As cited by 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 was worth USD 263.41 billion in 2020 and is reckoned to expand at a remarkable CAGR over 2021-2026.
 

Increasing mergers & acquisitions among major firms in order to drive overall development and to support mid-sized TIC organizations is a major factor propelling global testing, inspection and certification (TIC) market growth.
 

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Furthermore, robust GDP development in BRIC nations, and increasing adherence to government guidelines are creating a favorable outlook for market development. Growing efforts towards industry standardization owing to availability of progressively dependable and secure products, coupled with expanding client awareness for linking safe and productive businesses are also stimulating the industry growth.
 

Based on service type, worldwide testing, inspection and certification (TIC) market is classified into inspection, testing, and certification. Among these, testing segment is slated to grow at a remarkable pace over 2021-2026, owing to rapid globalization. Furthermore, increasing preference for globally sourced products is also propelling segmental growth due to presence of quality benchmarks across various geographies.
 

 By source type, the industry fragmentation comprises in-house, and outsourced. In-house segment accounted for a major industry share in 2020 and is slated to register a healthy growth through 2026, as in-house team offers ability to organizations to exercise unlimited authority over the entire TIC procedure.
 

Moving on to application scope, global testing, inspection and certification (TIC) market is arrayed into food & agriculture, consumer goods & retail, oil, gas & petroleum, industrial & manufacturing, construction & infrastructure, transportation, energy & power, automotive, supply chain & logistics, and others. Consumer goods & retail segment currently holds a major share in the market, driven by surging demand for TIC benefits in personal care, hard products, softlines, and accessories.
 

From a regional frame of reference, Europe accounted for a major industry share in 2020, while Asia Pacific is expected to showcase high returns over the assessment period. Factors such as rising consumer awareness, along with tightening government norms for product safety & quality are expected to propel regional market growth.