Testing,
inspection and certification (T.I.C.) companies provide services
across industries such as automotives, aviations, maritime, oil and
gas, petrochemicals, textile, electrical, agriculture, environmental,
food, life sciences, pharmaceuticals, medicals, consumer goods and
others. These services include quality and safety services,
performance of products, shipments valuation, ensuring imports comply
with domestic and international standards, industrial inspection,
supplier evaluation and outsourcing of laboratories among others.
These services render proper assurance to the customers or end-users
the domestic and global standards and regulations to meet the product
quality have been strictly followed by the manufacturing companies.
Testing and inspection services facilitate the examination of any
particular product that meets the specified standards for
manufacturing. Certification services officially state that a product
has been manufactured following the specified domestic and global
standards. The standards are designed, developed and published by the
various government organizations and non-government standardization
institutions across the world.
The
growth of testing, inspection and certification services have
increased globally, owing to the increasing consumer awareness about
the products in almost every sector. Additionally, the robust growth
of the industry is also influenced by increasing globalization of
international laws and standards, continued introduction of new
standards owing to the development of technology and improved safety
legislation and standards. Moreover, improved risk awareness and
emphasis on risk prevention by customers is also influencing the
growth of the market. Customers seek third party assurance in terms
of product safety and risk prevention. One of the major restraints in
the growth of the TIC market is the lack of internationally accepted
standards and domestic government directives. The industry
consolidation enabled by the synergizing strategy adopted by the key
companies in this industry is expected to drive the market further
during the forecast period.
The
testing, inspection and certification market can be segmented on
basis of end use and geography. The segmentation on the basis of end
use includes, aerospace, automotives, maritime, automation,
electronics, life sciences and others. Geographically, the entire
global testing, inspection and certification (TIC) Market has been
classified into regions such as North America, Europe, Asia Pacific
and the Rest of the world. North America and Europe are two major
markets for the TICs globally owing to the growing awareness of
safety in every sector. Asia Pacific region nations such as China,
Japan, India, Malaysia and Australia among others are attracting huge
market opportunities for the global TIC services owing to the rapidly
developing industries such as automation, automotives, electronics
healthcare, pharmaceuticals, aviation and medical devices among other
emerging markets. Rest of the world region which includes, the Middle
East, Africa and Latin America are also growing at a significant
rate. The TIC market currently registering substantial growth in
emerging economies such as India, China, South Korea, Brazil, UAE and
Saudi Arabia among others and is expected to grow further owing to
the regulatory proposals from various governments.
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