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Testing, Inspection, and Certification (TIC) Market is Expected to Reach $105.99 Billion, Growing at a CAGR of 2.4% From 2020 with COVID-19 Impact - Meticulous Research® Analysis

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Meticulous Market Research Pvt. Ltd

21 Apr, 2021, 12:30 GMT

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REDDING, Calif., April 21, 2021 /PRNewswire/ -- Meticulous Research®, in its latest publication, titled "Testing, Inspection, and Certification Market by Service, End User (Retail, Agriculture, Oil and Gas, Construction, Chemicals, Machinery, Transportation, Automotive, Government, Marine, Healthcare), and Region - Forecast to 2027", states that the testing, inspection, and certification market is expected to reach $105.99 billion, at a CAGR of 2.4% from 2020.

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5151

The TIC sector consists of conformity assessment bodies that provide services ranging from auditing and inspection to testing, verification, quality assurance, and certification. TIC companies cater to a diverse range of industry sectors and a variety of standards and legislation. These range from agriculture, automotive, raw materials, IT and electronics, environmental protection, food testing, and oil and gas industries right through to maritime, medicine, education, tourism, logistics, consumer products, and more. The growth of the overall testing, inspection, and certification market is primarily attributed to the strict regulatory standards imposed by governments and the rise in the illicit trade of forged & pirated goods. The surge in consumer awareness about food safety offers lucrative growth opportunities for the growth of the market. However, a lack of testing facilities and skilled resources can obstruct the market's growth up to some extent.

In 2021, many COVID-19 vaccines such as Pfizer, CoronaVac, Comirnaty and, Moderna vaccines were launched to prevent both mild and severe symptoms of COVID-19 approved by World Health Organizations (WHO). However, companies are still struggling to make informed decisions about their products, supply chains, and regulatory responsibilities amid uncertainty. The outbreak has varied by each industry sector's level of resilience. For instance, the healthcare sector created major interruptions in the supply chain and, at the same time, proved to be a catalyst for driving changes in healthcare products circulation, in turn minimizing the impact of future disruptions and accelerating healthcare operations. COVID-19 is accelerating the trend rend of digitalization in the TIC market.

Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5151

TIC providers are focused on new services and delivery models to smartly access the latent demand for increased automation, remotely-performed services, and enhanced digitization. For instance, in April 2020, Bureau Veritas launched specialized digital tools for various sectors to support remote operations and enable the continuity of business activities such as teleworking, remote inspections, and certification audits. In 2020, Intertek Group Plc launched its new innovative Total Sustainability Assurance program in India to provide an industry-leading, independent quality assurance solution. Similarly, in 2020, DEKRA SE and Telefónica opened a new 5G research & development laboratory in Málaga, Spain, to provide a test environment in which components and applications for connected driving (V2X) can be tested and validated.

Furthermore, TIC service providers are focusing on developing and integrating new types of services and delivery models to smartly access latent demand: such as include remotely-performed services, enhanced digitalization, increased automation, and diversification of supply chains. Organizations operating in the TIC market strengthen their IT infrastructures and develop business continuity plans, indicating that the testing, inspection, and certification market still holds considerable potential to bounce back from the decline caused by the COVID-19 pandemic. Post-COVID-19, several organizations might consider downsizing by cutting non-critical business lines. With economic and industrial activities largely on hold, it is expected that there will be a severe demand-side impact leading to a sharp decline in market growth. However, TIC services are expected to become increasingly important as they enable trade, protect brand reputations, and verify products' safety. Thus, these services are expected to be in high demand after the COVID-19 pandemic subsides.

In this study, the global TIC market is broadly segmented based on service, industry vertical, and geography.

Quick Buy – TIC Market Research Report: https://www.meticulousresearch.com/Checkout/44249873 

Based on service, the TIC market is broadly segmented into testing, inspection, and certification services. In 2020, testing services segment accounted for the largest share of the overall TIC market. The growth of this market is attributed to the presence of different product standards across different regions, increasing product diversity, high demand for quality & safe product, strong recommendations from regulatory authorities to ensure safety, quality & efficiency of products, and supportive government initiatives to improve the quality of various goods. However, the certification services segment is expected to grow with the fastest growth rate over the forecast period. The growth of this market is attributed to the growing number of specified standards by governments and international standardization institutions, and supportive government initiatives to improve various goods' quality.

