Dublin, Feb. 16, 2021 (GLOBE NEWSWIRE) — The “Digital Transformation Powers the Global Testing, Inspection, and Certification Market” report has been added to ResearchAndMarkets.com’s offering.
In the global testing, inspection, and certification (TIC) market independent conformity assessments are carried out by regulatory bodies, accredited and certified third-party companies, and organizations. The TIC market represents conformity assessments of products, goods, operations, systems, and management, but not financial auditing.
This study analyzes the dynamics and market potential of outsourced third-party independent TIC companies and excludes in-house testing. The global TIC market is fragmented and intensely competitive, characterized by a few global players and numerous participants at the regional level.
Therefore, in an effort to subdue pricing pressure, TIC market participants resort to acquisitions. The majority of global TIC companies have acquired companies in the last couple of years. However, in 2019, a shift in strategy emerged that focuses on organic growth. This trend is likely to remain consistent during the study’s forecast period (2020-2025); although vertical-specific strategic activities will differ.
For instance, companies serving capital asset-intensive markets will likely focus on operational expenditure (OPEX) to achieve sustained revenue, whereas companies serving consumer verticals will focus on enhancing lab capability and capacity in testing connected devices.
Vertical-specific dynamics dominate revenue contribution and growth in the outsourced third-party TIC market. The percentage of outsourcing differs by vertical. While penetration into in-house TIC poses significant challenges involving cost-effectiveness, the on-set of digital transformation should be leveraged to develop new service models and seize opportunity in the massive in-house TIC market. The market verticals covered in this research are: agri & food, automotive, chemicals, consumer goods and retail, construction, energy and power, heavy equipment, marine, mining, oil & gas, aerospace and rail, life sciences, and others.
The publisher has combined primary and secondary research to provide a holistic view of the market, which is evaluated predominantly through a bottom-up approach. The research reveals market size; growth in the next 5 years, including the impact inflicted by the COVID-19 pandemic; revenue by type of service and sub-segment within verticals; and share analysis of top companies within each vertical. Finally, this study explores the various opportunities that TIC participants should consider to realize organic growth during the forecast period.
Key Issues Addressed
- What is the outsourced TIC market revenue?
- How did the market fare from 2016 to 2019?
- What impact will the COVID-19 pandemic have on TIC revenue?
- How long will it take to reach pre-COVID-19 levels?
- Which verticals have been resilient and which have been much affected by COVID-19?
- What is the long-term growth prospect provided by each vertical for varied services?
Key Topics Covered:
- Why is it Increasingly Difficult to Grow?
- The Strategic Imperative
- The Impact of the Top 3 Strategic Imperatives on the Global Testing, Inspection, and Certification Market
- Growth Opportunities Fuel the Growth Pipeline Engin
Growth Opportunity Analysis, Global Testing, Inspection, and Certification Market
- TIC Market Overview
- Market Definition
- TIC Market Segmentation
- Key Competitors in TIC Market
- Key Growth Metrics in TIC Market
- Growth Drivers for TIC Market
- Growth Driver Analysis for the TIC Market
- Growth Restraints for the TIC Market
- Growth Restraint Analysis for the TIC Market
- Forecast Assumptions
- Revenue Forecast
- Revenue Forecast Analysis
- Revenue Forecast by Service Type
- Revenue Forecast Analysis by Service Type
- Revenue Forecast by Vertical
- Percent Revenue Forecast by Vertical
- Percent Revenue Forecast Analysis by Vertical
- Revenue Growth Analysis by Vertical
- Revenue Forecast Analysis by Vertical
- Revenue Forecast by Region
- Revenue Forecast Analysis by Region
- Competitive Environment
- Market Share Analysis
Growth Opportunity Analysis, Oil And Gas TIC Market
Growth Opportunity Analysis, Agri & Food TIC Market
Growth Opportunity Analysis, Automotive TIC Market
Growth Opportunity Analysis, Energy and Power TIC Market
Growth Opportunity Analysis, Heavy Equipment and Machinery TIC Market
Growth Opportunity Analysis, Marine TIC Market
Growth Opportunity Analysis, Mining TIC Market
Growth Opportunity Analysis, Consumer Goods & Retail TIC Market
Growth Opportunity Analysis, Chemicals TIC Market
Growth Opportunity Analysis, Construction TIC Market
Growth Opportunity Analysis, Life Sciences TIC Market
Growth Opportunity Analysis, Aerospace and Rail TIC Market
Growth Opportunity Analysis, Others TIC Market
Growth Opportunity Universe, TIC Market
- Growth Opportunity 1-Technology Convergence Provides New Service Development Opportunities
- Growth Opportunity 2-Sustainability Challenges Generate New Testing Opportunities
- Growth Opportunity 3-Service Transformation is Essential to Embrance Migration to Electric Vehicles
- Growth Opportunity 4-Market Entry into Cybersecurity Unfolds Service Development Capability in Software Testing
- Growth Opportunity 5-5G has Created Crossroads between Verticals that should be Capitalized By TIC Companies
For more information about this report visit https://www.researchandmarkets.com/r/txjvj
CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900