The TIC market is expected to grow at a CAGR of 3.6% from USD 204.2 billion in 2020 to USD 243.7 billion.
Factors such as a surge in the illicit trade of counterfeit and pirated goods, the inclination toward outsourcing TIC services, and the high demand for testing services to ensure effective interoperability of connected devices and networks have led to increased demand for TIC services.
TIC market for certification services expected to grow at highest CAGR during the forecast period
There has been an increasing demand for certification services owing to the growing number of specified standards by governments and international standardization institutions. Certification demonstrates a company's credibility in the market. To deliver credibility, companies in this market maintain extensive global accreditations and recognitions for certification services. As global markets grow and expand, consumers seek safe, reliable, and eco-conscious products. Certification services ensure product safety and performance attributes. Certification services mainly include customized audit and certification services with reference to quality, health & safety, environment, and social responsibility.
TIC market for outsourced services offering accounted for the largest share in 2020
The TIC market for outsourced services depends on factors such as the industry's requirements and a country's federal structure and administrative rules. Over time, these factors may have a significant impact on the market size, irrespective of the underlying macroeconomic conditions. The push toward outsourcing by manufacturing companies and, in specific instances, the privatization of state-owned laboratories will continue to be a strong factor driving the growth of the TIC market for outsourced services.
TIC market for agriculture and food application to grow at highest CAGR during the forecast period
The TIC market for agriculture and food application is expected to grow at the highest CAGR during the forecast period. TIC services for the agriculture industry are required to ensure quality and improve product efficiency. These services also support companies playing a crucial role in trading agricultural commodities and food products by acquiring international certifications. Moreover, changing regulations, especially in the agriculture space, across the world would drive the adoption of TIC services by manufacturers.
APAC is expected to be the fastest-growing market for TIC during the forecast period
The TIC market in APAC is projected to grow at the highest CAGR during the forecast period. The highest CAGR is the presence of giant manufacturing electronic companies in countries such as China, Japan, India, Vietnam, the Philippines, and Bangladesh. The domestic markets in APAC are growing rapidly owing to the rising per capita income among the middle-class population. Moreover, there is a growing consumer awareness about the importance of certification. TIC players are increasing their horizon by setting up their testing labs in the APAC countries as the potential of APAC countries on the overall various applications.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in TIC Market 4.2 TIC Market, by Service 4.3 TIC Market, by Application 4.4 TIC Market, by Agriculture and Food Application 4.5 TIC Market, by Region
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 188.8.131.52 Surge in Illicit Trade of Counterfeit and Pirated Goods 184.108.40.206 Inclination Toward Outsourcing TIC Services 220.127.116.11 High Demand for Testing Services to Ensure Effective Interoperability of Connected Devices and Networks 18.104.22.168 Advancements in Networking and Communication Technologies 5.2.2 Restraints 22.214.171.124 Diverse Standards and Regulations Among Many Different Nations 5.2.3 Opportunities 126.96.36.199 Rise in Demand for TIC Services Globally 188.8.131.52 Growth Opportunities for Small and Medium-Sized Businesses 5.2.4 Challenges 184.108.40.206 Adoption of Advanced Technologies by Smaller TIC Players 5.3 Industry Trends 5.3.1 Value Chain Analysis 5.3.2 Key Industry Trends 5.3.3 Pest Analysis 220.127.116.11 Political Factors 18.104.22.168 Economic Factors 22.214.171.124 Social Factors 126.96.36.199 Technological Factors 5.4 Impact of COVID-19 on TIC Market 5.4.1 COVID Drivers 188.8.131.52 Increased Demand for TIC Services in Healthcare Industry 184.108.40.206 Rise in Adoption of TIC Services to Ensure Food Safety 5.4.2 Post-COVID Challenges 220.127.116.11 Post-COVID Challenges Faced by Testing, Inspection, and Certification Industry Players
