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Testing, Inspection, & Certification Market: Agriculture and food application to grow at highest CAGR

 



(IT-NEWSWIRE.COM, February 23, 2021 ) The report "Testing, Inspection, & Certification Market by Offering (In-house & Outsourced Services), Application (Consumer Goods & Retail, Agriculture & Food, Chemicals, Energy & Power, Automotive, IT & Telecommunications) & Geography - Global Forecast to 2025" is expected to grow at a CAGR% of 3.6% from USD 204.2 billion in 2020 to USD 243.7 billion in 2025. The primary reasons for this rise in demand is the increasing need for safety, surge in the illicit trade of counterfeit and pirated goods, advancements in networking and communication technologies, and inclination toward outsourced TIC services.



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Certification service to grow at highest CAGR of TIC market, by service type, in 2020



The market for certification services is expected to grow at the highest CAGR during the forecast period. Certification bodies are providing product certification issue product certificates or licenses to organizations, which entitles them to display a mark of conformity of their products or issue a certificate indicating the products conformity with specified requirements. Product certification can offer the customer formal documentation that the product they have purchased has been tested by qualified personnel to the applicable codes and/or standards.



Agriculture and food application to grow at highest CAGR during forecast period



TIC services for the agriculture industry are required to ensure quality and improve the productivity of food products. These services also support companies playing a crucial role in trading agricultural commodities and food products by acquiring international certifications. Moreover, changing regulations, especially in the agriculture space across the world, would drive the adoption of TIC services by manufacturers.



APAC to hold largest share of TIC market in 2020



The highest CAGR growth is due to the presence of giant manufacturing electronic companies in countries such as China, Japan, India, as well as Vietnam, the Philippines, and Bangladesh. Domestic markets in APAC are growing rapidly owing to the rising per capita income among the middle-class population. Moreover, there is a growing consumer awareness about the importance of certification. TIC players are increasing their horizon by setting up their testing labs in the APAC countries as the potential of APAC countries on the overall various applications.



A few key players operating in the TIC market are SGS (Switzerland), Bureau Veritas (France), Intertek (UK), Eurofins Scientific (Luxembourg), DEKRA (Germany), TÜV SÜD (Germany), TÜV Rheinland (Germany), DNV GL (Norway), among others.



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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.



MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.



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MarketsandMarkets™

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