Testing, Inspection, and Certification (TIC) Services Market Size in North America, Share, Regional and Industry Forecast 2024
Category: #technology  By Ronak Bora  Date: 2021-05-03
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Testing, Inspection, and Certification (TIC) Services Market Size in North America, Share, Regional and Industry Forecast 2024

The North America testing, inspection, and certification (TIC) services market size is anticipated to accrue a revenue of over $40 billion by 2024. As testing, inspection and certification (TIC) companies cater to the requirements of virtually all industries, the demand for these services in North America is set to gather momentum. The specific role played by these services differ considerably between countries and sectors.

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One of the major drivers of the market is the versatility in terms of applicability of these services. TIC services are used across IT & electronics, agriculture, food testing, automotive, environmental protection, oil & gas, healthcare, logistics, tourism, consumer products, education, and more.

Drivers are the spiraling demand for TIC services including quality control, industrial site inspections, product inspection, supply chain certifications, pre-shipment inspection, and conformity assessments, among others.

The following three trending phenomena have been influencing the North America testing, inspection, and certification (TIC) services market outlook:

Rigorous implementation of government regulations

North America has been importing products worth millions of dollars in order to fulfill the necessities of the consumers in the region. For instance, during 2017, the U.S. recorded the total volume of imported goods at $2,614 trillion.

The thriving international trade has resulted in higher stringency of government standards in order to ensure optimal safety of consumers. As a large portion of these imported goods need to comply with these regulations, the demand across the North America testing, inspection, and certification (TIC) services market forecast has been spiraling.

Certification services have particularly been gaining traction in the region, driven by the augmented demand for FDA-approved, high, quality, and standardized medical products in the healthcare domain. The medical & healthcare sector might emerge as a leading segment in the testing, inspection, and certification (TIC) services market in North America.

Growing concerns associated with safety of consumer products

The demand for consumer products has been witnessing significant upsurge recently. The TIC industry share from the segment is expected to surge at a 9% CAGR through 2024. The rise in demand can be primarily attributed to the quality expectations of the consumers alongside the government safety requirements.

The expanding awareness pertaining to optimal safety and quality of products, growing spending capacities, and compliance with government mandates are some major accelerators of the North America testing, inspection, and certification (TIC) services market.

For instance, the FDA, under its 1976 Medical Device Amendments to the Federal Food, Drug, and Cosmetic Act (FDCA), “reasonable assurance of safety and effectiveness” of new medical devices is mandatory. The performance targets for evaluation by the government in the U.S. and other North American nations has also been spurring growth of the testing, inspection, and certification requirements.

Outsourcing segment to see considerable expansion

The outsourcing segment in the North America testing, inspection, and certification (TIC) services market has been projected to rise at an 8% CAGR through the forecast years. The trend of outsourcing TIC to external specialists amongst leading public institutions and companies is expanding.

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Several companies have been seeking to leverage the advantages accompanying third-party TIC services, whereby they can boost their revenue through reduction of costs and focus toward their core competencies. The third-party TIC providers assist the companies to boost product quality through the expertise of their testing personnel who are familiar with a wide array of TIC methodologies. These benefits of outsourcing have been fueling the North America TIC services market outlook.

Browse Related Report:

Asia Pacific Testing, Inspection and Certification (TIC) Services Market Size, By Type (In-house, Outsource), By Service (Testing, Inspection, Certification), By Application (Agriculture & Food {Seeds & Crop, Fertilizers, Food, Trade & Logistics, Pest Control & Fumigation}, Construction {Building Material [Material Testing, Material Certification, Coating Inspection & Failure Analysis], Infrastructure, Capital Equipment}, Life Science {Pharmaceuticals, Clinical Trials, Environmental, Medical Devices}, Consumer Products {Hardline, Softline, Electronics, Household, Personal Care & Cosmetics, Hazardous Area Equipment}, Transportation {Automotive, Marine & Offshore, Railways, Aerospace}, Energy {Energy Source, Power Generation, Power Distribution}, Oil, Gas & Chemical {Upstream, Midstream, Downstream, Petrochemicals, Chemical Feedstock, Finished Product}, Mining, Industrial Machinery), Industry Analysis Report, Regional Outlook (Australia, China, India, Japan, South Korea, Singapore), Growth Potential, Competitive Market Share & Forecast, 2020 – 2026

https://www.graphicalresearch.com/industry-insights/1147/apac-testing-inspection-and-certification-tic-services-market

Europe Testing, Inspection, and Certification (TIC) Services Market Growth By Application (Agriculture & Food, Life Science, Construction, Consumer Product, Transportation, Energy, Oil, Gas, & Chemical, Mining), By Service (Testing, Inspection, Certification), By Type (In-House, Outsource), Countries Outlook (UK, Germany, France, Italy, Spain, Russia, Denmark), Industry Forecast, 2018 – 2024

https://www.graphicalresearch.com/industry-insights/1145/europe-testing-inspection-and-certification-tic-services-market

Table of Contents (ToC) of the report:

Chapter 1.Methodology & Scope

  • Market scope & definitions
  • Assumptions
  • Research methodology
     

Chapter 2.Executive Summary
 

Chapter 3.Industry Insights

  • Industry segmentation
  • Industry ecosystem analysis
  • Industry impact forces
    • Growth drivers
    • Growth restraints
  • Regulatory overview
  • Porter’s analysis
  • PESTEL analysis
  • Competitive landscape, 2017

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1146/north-america-tic-services-market

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Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.

 

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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