As per the current market research conducted by CMI Team, the North America TIC Market size is expected to record a CAGR of b from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 70.84 billion. By 2032, the valuation is anticipated to reach USD 89.47 billion.
North America Testing, Inspection, and Certification (TIC) Market: Growth Factors and Dynamics
- More Emphasis Towards Sustainability and Environmental Impact: The emphasis on sustainable practices and reducing environmental impact is growing in North America. TIC services are essential for evaluating environmental performance and ensuring compliance of products, processes, and organizations. Companies are increasingly seeking TIC services to obtain certifications related to energy efficiency, waste management, carbon footprint, and sustainable sourcing.
- Increase in Trend for Outsourcing TIC Services: Many companies in North America are choosing to outsource their TIC requirements to third-party service providers. Outsourcing provides advantages such as cost savings, access to specialized expertise, and flexibility. This trend has contributed to the expansion of the TIC market as companies recognize the value of partnering with experienced TIC providers.
- Increasing Focus on Consumer Safety and Quality: Consumers in North America are becoming more mindful of the safety and quality of the products they purchase. This shift has generated a growing demand for independent testing and certification services to verify compliance with quality standards such as ISO, ASTM, UL, and CSA. TIC companies play a crucial role in assuring consumers and enhancing brand reputation.
- More Technological Advancements in the TIC Services: The TIC industry has undergone a transformation with the adoption of advanced technologies like the Internet of Things (IoT), artificial intelligence (AI), big data analytics, and blockchain. These technologies enable more efficient and accurate testing, inspection, and certification processes, resulting in improved productivity and reduced costs. TIC companies are leveraging these advancements to offer innovative solutions and maintain competitiveness in the market.
North America Testing, Inspection, and Certification (TIC) Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the North America TIC Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Disruption of Supply Chains: COVID-19 led to disruptions in global supply chains, affecting the transportation of goods and materials. This had a direct impact on the TIC market, as the demand for testing and inspection services decreased due to manufacturing slowdowns and supply chain interruptions. Almost all industries faced some issues in getting necessary certifications, impacting their ability to deliver products and services.
- Increased Demand for Health and Safety Testing: COVID-19 resulted in a more focus on health and safety measures among consumers across the globe. As the demand for personal protective equipment (PPE), medical devices, sanitization processes, and workplace safety increased sharply, there was a surge in demand for testing and certification services. TIC companies played a critical role in ensuring the compliance of these products and processes with health and safety standards.
- Shift to Remote and Digital Solutions: To adapt to the limitations imposed (such as lockdowns) by the pandemic, TIC companies rapidly adopted remote and digital solutions. There was an increase in demand for Virtual inspections, online documentation, and remote auditing services which could be performed well remotely. The use of technologies such as video conferencing, data sharing platforms, and digital documentation helped maintain business continuity and enabled TIC services to be conducted remotely.
- Focus on Essential Industries: During the pandemic, there was a shift in focus towards essential industries such as healthcare, pharmaceuticals, food and beverage, and logistics. These industries required uninterrupted testing and inspection services to ensure the availability and safety of critical products and services. TIC companies redirected their resources to meet the increased demand from these sectors.
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Prominent Players in the North America Testing, Inspection, and Certification (TIC) Market:
- Bureau Veritas
- Intertek Group plc
- SGS SA
- TÜV SÜD
- DEKRA
- UL LLC (Underwriters Laboratories)
- NSF International
- Element Materials Technology
- Eurofins Scientific
- ALS Limited
- Lloyd’s Register Group Services Limited
- DNV GL
- Applus+ Group
- TÜV Rheinland
- MISTRAS Group Inc
- Others
Table of Contents: https://www.custommarketinsights.com/report/north-america-tic-market/#table-of-contents
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