Worldwide TIC Market to Hit USD 300 Bn by 2030

Global Market Insights Inc.

Major TIC market participants include DEKRA, Apave International, SGS SA, Intertek Group PLC, Eurofins Scientific, and Bureau Veritas alongside DNV GLs, TUV Rheinland, Kiwa Group, TUV SUD, TUV Nord, and SYNLAB.

SELBYVILLE, Del., Aug. 8, 2022 /PRNewswire/ -- The TIC market is expected to record a valuation of USD 300 billion by 2030, according to the most recent study by Global Market Insights Inc. The increasing demand for testing services to guarantee the connected devices' efficient interoperability across various industry verticals will spur market expansion. IoT devices can benefit from testing in several ways, including enhanced test coverage, quick defect corrections, increased testing efficiency, and the removal of hardware resource bottlenecks.

The report cites the rising government initiatives for greater sustainability to generate lucrative growth prospects for the testing, inspection, and certification industry. For instance, in May 2022, Intertek introduced a new audit program, the Think Green Initiative 3.0 (TGI), in order to help businesses, combat climate change through advancements in key environmental performance metrics.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/2318

The TIC market from the certification segment is poised to exhibit a growth rate of 8% during 2022 to 2030. Certification processes aid manufacturers in ensuring that their products or services are compliant with specific standards and regulations and approved by authorized third-party organizations. The rapid rise of globalization and the subsequent dissolution of global barriers has facilitated trade activities among countries, which could further contribute to segmental growth.

The outsourced segment held nearly 35% of the global TIC market share in 2021. Businesses worldwide are shifting focus to outsourcing for testing, inspection, and certification needs, owing to benefits such as reduced labor costs, enhanced efficiency, and safety in various levels of compliance. Outsourced TIC services are gaining momentum across numerous industrial sectors, including automotive, consumer electronics, and oil & gas, among others, which could augment industry dynamics.