Market Overview:
Testing, inspection, and certification services help ensure products meet quality, health, safety, and environmental standards during manufacturing and before reaching the market. They play a vital role in reducing risks for customers and boosting consumer confidence in products. The TIC market covers a wide range of services such as testing physical/mechanical properties, inspection of production processes, auditing management systems, calibration, certification, and more. Demand is driven by stricter regulations on product compliance and safety, globalization of supply chains, and the need to maintain quality standards.

Market key trends:
One of the major trends in the TIC market is the rising outsourcing of testing and inspection services by manufacturers to third-party providers. This allows companies to focus on their core competencies while leveraging external expertise. There is also growing demand for integrated and customized TIC solutions that involve consultancy, auditing, certification, and training in addition to testing and inspection. Furthermore, digital transformation and technologies such as IoT, AI, and blockchain are enabling remote and real-time monitoring of products/processes. This is supporting the development of predictive maintenance and quality assurance solutions.

Porter’s Analysis
Threat of new entrants: The TIC market requires high initial capital investments and strict compliances which create significant entry barriers for new players.

Bargaining power of buyers: Due to the fragmented nature of the market with the presence of large number of buyers, buyers have moderate bargaining power in the market.

Bargaining power of suppliers: The Global Testing, Inspection, and Certification (TIC) Market has numerous global suppliers providing testing equipment and certification services. This gives high bargaining power to suppliers.

Threat of new substitutes: There exists low threat from substitute services or products in the TIC market since it provides niche services pertaining to quality and safety certifications.

Competitive rivalry: The market witnesses high competition among the top players due to their large global presence and wide service portfolio.

Key Takeaways
The global Testing, Inspection, and Certification (TIC) market is expected to witness high growth, exhibiting CAGR of 3.2% over the forecast period, due to increasing global trade and outsourcing of testing services. Asia Pacific region dominated the market, accounting for over 35% share in 2022 driven by high manufacturing output from China, India and Southeast Asian countries.

The North American region is expected to grow at a CAGR of around 4% during 2023-2030. Stringent regulations regarding product approvals and environmental compliances across sectors such as oil & gas, construction and food & beverages are propelling the demand for TIC services in the region.

Key players operating in the TIC market are SGS Group, Bureau Veritas SA, TUV Rheinland Group, Intertek Group PLC, ALS Limited, DNV GL, MISTRAS, Lloyd’s Register Group Limited, Underwriters Laboratories Inc., ABS Group, and ASTM International. SGS Group holds the leading market position globally, leveraging its wide geographic presence and diversified service portfolio.

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