North America Testing, Inspection, and Certification (TIC) Services Market size in 2017 was assessed to be over USD 30 billion and is projected to grow at a CAGR of 6% over the forecast period.
Get more details on this report - Request Free Sample PDF
The North America TIC market is driven by stringent government regulations & standards across various industry verticals in the region. Globalization has led to an increase in the number of food imports from other regions. This has resulted in the rising number of testing, inspection, & certification activities in the region. This growth in the number of counterfeit goods has driven government authorities to implement various guidelines. The regulations are intended to limit the inflow of counterfeit goods from foreign regions. The lack of commonly accepted standards and the growth in protectionist policies have been the major challenges restraining market growth. These protectionist policies impose high tariffs on imports from foreign regions.
The testing services market has dominated the TIC market in North America with a market share of over 60% in 2017. This market growth is credited to growing concerns among consumers regarding the quality of products. This surge in the conscious consumerism is promoting the use of testing services among companies to defend their reputation by adhering to regulatory standards & polices.
The U.S. TIC market is anticipated to attain a growth rate of over 5% during the forecast timespan due to an upsurge in food safety audits in the country. According to the FDA, the country imports approximately 10% to 15% of its total food supplies. The Food and Drug Administration (FDA) had introduced numerous food safety polices to improve the country’s food safety system with its primary focus on preventing foodborne illnesses. The lack of commonly accepted standards among various states of the country is the major factor restricting TIC market growth in the country.
The North America TIC market is characterized by the presence of various players such as SGS, Applus, SYNLAB, SOCOTEC, Kiwa Group, TUV Nord, and Bureau Veritas. Major players are leveraging on inorganic growth strategies, such as mergers & acquisitions, to gain market share. These companies are primarily targeting small players to expand their geographical reach and increase profitability. For instance, in June 2018, SGS acquired Polymer Solutions Incorporated (PSI), an independent material testing laboratory specializing in polymer science. This acquisition is aimed at strategically enhancing its global platform of materials science and testing laboratories to support the further expansion of its added-value services in new markets.
Segments we cover:
The above information has been provided for the following countries: