The global testing, inspection and certification (TIC) market is projected to reach USD 404.7 billion by 2025 and grow at a CAGR of 5.2% over the forecast period from 2019 to 2025, according to Million Insights. TIC services were quickly rolled out across multiple industries due to stringent government standards for testing, inspection, and certification. Market participants focus on covering multiple industries and sectors with different standards and legislations worldwide.

Due to the growing presence of international actors in developing regions, governments are helping industry participants to regulate and maintain the quality of several & products through third party inspection services. Additionally, the development of economies, rising food safety awareness, and environmental protection are other important factors that are expected to drive market growth over the forecast period. Growing consumer concern about health and safety issues with electronic products has forced the government to impose some regulations and standards on the manufacturing industry.

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Due to rapid globalization, supply chains are becoming very complex. Growing outsourcing and consumer exemptions for high quality products have resulted in increased demand for TIC services. Therefore, companies strive to ensure that infrastructures, products and processes comply with government standards such as health, &, safety, reducing the risk of injury and accidents, protecting the environment and reducing social responsibility. This includes services such as inspection and testing of bulk carriers including grain, petroleum and livestock.

The Asia-Pacific region is expected to grow steadily over the forecast period due to increasing regulatory and economic factors. In this region, governments of several countries are implementing multiple development plans in various industries such as agriculture, infrastructure, automotive, food, and manufacturing. TIC services are expected to reshape themselves as they integrate with various technologies such as connected vehicles, connected devices, artificial intelligence and mobile payment. It is therefore expected that the introduction of such technologies in these industries will increase the regional growth of the TIC market in the forecast period.

• The increasing use of TIC services in the infrastructure, construction and manufacturing sectors is expected in the next few years open up new market growth opportunities.

• The increase in the use of tests, inspections and certification (TIC) in multiple industries such as consumer products, manufacturing and automotive is expected to drive market growth over the forecast period.

• In Asia -Pacific region, governments of developing countries implement different development plans. For example, the Chinese government announced the development of a transport solution to stimulate the growth of the transport sector.

• Large players acquire start-ups to offer innovative products and expand their geographical presence.

• Applause; Intertek Group plc; Veritas SA office; UL LLC; DNV-GL; Eurofins Scientific; Element material technology; SGS SA; TÜV NORD GROUP; ALS Limited; MISTRAS Group, Inc .; and DEKRA SE; TÜV Rheinland; and TÜV SÜD; are the leading players in this market.

Million Insights has segmented the global TIC market by service type, procurement type, application, and region:

• Life Science Tools Market: In relation to the published report the global life science tools market valued at $ 92.2 billion in 2020. An annual growth rate of 11.9% is estimated from 2021 to 2028.

• & data capture tag market: The global market for & data capture tag market was $ 1.0 billion in 2019 and is expected to grow with a CAGR of 26.0% in the forecast period from 2020 to 2027.

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