The global TIC Industry size is predicted to reach USD 2297.8 billion by 2025, asserts Market Research Future (MRFR) in its report. It can exhibit 16.4% growth rate from 2019 to 2025. Testing inspection and certifications are being increasingly adopted by customers to gain information rapidly, connect with their peers on social media platforms, and communicate with others. MRFR’s report on the TIC Industry focuses on rapid changes in technologies and latest evolutions. It offers drivers, opportunities, and restraints for the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market.
The global TIC Industry is set to thrive over the forecast period owing to safety maintenance and high expectations of quality of products. Stringent quality assurance tests, high maintenance checks, and introduction of new standards to protect customers from accidents can bode well for the market. New entrants in sunrise industries can benefit from the market by improving their credibility by passing these tests.
Increasing awareness among customers and high levels of testing in the food and beverage sector to protect them can be opportune to the market. Growth of manufacturers in the Asia-Pacific and overgrowing demand of goods can push the TIC Industry growth.
But differentiations in rules and regulations on basis of states and countries can hamper the market.
COVID-19 Impact Analysis:
The TIC Industry has been highly affected by the COVID-19 pandemic due to inspection tests undertaken to lower risks to services and production have taken a hit. Innovations in technologies and techniques to conduct inspections remotely and safely can allow health inspectors, clients, and other participants to be diligent from the confines of their homes.
In-house Servicing to Register Huge Growth
The in-house servicing segment is set to register huge growth owing to companies creating in-house departments dedicated to quality assurance and control. Companies looking to becoming a brand will invest in QC processes to weed out defective products and avoid product recall in huge numbers.
Industrial Application to Glean Huge Revenue
The industrial application is set to be highly lucrative for the TIC market due to strict regulations passed by governments regarding products. Assessment of products through third parties and prevention of commercialization of sub-par products can drive application growth.
MISTRAS Group, Inc. (U.S.), BSI Group (U.K.), Intertek Group plc. (the U.K.), ALS Limited (Australia), Bureau Veritas SA (France), Dekra Certification GmbH (Germany), SAI Global Limited (Australia), UL LLC (U.S.), SGS Group (Switzerland), and ASTM International (U.S.) are key players in the global testing inspection and certification market.
APAC to Showcase Huge Growth Potential
Asia-Pacific (APAC) is set to exhibit a strong growth rate during the forecast period owing to stringent government regulations for protecting customers from defective products. High economic growth of nations in the region and expanding middle-class can drive regional market demand.
National Technical Systems (NTS), an independent provider of TIC solutions, has added a new shaker system in its laboratory for testing shock and vibration standards.
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