PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1516088
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1516088
Testing, Inspection and Certification (TIC) Services Market size is projected to grow at over 6% CAGR between 2024 and 2032. The increasing globalization and international trade are necessitating stringent quality and safety standards, further boosting demand for several services. The rising regulatory compliance requirements across various sectors, including automotive, food and beverages, and pharmaceuticals are also driving the deployment of TIC services.
In November 2023, international life sciences company GBA Group acquired a significant stake in India's fast-growing Eureka Analytical Services Pvt Ltd. GBA plans to continue investing in India's food, pharma, and environmental testing markets. Such partnerships and acquisitions of companies are outlining the scope for innovations in TIC service sectors. The rapid expansion of industries, such as renewable energy, healthcare, and construction is leading to the growing consumer awareness and demand for high-quality, safe products. The trend of outsourcing TIC services for cost efficiency and expertise access is also complimenting the industry growth.
The overall market is segregated into service, type, application, and region.
In terms of service, the TIC services industry from the inspection segment is projected to depict substantial gains between 2024 and 2032, driven by the stringent regulatory requirements and the rising need for compliance across sectors like automotive, manufacturing, and construction. The increasing globalization and international trade are necessitating rigorous inspection processes to ensure quality and safety. Rapid advancements in inspection methods, including non-destructive testing and automation are also improving their efficiency and accuracy.
TIC services market size from the agriculture & food application segment will expand at substantial rate between 2024 and 2032. This is owing to the stringent food safety regulations, increasing consumer demand for high-quality products, and the rising need to ensure supply chain integrity. The surging global trade in agricultural products is also necessitating rigorous testing and certification to meet international standards, adding to the segment growth.
Regionally, the Asia Pacific TIC services industry size is estimated to showcase significant growth between 2024 and 2032. This can be attributed to the increasing regulatory compliance requirements, rising consumer awareness about product safety, and expanding international trade. Rapid industrialization and advancements in sectors like automotive, electronics, and agriculture are spurring the demand for TIC services. Technological innovations in testing and inspection methods for enhancing service efficiency and accuracy will further drive the regional industry expansion.