6 TIC Market, by Service Type 6.1 Introduction 6.2 Impact of COVID-19 on Certification Services 6.3 Testing 6.3.1 Food and Drugs Testing Has Led to Increase in Demand for TIC Services 6.4 Inspection 6.4.1 Inspection Services Allow Products to Meet Industry Standards and Government Norms to Minimize Losses Due to Defective Products 6.5 Certification 6.5.1 Compliance to Ensure Marketability of Product is Achieved Through Certification Services 6.6 Others
7 TIC Market, by Sourcing Type 7.1 Introduction 7.2 Impact of COVID-19 on Outsourced Services 7.3 In-House Services 7.3.1 In-House Testing Services to Continue to Capture Larger Market Share During Forecast Period 7.4 Outsourced Services 7.4.1 Market for Outsourced Services to Grow at Higher CAGR During 2020-2025
8 TIC Market, by Application 8.1 Introduction 8.2 Impact of COVID-19 on Agriculture and Food 8.3 Consumer Goods and Retail 8.4 Agriculture and Food 8.5 Chemicals 8.6 Construction and Infrastructure 8.7 Energy & Power 8.7.1 Increasing Demand for Nuclear, Wind, and Solar Sources Propel TIC Market Growth 8.7.2 Energy Sources 18.104.22.168 Nuclear 22.214.171.124 Wind 126.96.36.199 Solar 188.8.131.52 Alternative Fuels 184.108.40.206 Fuel Oils and Gases 220.127.116.11 Coal 8.7.3 Power Generation 8.7.4 Power Distribution 8.7.5 Asset Integrity Management Services 8.7.6 Project Lifecycle Services 8.7.7 Others 8.8 Industrial and Manufacturing 8.9 Medical and Life Sciences 8.10 Mining 8.11 Oil & Gas and Petroleum 8.12 Public Sector 8.12.1 Product Conformity Assessment (PCA) Requires TIC Services to Ensure Products Meet Country-Level Regulations 8.12.2 Product Conformity Assessment Services 8.12.3 Monitoring Services 8.12.4 Valuation Services 8.12.5 Others 8.13 Automotive 8.13.1 Vehicle Inspection Services (Vis) in Automotive Industry Foster Growth of TIC Market 8.13.2 Electrical Systems and Components 8.13.3 Electric Vehicles, Hybrid Electric Vehicles, and Battery Systems 8.13.4 Telematics 8.13.5 Fuels, Fluids, and Lubricants 8.13.6 Interior and Exterior Materials and Components 8.13.7 Vehicle Inspection Services (Vis) 8.13.8 Homologation Testing 8.13.9 Others 8.14 Aerospace 8.15 Marine 8.16 Railways 8.17 Supply Chain and Logistics 8.18 It and Telecom 8.19 Sports & Entertainment
9 Geographic Analysis 9.1 Introduction 9.2 North America 9.3 Europe 9.4 Asia-Pacific 9.5 Rest of the World
10 Competitive Landscape 10.1 Overview 10.2 Ranking Analysis: TIC Market 10.3 Competitive Leadership Mapping, 2019 10.3.1 Visionary Leaders 10.3.2 Dynamic Differentiators 10.3.3 Innovators 10.3.4 Emerging Companies 10.3.5 Strength of Service Portfolio 10.3.6 Business Strategy Excellence 10.4 Competitive Situation and Trends 10.4.1 Service Expansions 10.4.2 Service Launches and Developments 10.4.3 Acquisitions 10.4.4 Partnerships and Agreements
11 Company Profiles 11.1 Introduction 11.2 Key Players 11.2.1 Sgs Group 11.2.2 Bureau Veritas 11.2.3 Intertek 11.2.4 Dekra Se 11.2.5 Eurofins Scientific 11.2.6 Tv Sd 11.2.7 Dnv Gl 11.2.8 Tv Rheinland 11.2.9 Applus+ 11.2.10 Als Limited 11.2.11 Tv Nord Group 11.2.12 Lloyd'S Register Group Limited 11.2.13 Mistras 11.2.14 Element Materials Technology 11.2.15 Ul LLC 11.3 Other Important Players and Associations 11.3.1 Irclass 11.3.2 Qs Testing 11.3.3 Thomas Bell-Wright International Consultants 11.3.4 TIC Sera 11.3.5 Hohenstein 11.3.6 Apave International 11.3.7 Sai Global 11.3.8 Astm International 11.3.9 Vde Testing Institute 11.3.10 Keystone Compliance 11.3.11 Washington Laboratories Ltd. 11.3.12 Force Technology 11.3.13 Kiwa Inspecta 11.3.14 Rina S.P.A. 11.3.15 Technick Inpekcia 11.3.16 Trk Loydu 11.3.17 Safety Assessment Federation (Safed) 11.3.18 Hv Technologies Inc. 11.4 Key Innovators 11.4.1 Avomeen Analytical Services 11.4.2 Envigo 11.4.3 Gateway Analytical 11.4.4 Medistri Sa
12 Adjacent and Related Markets 12.1 Introduction 12.2 Limitations 12.3 TIC Ecosystem and Interconnected Markets 12.4 Automotive TIC Market, by Application 12.4.1 Electrical Systems and Components 12.4.2 Electrical Vehicles, Hybrid Electric Vehicles, and Battery Systems 12.4.3 Telematics 12.4.4 Fuels, Fluids, and Lubricants 12.4.5 Interior and Exterior Materials and Components 12.4.6 Vehicle Inspection Services (Vis) 12.4.7 Homologation Testing 12.4.8 Others 12.5 Automotive TIC Market, by Region 12.5.1 North America 12.5.2 Europe 12.5.3 Apac 12.5.4 Row