Dublin, April 08, 2021 (GLOBE NEWSWIRE) -- The "Global Testing, Inspection and Certification (TIC) Market - Analysis By Service, Source, Application, By Region, By Country (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Testing, Inspection & Certification (TIC) Market, valued at USD 263.41 billion in the year 2020 has been witnessing unprecedented growth in the last few years on the back of mergers and acquisitions that drives solid development for players and supports mid-level TIC organizations. Also, 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 moves 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.
Among the Service segment in the Testing, Inspection & Certification market (Testing, Inspection, and 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 2020 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 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.
The European region had the largest market in year 2020 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.
Key Topics Covered:
1. Report Scope and Methodology
2. Strategic Recommendations
3. Global Testing, Inspection & Certification Market: Sizing and Forecast
4. Global Testing, Inspection & Certification Market Segmentation By Service Type (By Value)
5. Global Testing, Inspection & Certification Market Segmentation By Source Type (By Value)
6. Global Testing, Inspection & Certification Market Segmentation By Application (By Value)
7. Global Testing, Inspection & Certification (TIC) Market: Regional Analysis
8. Americas Testing, Inspection & Certification Market: An Analysis (2016-2026)
9. Europe Testing, Inspection & Certification Market: An Analysis (2016-2026)
10. Asia Pacific Testing, Inspection & Certification Market: An Analysis (2016-2026)
11. Global Testing, Inspection & Certification Market Dynamics
12. Market Attractiveness and Strategic Analysis
13. Competitive Landscape
14. Supply chain compliance in Food and Agriculture TIC Market
15. Risk Monitoring in Food and Agriculture TIC Market
16. Regulatory Compliance in Food and Agriculture TIC Market
17. Company Profiles (Business Description, Financial Analysis, Business Strategy)
For more information about this report visit https://www.researchandmarkets.com/r/6uevkj
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