Opportunity Worth $249 Bn Opening Up in Testing, Inspection and Certification (TIC) Industry - Exclusive Research Published by MarketsandMarkets™

CHICAGO , March 24, 2022 /PRNewswire/ -- Disruption – Potential opportunity worth $249 Bn is expected to open up in Testing, Inspection and Certification (TIC) Industry, as TIC heads to ~$197 Bn sales revenue. Global TIC technology market growth can be attributed to the demanding lifestyle in developed and developing countries as well as increasing advancements in TIC products such as smart goggles, wristbands, and smart shoes.

According to MarketsandMarkets™ analysis,

• There is $249 Bn potential within TIC services applications.
• TIC services market is estimated to grow at a healthy CAGR of 3-4% in the coming 5 years, driven by rising popularity of IoT and connected devices and growing consumer preference for virtual inspection and testing.
• The TIC services market is witnessing increasing adoption of EV, IoT, connected devices, medical product testing, etc., which can increase the demand for TIC services, in turn impacting the growth of the market.

Unknowns & Adjacencies

Currently, businesses have low access to primary intelligence to clarify some unknowns and adjacencies in these opportunity areas –

• Adoption levels of remote testing services in TIC ecosystem is low. Currently it is very low globally, however, in critical applications such as oil & gas and petroleum and mining it is on the rise. As remote testing TAT helps in minimization of errors and provides reproducible results, it is also gaining traction in the agriculture and food and aerospace applications.
• Increasing focus on personalized healthcare services drive the need for TIC services.
• Markets such as medical and life sciences, electric vehicles within the automotive industry, and increasing need of TIC in the industrial and manufacturing provide immense growth opportunities in the near future.
• In target enrichment, developing economies present enormous opportunities triggered largely due to the increased adoption of TIC services in the consumer goods and retail application.

Some of the growth problems encountered by TIC companies are:

Customer prioritization and assessing unmet needs:

• What are the disruptions in our clients' businesses? How can we support them for our own growth?
• Who are the most potential customers going forward? Should we prioritize consumer good and retail, medical & life sciences, IT & telecom, industrial & manufacturing applications, or aerospace & defense companies?
• What are the key unmet needs of customers? Who are the key stakeholders in different settings? Do vendor selection criteria differ by settings? Which new service offerings should be added to the existing service line?

Where to play:

• Which applications and technologies should we focus on? Should it be AI, big data, autonomous vehicles, EVs, IoT, or any other?
• Which regions should we place our bets on? Should we continue with developed countries or do developing countries offer more growth opportunities?

Building a compelling Right-to-Win (RTW):

• For M&A, which are the right targets for us? Should we target seller regional TIC service providers with wide customer reach or the test and measurement companies? Should we enter new markets directly or through partners?
• How can we differentiate from top players? What is their right-to-win vs ours?

Key uncertainties/perspectives which industry leaders seek answers to:

For TIC companies:

• Which TIC service will be relevant and redundant in the next 5 years?
• Can TIC services become affordable?
• How can companies optimize the product development through integration of TIC services during the R&D process?
• What regulatory policies can help strategize and achieve improved product to market?
• Which application areas will exhibit high growth in the developing economies in the EMEA region?
• What can be done to increase the awareness of TIC services in sports & entertainment application?

For companies in adjacent markets:

• What are the regulations surrounding data privacy and security?
• Which upcoming technologies will require TIC services in the near future to improve rate of adoption?
• Which machine learning approaches can be used to conduct TIC services so that AI models do not lead to misleading insights or faulty predictions?
• What will be the impact of TIC on the electric vehicles market?
• How will big data impact the service offerings of the TIC ecosystem?

Therefore, MarketsandMarkets™ research and analysis focuses on high growth and niche markets, which will become ~80% of the revenues of the players in the TIC ecosystem over the next few years.

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SOURCE MarketsandMarkets