According to the research report titled ‘Global Testing, Inspection and Certification (TIC) Market - Analysis By Service, Source, Application, By Region, By Country (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)’, available with Market Study Report, global testing, inspection, and certification (TIC) market had generated revenues worth USD 263.41 billion in the year 2020 and is set to record a robust compound annual growth rate through 2026.
 

Increasing number of mergers & acquisitions among industry leaders and manufacturers, improving economic conditions of BRIC nations, growing importance of complying with regulatory standards, and rapid globalization are some of the key factors driving the growth of global testing, inspection, and certification market.
 

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As per service type, the report states that testing service segment is predicted to expand considerably during the study period. Increasing popularity of outsourcing owing to rapid globalization coupled with presence of several item benchmarks are fueling the segmental share.
 

Moving on to source type, the in-house segment is reckoned to amass lucrative revenues for global testing, inspection and certification industry by 2026. In-house testing is known to provide organizations unrestricted access to the whole production procedure, which in turn is favoring the overall market scenario.
 

Based on application spectrum, global testing, inspection and certification industry share from consumer goods & retail is reckoned to witness stellar growth during the study period. This growth can be attributed to growing demand for TIC solutions in softlines and accessories, hard products, personal care items, and electrical hardware among others.
 

From the regional point of view, Europe is likely to account for the largest share in global testing, inspection and certification industry, with Asia-Pacific witnessing the highest CAGR through 2026. Increasing awareness regarding TIC solutions in consort with strict regulations pertaining to quality and safety of products are facilitating the business outlook in Europe.
 

Eurofins Scientific, Applus+, IBM Food Trust, Intertek Group plc, ALS Limited, DNV, TÜV SÜD, Bureau Veritas, and SGS S.A are the prominent companies operating in global testing, inspection and certification industry.