Cognizance into Testing, Inspection, and Certification (TIC) Services Market and it’s growth prospects

The global testing, inspection and certification (TIC) market is gaining traction and it is likely to record substantial gains over the next few years. TIC services are experiencing a significant demand, with rapid globalization and the introduction of stringent government regulations.
TIC companies cater to the needs of a diverse range of end-use verticals and a variety of standards and regulations. These sectors range from automotive, agriculture, IT & electronics, and raw materials to food testing, environmental protection, healthcare, maritime, oil & gas, education, logistics, tourism, consumer products and more.
The different types of TIC services include product testing, industrial site inspections, supply chain certifications, periodic car inspections, management system auditing and certification, consignment based conformity assessments, and pre-shipment inspection, among numerous others.
Testing, inspection, and certification services help manufacturers to ensure a greater consumer protection with safer products. Additionally, they help government agencies enhance efficiency and utilize scarce market surveillance resources effectively. Manufacturers can use these services to minimize in-house compliance costs and meet global market requirements more easily.
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On the basis of services, the TIC industry is segmented into testing, inspection, certification, and other services. The others segment is projected to grow at a steady CAGR of 4% through 2026. This growth will be primarily driven by the increasing demand for consultation and asset management services in the industrial and manufacturing sectors.
A large number of TIC companies are helping manufacturing firms digital transform their asset integrity processes. The adoption of digital asset management services, these companies can record and compare the state of any assets within their business in real time. In addition, these assets can also be linked with advanced BI tools.
TIC services are extensively used in construction, infrastructure, agriculture & food, consumer products, life science, transportation, oil, gas & chemical, energy, industrial machinery, and mining applications.
Oil, gas, and chemical applications accounted for more than 15% revenue share of the TIC industry in 2019 and will continue to hold a fair share of the market in the future. These trends can be associated with the growing adoption of TIC services in the manufacturing, storage, and transportation of oil, gas, and chemical products. These services are used in upstream, downstream, as well as petrochemical applications.
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TIC firms offer a diverse range of technical, operational, and analytical services for companies operating in the oil, gas, and chemical sectors. These services are designed to minimize the risk, to add value, and to comply with international regulations and standards.
In terms of the regional landscape, the Middle East and Africa TIC market is poised to record a healthy CAGR of around 7% through 2026. The regional trends can be attributed to the increasing demand for TIC services in the oil and gas refineries.
Table of Contents
Chapter 1: Methodology & Scope
	
1.1. Scope & definition
	
1.2. Methodology & forecast parameter
	
1.3. Data Sources	
		
1.3.1. Secondary
		
1.3.2. Primary
	
	
Chapter 2: Executive Summary
	
2.1. TIC services industry 360 degree synopsis, 2015 - 2026	
		
2.1.1. Business trends
		
2.1.2. Regional trends
		
2.1.3. Service trends
		
2.1.4. Type trends
		
2.1.5. Application trends
	
	
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