Global TIC Market Growing at 3.6% CAGR, Driven by Quality Demand

NEW YORK - Jan. 31, 2025 - PRLog -- The global testing, inspection, and certification (TIC) market was valued at $234.9 billion in 2024 and is projected to reach $289.8 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.6% during this period. This growth is driven by the increasing demand for quality products, expanding construction activities, and the burgeoning healthcare infrastructure.

Additionally, the rise in public transportation modes and the emphasis on safe and effective TIC practices by enterprises contribute significantly to market expansion. Strict government regulations for quality assurance, especially in pharmaceutical products, and the growth of end-use sectors like consumer goods and retail, further bolster the market's prospects.

Key Insights

Service Type Analysis

In 2022, the testing segment dominated the market, accounting for approximately 60% of the revenue. This is attributed to its extensive application across industries such as energy & utilities, automotive, oil & gas, and manufacturing. The increasing preference for packaged food among younger demographics also fuels the demand for food testing services.

Sourcing Type Trends

The in-house services segment held a larger market share, over 60%, in 2022 and is expected to maintain this lead. Advantages such as on-site availability, flexibility in employing expertise, and the ability to tailor processes to specific organizational needs make in-house services appealing. They offer enhanced control and a deeper understanding of operations, benefiting businesses aiming for high standards and safety.

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Regional Dynamics

Asia-Pacific (APAC) led the market with around 40% revenue share in 2022 and is expected to continue its dominance. Factors such as economic development in countries like China, India, Japan, and South Korea; growth in end-use industries including consumer goods & retail and IT & telecommunication; and rising consumer spending due to increased per capita income drive this trend.

Competitive Landscape

The TIC market is characterized by its fragmented nature, with numerous players contributing to its dynamics. Prominent companies include SGS SA, Bureau Veritas, Intertek Group plc, TÜV NORD GROUP, Eurofins Scientific Limited, TÜV Rheinland Group, DEKRA SE, DNV AS Group Communications, Applus+ Servicios Tecnológicos S.L, ALS Limited, and Element Materials Technology Group Limited.

The TIC market's growth trajectory is influenced by a combination of stringent regulatory frameworks, technological innovations, and the expanding needs of various industries to ensure product quality and safety. As globalization and industrialization continue to advance, the demand for comprehensive TIC services is expected to rise, presenting significant opportunities for industry stakeholders.