The TIC market is expected to grow at a CAGR% of 3.6% from USD 204.2 billion in 2020 to USD 243.7 billion in 2025. The primary reasons for this rise in demand is the increasing need for safety, surge in the illicit trade of counterfeit and pirated goods, advancements in networking and communication technologies, and inclination toward outsourced TIC services.
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COVID-19 impact on global TIC market, by service type, in 2020
Many companies across the world have increased the manufacturing of medical equipment such as ventilators, personal protective equipment (PPE) kits, and N-95 masks, which has provided the players in the TIC market ample opportunities to test and certify these medical equipment. Many companies such as Eurofins and TÜV SÜD have started testing ventilators and masks. Thus, the escalated demand for testing services from the healthcare industry is driving the growth of the TIC market at present. If the coronavirus cases keep on increasing, it will surge the demand for these services in the next few months as well.
Certification service to grow at highest CAGR of TIC market, by service type, in 2020
The market for certification services is expected to grow at the highest CAGR during the forecast period. Certification bodies are providing product certification issue product certificates or licenses to organizations, which entitles them to display a mark of conformity of their products or issue a certificate indicating the products conformity with specified requirements. Product certification can offer the customer formal documentation that the product they have purchased has been tested by qualified personnel to the applicable codes and/or standards.
Agriculture and food application to grow at highest CAGR during forecast period
TIC services for the agriculture industry are required to ensure quality and improve the productivity of food products. These services also support companies playing a crucial role in trading agricultural commodities and food products by acquiring international certifications. Moreover, changing regulations, especially in the agriculture space across the world, would drive the adoption of TIC services by manufacturers.
APAC to hold largest share of TIC market in 2020
The highest CAGR growth is due to the presence of giant manufacturing electronic companies in countries such as China, Japan, India, as well as Vietnam, the Philippines, and Bangladesh. Domestic markets in APAC are growing rapidly owing to the rising per capita income among the middle-class population. Moreover, there is a growing consumer awareness about the importance of certification. TIC players are increasing their horizon by setting up their testing labs in the APAC countries as the potential of APAC countries on the overall various applications.
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A few key players operating in the TIC market are SGS (Switzerland), Bureau Veritas (France), Intertek (UK), Eurofins Scientific (Luxembourg), DEKRA (Germany), TÜV SÜD (Germany), TÜV Rheinland (Germany), DNV GL (Norway), among others.