The TIC market is estimated to grow from USD 209.4 billion in 2019 to USD 266.2 billion by 2024--growing at a CAGR of 4.91%
LONDON, April 3, 2019 /PRNewswire/ -- The TIC market estimated to grow at a CAGR of 4.91% from 2019 to 2024
The TIC market is estimated to grow from USD 209.4 billion in 2019 to USD 266.2 billion by 2024—growing at a CAGR of 4.91%. The growth of the TIC market is driven by the increase in disposable income and rapid urbanization in developing economies; high growth in product recalls across the world; high adoption of outsourcing service models by worldwide manufacturers; increased requirement for harmonized standards; surge in illicit trading, counterfeiting, and piracy practices across the world; and enforcement of rigorous government regulations and standards across various sectors. However, the complex nature of supply chains and long lead time for overseas qualification tests pose major challenges for players in the TIC market.
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Escalating need to get products certified will boost the demand for certification services in the coming years
The market for certification services is estimated to grow at a higher CAGR during the forecast period.Certification demonstrates a company's credibility in the market.
Certification services in the TIC market validate the result of a test or inspection against a range of pre-specified standards set by governments, international standardization institutions, or clients.Generally, certification or safety marks are applied to the product.
This service is crucial for manufacturers to demonstrate the compliance of their products with specific standards and improve the marketability of their products.
Requirement of highly advanced capabilities and expertise to evaluate the performance and reduce the delivery time contributing to the growth of the automotive with the highest CAGR during the forecast period
The market for the automotive application is estimated to grow at the highest CAGR during the forecast period.Automotive testing requires highly advanced capabilities and expertise to evaluate the performance and reduce the delivery time of a vehicle.
Governments are increasingly focusing on implementing legislation to prevent road accidents and minimize the environmental impact of non-compliant vehicles. Manufacturers and suppliers have to ensure higher safety standards, sustainable quality, and operational excellence in meeting government safety standards.
The market in APAC is expected to witness the highest CAGR during the forecast period
The market in APAC is estimated to grow at the highest higher CAGR during the forecast period.Countries in APAC such as China and Japan are the most developed countries, with significant export capacity.
However, its imports are mainly targeted at the agriculture, petroleum, and mining industries, among others.Major industries in APAC include consumer electronics, processed foods, and agriculture.
These industries have a significant demand for TIC services to stay in compliance with international standards.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry people.
The breakup of the profile of primary participants has been given below:
• By Company Type: Tier 1 – 56%, Tier 2 – 18%, and Tier 3 – 26%
• By Designation: C-Level Executives – 45%, Directors – 30%, and Others – 25%
• By Region: North America – 36%, Europe – 22%, APAC – 28%, and RoW – 14%
SGS Group (Switzerland), Bureau Veritas SA (France), Intertek (UK), and TÜV SÜD Group (Germany), Eurofins Scientific (Luxembourg), DNV GL (Norway), TÜV Rheinland Group (Germany), Applus+ (Spain), ALS Limited (Australia), TÜV NORD Group (Germany), Lloyd's Register Group Limited (UK), MISTRAS (US), Element Materials Technology (UK), and UL LLC (US) are a few leading players in the TIC market.
Research Coverage:
• Major service types in the TIC market are testing, inspection, and certification.
• By sourcing type, the TIC market has been segmented into in-house and outsourced services.
• By application, the TIC market has been segmented into consumer goods and retails, agriculture and food, chemicals, construction and infrastructure, energy & power, industrial and manufacturing. Medical and life sciences, mining, oil & gas and petroleum, public sector, automotive, marine, rail, supply chain & logistics, IT & telecom, and sports & entertainment
• The geographic analysis is done with regard to 4 regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to Buy This Report:
From an insight perspective, this research report has focused on various levels of analysis—industry analysis (industry trends), market ranking analysis of top players, value chain analysis; company profiles, which discuss the basic views on the competitive landscape, emerging and high-growth segments of the TIC market, and high-growth regions; and drivers, restraints, challenges, and opportunities pertaining to the TIC market.
The report provides insights on the following pointers:
• Market penetration: Comprehensive information on TIC services offered by the top players in the overall TIC market
• Market development: Comprehensive information about lucrative emerging markets—the report analyzes the markets for TIC across regions
• Market diversification: Exhaustive information about untapped geographies, recent developments, and investments in the overall TIC market
• Competitive assessment: In-depth assessment of market ranking analysis, strategies, services offering capabilities of the leading players in the TIC market
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