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TIC Services Market 2020| Dynamics, Forecast, Analysis and Supply Demand 2025

Author : Ronak Bora | Published Date : 2020-08-20 

The global TIC services market share is anticipated to exceed USD 260 billion by 2025, driven by the obligation of companies towards meeting specific product requirements and to comply with international quality standards.

The growth of the market is driven the privatization of testing, inspection, and certification services. Previously, these services were conducted by government organizations; however, the increasing pressure on government authorities to reduce the operation cost has led to the privatization of services. The companies are conducting testing services in in-house facilities and outsourcing their testing requirements to third-party service providers. Stringent government regulations related to the safety of products, assets, and infrastructure are also serving as a major driving force for the TIC services market.

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Globalization is also one of the major factors augmenting the demand for TIC services market. As the global trading is increasing, the value chain and safety standards are becoming more complex. As a result, regulatory authorities and governments are increasing their surveillance and supervision activities for trades to maintain the quality & safety of products. This is driving the demand for TIC services. Moreover, an upsurge in conscious consumerism will continue a large-scale piling pressure on companies to protect their brand reputation. This has driven many businesses to adopt TIC services as they deliver real competitive advantages.

As governments and international agencies are constantly raising the weight, material and other standards of automobile components to enhance the safety and efficiency of vehicles, the TIC services industry is subsequently gaining massive popularity. OEMs as well as small auto component vendors are striving to achieve high level of quality and get certified, to get documented and provide validity to their proficiencies and expertise.

Frequent inspection and evaluation of manufacturing processes by in-house or third party services to maintain a grip on the quality level will continually boost the TIC services market.

The TIC services market is rapidly witnessing demand from the healthcare and life sciences segment, with test and inspection reports of pharmaceutical equipment being critical in assessing whether the international standards are met. TIC companies are trying their best to evolve with technological developments and remain up-to-date with new regulations pertaining to safety and quality.

Europe is dominating the TIC services market with over 40% of share in the revenue. The stringent government regulations related to product safety are aggregating the demand for TIC services in the region. For instance, the European Union along with the local government has introduced various stringent guidelines mandating the use of NDT services to ensure employee and product safety. This is encouraging the adoption of TIC services in the region. The increasing digitalization across industry sectors along with the use of advanced machinery is also propelling the TIC service market in the region.

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The TIC services market is characterized to be a highly fragmented yet competitive market. The market consists of more than one thousand players including both multinational companies and regional players. Multinational companies are leveraging inorganic growth strategies to gain market share and strengthen their position in the market, whereas, regional players are mainly focusing on expanding their service portfolio and customer base.

Table of Contents (ToC) of the report:

Chapter 5. Global TIC Market, By Service

5.1. Key trends, by service

5.2. Testing

5.2.1. Market estimates and forecast, 2014 - 2025

5.2.2. Market estimates and forecast, by region, 2014 - 2025

5.3. Inspection

5.3.1. Market estimates and forecast, 2014 - 2025

5.3.2. Market estimates and forecast, by region, 2014 - 2025

5.4. Certification

5.4.1. Market estimates and forecast, 2014 - 2025

5.4.2. Market estimates and forecast, by region, 2014 - 2025

5.5. Others

5.5.1. Market estimates and forecast, 2014 - 2025

5.5.2. Market estimates and forecast, by region, 2014 - 2025

Chapter 6. Global TIC Services Market, By Type

6.1. Key trends, by type

6.2. In-house

6.2.1. Market estimates and forecast, 2014 - 2025

6.2.2. Market estimates and forecast, by region, 2014 - 2025

6.3. Outsource

6.3.1. Market estimates and forecast, 2014 - 2025

6.3.2. Market estimates and forecast, by region, 2014 - 2025

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/testing-inspection-certification-tic-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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