Global Testing, Inspection and Certification (TIC) are expected to make a significant contribution to the overall industry.
According to a lead Analyst "The Global TIC Market is highly fragmented due to the availability of robust local as well as international service providers. Moreover, globally top players are holding around 25 to 30% of the global market share. Thus, the market is showing slightly oligopolistic competition that is leveraging the number of strategic alliances to attain inorganic growth and gain market share. For example, one of the leading companies in TIC industry SCG has alone completed more than 12 strategic transactions in the year 2017". Buoyed by strong demand and sales, industry profit margins have increased considerably during past few years.
According to the report, some of the important driving forces behind the market growth are Increasing Awareness about the Hygienic and Healthy Production Environment and Ensures Safety, Health, and Quality Requirements of Particular Product. The primary concern of any business is the reduction of the overall operating cost. The increased need for operating efficiency and meeting regulatory demands at the same time have become major challenges for the original Players, additional restraints impacting market are Leads to Increase Operational Cost and Very Seldom Common International Standards leading to Standard Rejections which is continuously seeking attention of Industry Experts and Decision makers.
The Testing, Inspection and Certification (TIC) Ecosystem: 2020-2026 Opportunities, Challenges, Strategies, Industry Verticals & Forecasts report presents an in-depth assessment of the Testing, Inspection and Certification (TIC) market including latest technologies & innovation, key trends, market drivers, challenges, vertical & market applications along with deployment case studies, regulatory landscape, future roadmap and strategies, value chain and player profiles. The report also presents market size forecasts from 2020 till 2026. The forecasts are segmented by Type (In-House and Outsource), by Application (Environmental, Consumer Goods, Manufacturing, Petroleum, Agriculture and Others) and major geographies with country level break-up that includes South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Data Sources & Methodology
The primary sources involves the industry experts from the Testing, Inspection and Certification (TIC) Market including the management organizations, processing organizations, analytics service providers of the industrys value chain. All primary sources were interviewed to gather and authenticate qualitative & quantitative information and determine the future prospects.
In the extensive primary research process undertaken for this study, the primary sources Postal Surveys, telephone, Online & Face-to-Face Survey were considered to obtain and verify both qualitative and quantitative aspects of this research study. When it comes to secondary sources Company's Annual reports, press Releases, Websites, Investor Presentation, Conference Call transcripts, Webinar, Journals, Regulators, National Customs and Industry Associations were given primary weight-age.