Published on : May 31, 2019
Albany, New York, May 31, 2019: Digital technologies have been the catalyst in bringing paradigm shift in the testing, inspection and certification (TIC) industry, often led by new entrants. Irrespective of sector, TIC companies work to vouch for safety, performance of the product, security, services or process. TIC businesses have mainly been focusing on verification of new or installed hardware, such as cars or machinery. With the development of regulatory requirements, global trade and outsourcing, the demand for these external services have too shored. The Testing, Inspection, and Certification market is expected to grow at a CAGR of over 5 percent between 2018 and 2028. Against the backdrop of the challenges facing the economy, this scores a positive outlook.
These actionable insights are according to the report, titled, “Global Market Study on Testing, Inspection, & Certification: Increasing Outsourcing of Services & Tightening Regulatory Standards Trend in TIC Landscape,” which has been of late added to Market Research Hub’s (MRH) exhaustive repository.
The role of TIC businesses is changing as the digital technologies perceive a larger role in offering TIC services over the next decade. For instance, mobile payments, connective devices and connected cars are gradually becoming more commonplace, making software inspection and testing as vital as hardware inspection and testing. Accordingly, technologies, namely, smart sensors; blockchain; cloud and cybersecurity; next-generation automation; big data and analytics; connected devices and augmented/virtual reality will provide access to more data, thereby allowing TIC companies to create a new value-adding services.
Healthy Appetite of Tier 1, Tier 2 & Private Equity Drive M&A Scene
Pertinent players have pledged considerable funding form Mergers and Acquisitions and have announced grandiose short-term targets. For instance, buoyed by the completion of 12 transactions in 2017, SGC has moved a step closer to its highly-anticipated strategic plan of acquiring revenues of CHF 1 billion by 2020-end.
First tier, second tier and private equity-backed companies are highly acquisitive. The healthy appetite of tier 1 and tier 2 companies is driving an agile M&A scene. Emerging economies, such as China exhibit tremendous opportunities for M&A. With the development of indigenous industries and expedition in exports, burgeoning urbanization and introduction of rigorous standards, China is likely to offer growth opportunities to TIC players.
Testing, Inspection, and Certification: Report Content
Qualitative and quantitative analysis substantiate the intelligence report on the testing, inspection, and certification market. The report thoroughly delineates the facets in the market that are expected to have the bearing on the development of the testing, inspection, and certification market, including drivers, restraints, trends, and opportunities. In addition, the report also sheds light on segregation of the market that aims at providing an exhaustive analysis on testing, inspection, and certification.
On the other hand, the report delves into benchmarking to analyze the performance of the products and business processes and shed light on the performances of competitor companies both inside and outside the industry in quest for superior performance.
The dynamic analysis of the competitive scenario of the testing, inspection, and certification market counts on Porters’ Five Force Analysis. Accordingly, the Porters’ Five Force Analysis offers deep dive analysis on the potential strategies of the leading players in the testing, inspection, and certification market. Further, the business strategies banks on company profile, product portfolio, SWOT analysis, recent development and key differentiation.
Testing, Inspection, and Certification: Research Methodology
The report on testing, inspection, and certification market hinges upon primary sources and secondary sources, which offer in-depth insights and assessments. Furthermore, the report is rest upon authentic and unbiased sources. The report relies upon primary research propelled by veracious and honest analysis from experts, telephonic interview and deep-dive analysis from seasoned analyst, and surveys. Meanwhile, the secondary research includes Factiva, EC filing, press release, governmental websites, resourceful database, and trade journals.
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