Testing, Inspection and Certification Market: Quantitative Market Analysis, Current and Future Trends
The global market for testing, inspection, and certification (TIC) could face a high level of fragmentation in its vendor landscape owing to the presence of a large number of players sustaining amid intense competition but promising growth avenues, observes Transparency Market Research in a recent report. So as to strengthen their positions and earn lucrative growth opportunities, companies are targeting strategic collaborations, mergers, acquisitions, and expansion across lucrative emerging economies. The report estimates that the global testing, inspection and certification market will clock in a CAGR of 5.8% from 2017 to 2025 and rise from an opportunity of US$184,545.5 mn in 2016 to US$299,628.6 mn by 2025. Europe to Retain Dominant Spot throughout Forecast In terms of services, the testing and inspection segment held approximately 95% of the global market in 2016. This is primarily due to the increased focus on monitoring and maintaining hygienic, healthy, and conducive produc...