK), MISTRAS (US), Element Materials Technology (UK), and UL LLC (US) are a few companies operating in the global TIC market.
TIC Market, by Service Type:
TIC Market, by Sourcing Type:
Market by Application
- In-House Services
- Outsourced Services
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Table of Content
- Consumer Goods
Chapter 1 Executive Summary
Chapter 2 Abbreviation and Acronyms
Chapter 3 Preface
Chapter 4 Market Landscape
Chapter 5 Market Trend Analysis
Chapter 6 Industry Chain Analysis
Chapter 7 Latest Market Dynamics
Chapter 8 Trading Analysis
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