Global Testing, Inspection and Certification Market: Stringent Safety Rules and Regulations Compel Increased Adoption of TIC Services

The global market for testing, inspection, and certification (TIC) could face a high level of fragmentation in its vendor landscape owing to the presence of a large number of players sustaining amid intense competition but promising growth avenues, observes Transparency Market Research in a recent report. So as to strengthen their positions and earn lucrative growth opportunities, companies are targeting strategic collaborations, mergers, acquisitions, and expansion across lucrative emerging economies.

The report estimates that the global testing, inspection and certification market will clock in a CAGR of 5.8% from 2017 to 2025 and rise from an opportunity of US$184,545.5 mn in 2016 to US$299,628.6 mn by 2025.

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In terms of services, the testing and inspection segment held approximately 95% of the global market in 2016. This is primarily due to the increased focus on monitoring and maintaining hygienic, healthy, and conducive production environments along the supply chain in order to safeguard the safety and quality of products. While the scenario is expected to remain largely unchanged over the near future as well, the certification segment could also a steady rise in demand over the report’s forecast period.

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Geographically, the market in Europe is presently the chief contributor of revenue to the global market. The regional market accounted for over 33% of the overall market in 2016, chiefly owing to the stringent regulations concerning safety of products from industries such as food and beverages, transportation and logistics, chemical, and water and wastewater. The region is also expected to maintain its lead over the report’s forecast period.

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Pragati Pathrotkar

As one of the lead news writers on cmfenews, Pragati’s specialization lies in the science and technology domains. Her passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Pragati’s take on the impact of digital technologies across the science, technology, and business domains gives her writing a fresh and modern outlook.

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