Testing, Inspection, and Certification (TIC) Market is Expected to Reach $105.99 Billion, Growing at a CAGR of 2.4% From 2020 with COVID-19 Impact - Meticulous Research Analysis
, in its latest publication, titled
"Testing, Inspection, and Certification Market
by Service, End User (Retail, Agriculture, Oil and Gas, Construction, Chemicals, Machinery, Transportation, Automotive, Government, Marine, Healthcare), and Region - Forecast to 2027", states that the testing, inspection, and certification market is expected to reach $105.99 billion, at a CAGR of 2.4% from 2020.
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The TIC sector consists of conformity assessment bodies that provide services ranging from auditing and inspection to testing, verification, quality assurance, and certification. TIC companies cater to a diverse range of industry sectors and a variety of standards and legislation. These range from agriculture, automotive, raw materials, IT and electronics, environmental protection, food testing, and oil and gas industries right through to maritime, medicine, education, tourism, logistics, consumer products, and more. The growth of the overall testing, inspection, and certification market is primarily attributed to the strict regulatory standards imposed by governments and the rise in the illicit trade of forged & pirated goods. The surge in consumer awareness about food safety offers lucrative growth opportunities for the growth of the market. However, a lack of testing facilities and skilled resources can obstruct the market's growth up to some extent.