ALBANY, New York, July 12, 2019 /PRNewswire/ -- According to the latest report published Transparency Market Research, the global testing, inspection, and certification market is projected to have a valuation worth US$299,628.6 mn by the fall of 2025. This growth is a substantial increase from the earlier market valuation of US$184,545.5 mn reported in 2016. The overall growth of the global testing, inspection, and certification market is expected to be achieved with a steady CAGR of 5.8% over the course of the given forecast period of 2017 to 2025.
From a view of types of services, the testing, inspection, and certification market is primarily dominated by testing and inspection. The section accounts for an eye-catching 95% of the overall share in the global testing, inspection, and certification market. The growth of the segment is mainly driven by the growing focus on the hygiene and safety regulation in the food industry. This segment is expected to continue its dominance in the coming years of the forecast period.
Europe to Continue Its Lead; the Asia Pacific Not So Far Behind
Based on the regional outlook, the testing, inspection, and certification (TIC) market was previously dominated by Europe and is expected to continue to do so in the coming years of the forecast period. This high growth of the region is attributed to the strict compliance towards the safety guidelines across different industries such as wastewater, chemical water, transport & logistics, and food & beverages. Evolving product regulatory framework across North America coupled with growing advances in technology are creating ample opportunities for growth of the market in this region. Also, the Asia Pacific and South America are projected to show a high rate of growth due to a growing trend of outsourcing services to the developing countries in the region.
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Changing Economic Conditions Force Companies to Adapt and Devise New Strategies
The global testing, inspection, and certification (TIC) market have a highly fragmented competitive landscape. The reason behind this is the presence of a large number of key players. According to the report, the market is on course to witness heavy competition among the leading companies in the world to capture a larger chunk of the market share. This will thus lead to the companies to adopt aggressive marketing and business strategies such as mergers and acquisitions to bolster their market presence. Emerging economies across the globe such as China and India are thought to present lucrative business opportunities to the companies.
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These developing nations have great potential for the development of the testing, inspection, and certification market. In the recent past, the volume of goods that are exported from these nations to already developed countries has grown substantially. Additionally, controlling the complete value chain is the new trend that is being followed by western companies. A reason behind the growth of this trend is the exported good must comply with the western standards. Having complete control over the value chain makes this task easier.
Furthermore, the middle class in the BRIC nations has become highly health conscious and savvy. People in these countries are experiencing rapid economic growth and as a result, they are demanding quality resources with proper certifications. This is thus expected to play an important part in the future strategic decisions and campaigns of the companies operating in the testing, inspection, and certification market.
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Some of the key players in the global testing, inspection, and certification (TIC) market include names such as TÜV Rheinland Group, AsureQuality Ltd., Lloyd's Register Group Limited, SGS Group, Intertek Group PLC, ASTM International, TUV SUD AG, Bureau Veritas SA, DNV GL Group AS, and Underwriters Laboratories Inc. among others.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Global Testing, Inspection, and Certification Market (Service Type – Testing and Inspection and Certification; Sourcing Type - In-house Sourcing and Outsourcing; Industry - Infrastructure and Construction, Transformational and Contract Manufacturing, Food and Beverages, Agriculture and Forest, Information Technologies, Chemical, Healthcare and Pharmaceutical, Transportation and Logistics, Travel and Tourism, Energy and Utilities, Water and Wastewater Management, Government, Education, Textile, and Cosmetics) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017–2025."
The global testing, inspection, and certification market is segmented based on:
- Testing and Inspection
- In-house Sourcing
- Infrastructure & Construction
- Transformational & Contract Manufacturing
- Food & Beverages
- Agriculture & Forest
- Information Technologies
- Healthcare & Pharmaceutical
- Transportation &Logistics
- Travel & Tourism
- Energy & Utilities
- Water & Wastewater Management
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