Consumer Goods & Retail holds the major share in the TIC market followed by Food & Agriculture

Date: 1 March 2020

According to a research report published by Azoth Analytics in February 2020, the Global Testing, Inspection & Certification Market was valued at USD 265.85 Billion in the year 2019. The positive outlook of Testing, Inspection & Certification industry can be credited to variables, such as solid GDP development in the BRIC nations, an expanding drive to uphold guidelines by governments, global exchange items and administrations; and move towards industry standardization because of better, progressively dependable and more secure products with expanding end-client awareness connecting a safe business with a productive business. 

Detox campaigns, for example, Greenpeace's ZDHC (Zero Discharge of Hazardous Chemicals) battle across Europe and America, which is planned for diminishing the use of perilous material compound substances utilized in material industry (second biggest polluter of new water around the world) are assessed to have a huge impact on the work of TIC service providers. 

Leading Testing, Inspection & Certification manufacturers are focusing on the development of more advanced technology products and laboratories for testing and inspection activities. For example, SGS created Renovo, a self-funding, full scale waste management system and implemented Renovo in the Ivory Coast and Ghana, to help nations successfully dispose of their waste. Also, Bureau Veritas together with Worldline (Atos Group), has rolled out several pilot food traceability solutions based on blockchain technology under its Origin label.

The Azoth Analytics Research Report  Global  Testing, Inspection and Certification Market has presented the analysis of TIC World Market By Service Type (Testing, Inspection, Certification), By Source Type (In-house, Outsourced) and By Application (Consumer Goods & Retail, Food & Agriculture, Oil & Gas and Petroleum, Construction & Infrastructure, Industrial & Manufacturing, Transportation, Automotive, Energy & Power, Others). The regions analysed in the region include (Americas, Europe, APAC and the countries analysed include US, France, Germany, India and China. The Europe region has the largest market in year 2019 while it is estimated that Asia Pacific will show the fastest growth during the forecast period with China being the leading country in the region followed by India. Factors backing the growth of the region are growing consumer awareness coupled with increasing government norms for the safety and quality of the products that are being consumed by the consumers. 

Among the Service segment in the Testing, Inspection & Certification market (Testing, Inspection, Certification), Testing Service has been gaining popularity among various end-user segments and is expected to keep major market share in the forecast period owing to rising globalization, which has additionally encouraged the development in worldwide sourcing. These worldwide global sourcing practices have expanded the interest for testing services because of the presence of various item benchmarks across various areas. 

Based on Source Type segment, In-house segment dominates the market share in year 2019 and is also expected to show dominance during the forecast period because In-house testing administrations give organizations unlimited authority over the whole procedure. For instance, IBM has a dedicated in-house testing division to conduct its product testing.

Based on Application segment, Consumer Goods & Retail holds the major share in the TIC market followed by Food & Agriculture, Oil & Gas and Petroleum segment. This growth is application is driven by the expanding requirement for TIC benefits in personal care and beauty products, hard products, softlines and accessories, toys and adolescent items, and electrical and hardware, among others.