Based on industry vertical, the TIC market is segmented into consumer goods and retail, agriculture and food, oil & gas, construction, chemicals, mining, machinery, transportation, automotive, power generation, government, marine, healthcare, financial institution, and others. In 2020, the agriculture and food segment accounted for the largest share of the overall TIC market. The growth of this segment is mainly attributed to the advancement in the agriculture & food industry, growing demand for organic and processed food, and increasing need to ensure quality and improve the productivity of food products. However, the healthcare vertical is expected to grow with the fastest CAGR during the forecast period. This is mainly driven by the growing medical device industries, the increasing need for validation and verification, and the stringent government regulations and standards across healthcare organizations.

Geographically, the global TIC market is segmented into five regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries. In 2020, Europe accounted for the largest share of the global TIC market, followed by Asia-Pacific. The largest share of Europe is mainly attributed to the rising adoption of IoT devices, increasing mandatory certification and compliances by the government, presence of several industrial control and smart equipment manufacturers in the region. The primary reasons for this rise in demand are the increasing mandatory certification and compliances by the government to trade and to grow awareness about standards of products among the customers. As a result, there is an increasing need for effective testing, inspection, and certification in the region.

The major companies in the TIC market have implemented various strategies over the years to expand their product offerings, global footprint, and augment their market share. The key strategies followed by most companies in the market include new product launches, enhancements, approvals, acquisitions, expansions and partnerships, and collaborations and agreements. Mergers & acquisitions were the most preferred key growth strategy adopted by leading players to strengthen their product portfolios and enhance their geographic reach in the TIC market. The TIC market is dominated by five major players, owing to their strong brand recognition, diverse product basket, strong distribution and sales network, and robust growth strategies. The top five companies include SGS S.A, Bureau Veritas S.A., Intertek Group Plc., Dekra SE, and Eurofins Scientific SE.

Other key players operating in this market are TÜV Rheinland Ag Group (U.S.), DNV GL (Norway), British Standards Institution (BSI) (U.K.), Eurofins Scientific SE (Luxembourg), Applus+ (Spain), TÜV Nord Group (Germany), Mistras Group (U.S.), Lloyd's Register Group Limited (U.K.), and Element Materials Technology Ltd. (U.K.), among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/testing-inspection-and-certification-market-5151

Scope of the Report:

TIC Market by Service 

  • Testing
  • Inspection
  • Certification

TIC Market by End User 

  • Consumer Goods and Retail
  • Agriculture and Food
  • Oil & Gas
  • Construction
  • Chemicals
  • Mining
  • Machinery
  • Transportation
  • Automotive
  • Power Generation
  • Government
  • Marine
  • Healthcare
  • Financial Institutions
  • Others

TIC Market by Geography: 

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • Rest of Asia-Pacific
  • Latin America
  • Middle East & Africa

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5151

Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research

Related Reports-

Automotive TIC Market by Service (Testing, Inspection, Certification), Sourcing, Supply Chain (Design, Production,), Application (VIS, Materials, Components, EVs, Fuels, Lubricants, Homologation, ADAS, Telematics), and Geography – Global Forecast to 2027

https://www.meticulousresearch.com/product/automotive-tic-market-4977/

Medical Device Testing Market by Service Type (Testing and Certification) Location, Technology (Active Implant, Active Medical, In-Vitro Diagnostic, Ophthalmic, Orthopedic and Dental, Vascular), Device Class, and Geography – Global Forecast to 2027

https://www.meticulousresearch.com/product/medical-device-testing-market-5131/

Food Safety Testing Market by Testing Type (Pathogens, Pesticides, GMO, and Toxins), Technology (Traditional and Rapid), and Food Tested (Meat, Poultry, and; Seafood, Processed Food, Fruits and; Vegetables, Dairy Products) - Global Forecast to 2027

https://www.meticulousresearch.com/product/food-safety-testing-market-5111

Aerospace and Life Sciences Testing, Inspection, and Certification Market - Global Opportunity Analysis and Industry Forecast to 2025

https://www.meticulousresearch.com/product/Aerospace-Life-Sciences-TIC-Market-4964/

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact:

Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding, 
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com 
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source: https://www.meticulousresearch.com/pressrelease/329/testing-inspection-and-certification-market-2027 

Logo: https://mma.prnewswire.com/media/1213534/Meticulous_Research_Logo.jpg

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