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North America TIC Services Market size worth over $40bn by 2024
Published Date: 2019-03-20
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According to the Graphical Research new growth forecast report titled “North America Testing, Inspection and Certification (TIC) Services Market Size By Type (In-House, Outsource), By Application (Life Science, Consumer Product, Agriculture & Food, Construction, Transportation, Energy, Oil, Gas, & Chemical, Mining), By Service (Testing, Inspection, Certification), Countries Outlook (U.S., Canada), Industry Report, Growth Analysis & Forecast, 2018 – 2024”, estimated to exceed USD 40 Billion By 2024
The North America TIC market is fostered by the rising number of rigorous government regulations to promote consumer safety and enhance the product quality. The region imports billions of dollars of products to fulfill the rapidly growing consumer demands. In 2017, the U.S. imported goods worth USD 2.614 trillion from across the globe. Most of the imports do not comply with consumer safety standards set by the regulatory authorities in the region. This is driving the demand for TIC services across various industry verticals to ensure compliance with standards and guidelines set by the government.
The outsourcing market is expected to attain a CAGR of over 8% over the projected timespan. Prominent companies & public institutions are increasingly outsourcing TIC activities to external specialist’s service providers. The company’s primary objective for outsourcing TIC activities is to lower the company’s cost and thereby focus on its core competency. The external TIC service providers help companies achieve higher product quality as they employ testing personnel, who possess expertise in a wide range of TIC methodologies. This facilitates high-quality assurance across its services.
The consumer products market is anticipated to grow at a CAGR of over 9% during the forecast timeline. The consumer quality expectations and safety requirement needs are growing day-by-day. The factors that influence TIC services in the consumer market are increased consumer spending, rising awareness regarding quality, and the safety of consumer products. Furthermore, stringent rules and regulations by local, national, and international governments and growth in the marketability of the product by conforming to the defined standards are driving the TIC of the consumer products market.
The players operating in the North America TIC market are CSA Group, NTS, SGS, Dekra, Bureau Veritas, Kiwa, and ALS Global. Mergers and acquisitions have been the commonly used strategy by various major players to extend their geographical reach in foreign markets. For instance, in June 2016, SGS acquired IPS Testing, a testing laboratory offering physical and analytical testing services for paper, pulp, fabrics, and medical supplies.
Segments we cover:
North America TIC Services Market Statistics, By Providers
North America TIC Services Market Growth, By Type
North America TIC Services Market Trends, By Application
- Agriculture & Food
- Life Science
- Consumer Products
- Oil, Gas & Chemical
The above information is provided for the following countries: