TIC Services Market size worth $300 Bn by 2030

Testing, Inspection and Certification (TIC) Services Market size is anticipated to reach USD 300 billion by 2030, according to a new research report by Global Market Insights Inc.
 

Rising prevalence of pirated and counterfeit goods is a major factor driving the global TIC services market growth. Widespread counterfeiting can undermine public confidence in certified products, boosting the demand for robust testing, inspection, and certification services. Key market players are also engaging in various strategic anti-counterfeiting initiatives and activities.
 

Based on service, the inspection segment valued at over USD 35 billion in 2021 impelled by stringent manufacturing regulations imposed in developed economies such as the EU. Inspection services play an important role in aiding government institutions and companies to identify whether manufactured products are compliant with all regulations associated with the specifications and safety of buyers.
 

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Based on the report, the outsourced segment accounted for more than 35% of the TIC market share in 2021. Outsourcing of testing, inspection, and certification activities is becoming a common scenario in various industrial sectors such as petrochemical, consumer electronics, oil & gas, automotive, and others. Outsourced TIC services deliver high compliance levels, alongside efficiency, safety, and cost-effectiveness, allowing companies to focus their efforts on building core competencies.
 

Browse key industry insights spread across 599  pages with 752 market data tables and 41 figures & charts from the report, “Testing, Inspection and Certification (TIC) Services Market Size By Service (Testing, Inspection, Certification), By Type (In-House, Outsource), By Application (Agriculture & Food {Seeds & Crop, Fertilizers, Food, Trade & Logistics, Pest Control & Fumigation}, Construction {Building Material [Material Testing, Material Certification, Coating Inspection & Failure Analysis], Infrastructure, Capital Equipment}, Life Science {Pharmaceuticals, Clinical Trials, Environmental, Medical Devices}, Consumer Products {Hardline, Softline, Electronics, Household Personal Care & Cosmetics, Hazardous Area Equipment}, Transportation {Automotive, Marine & Offshore, Railways, Aerospace}, Energy {Energy Source, Power Generation, Power Distribution}, Oil, Gas & Chemical {Upstream, Midstream, Downstream, Petrochemicals, Chemical Feedstock, Finished Product}, Mining, Industrial Machinery), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/testing-inspection-certification-tic-market
 

Based on application, the TIC market from the construction segment is expected to register USD 55 billion in revenue by 2030, given the industry’s need to comply with stringent Corporate Social Responsibility (CSR) standards in the sector. Periodic certification & testing and the inspection of all construction materials & sites are mandatory for construction projects, which will further propel the segment growth.

From a regional standpoint, the report claims that Latin America is set to emerge as a key revenue hub on account of the growing incidents of product counterfeiting. Organized crime in the region is focused predominantly on contraband activities and piracy with high corruption levels and political instability, further driving the rise of counterfeit items in the region. This will generate positive growth prospects for the Latin America TIC services industry, which is poised to attain a valuation of USD 12 billion by 2030.
 

The competitive landscape of the global TIC market is bolstered by the efforts of major companies to gain accreditation and certification from authorities to address the rising demand for regulatory compliance in various markets. DEKRA, Apave International, SGS SA, Eurofins Scientific, and Bureau Veritas are some of the major participants operating in the global market.