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Europe is dominating the TIC services market with over 40% of share in the revenue. The stringent government regulations related to product safety are aggregating the demand for TIC services in the region. For instance, the European Union along with the local government has introduced various stringent guidelines mandating the use of NDT services to ensure employee and product safety. This is encouraging the adoption of TIC services in the region. The increasing digitalization across industry sectors along with the use of advanced machinery is also propelling the TIC service market in the region.Request a sample of this premium report at: https://www.marketstudyreport.com/request-a-sample/1206939/?utm_source=marketersmedia.com-SP
Testing Inspection and Certification (TIC) Market will surpass USD 260 billion by 2025. The growth of the market is driven the privatization of testing, inspection, and certification services. Previously, these services were conducted by government organizations; however, the increasing pressure on government authorities to reduce the operation cost has led to the privatization of services. The companies are conducting testing services in in-house facilities and outsourcing their testing requirements to third-party service providers. Stringent government regulations related to the safety of products, assets, and infrastructure are also serving as a major driving force for the market.
Outsourced TIC services will grow at a CAGR of over 8% during the forecast period. The rising demand for third-party service providers is presenting numerous opportunities for market growth. The rising demand to reduce the cost of operation and gain business agility is driving organizations to outsource their testing, inspection, and certification requirements from third-party service providers. The growing need among organizations to concentrate on their core business competencies is further accelerating the adoption of outsourced TIC services.
The testing services segment accounts for more than 65% of share in the TIC services market. Globalization is the primary factor driving the growth of testing services. As organizations are scaling their operations across geographies, they must comply with different regulations and standards for products & services. To address these challenges, companies are leveraging on third-party service providers to conduct testing services. This is driving the demand for testing service providers across the globe.
The transportation sector is leading the TIC services market with more than 20% share in the revenue in 2018. The market is driven by stringent government regulations and policies to maintain the safety of the components used in the automotive, railways, marine, and aerospace domains. The increasing incidences of non-compliance with industry associations standards across the automotive sector are further accelerating the adoption of TIC services. The rapid adoption of advanced technologies and automation in the sector are also paving the way for the growth of TIC services.
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The TIC services market is characterized to be a highly fragmented yet competitive market. The market consists of more than one thousand players including both multinational companies and regional players. Multinational companies are leveraging inorganic growth strategies to gain market share and strengthen their position in the market, whereas, regional players are mainly focusing on expanding their service portfolio and customer base.
Table of Content:
Chapter 1. Methodology & Scope
Chapter 2. Executive Summary
Chapter 3. Global TIC Services Industry Insights
Chapter 4. Competitive Landscape
Chapter 5. Global TIC Services Market, By Service
Chapter 6. Global TIC Services Market, By Type
Chapter 7. Global TIC Services Market, By Application
Chapter 8. Global TIC Services Market, By Region
Chapter 9. Global TIC Services Market Company Profiles
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