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In the global testing, inspection, and certification (TIC) market independent conformity assessments are carried out by regulatory bodies, accredited and certified third-party companies, and organizations. The TIC market represents conformity assessments of products, goods, operations, systems, and management, but not financial auditing.

This study analyzes the dynamics and market potential of outsourced third-party independent TIC companies and excludes in-house testing. The global TIC market is fragmented and intensely competitive, characterized by a few global players and numerous participants at the regional level.

Therefore, in an effort to subdue pricing pressure, TIC market participants resort to acquisitions. The majority of global TIC companies have acquired companies in the last couple of years. However, in 2019, a shift in strategy emerged that focuses on organic growth. This trend is likely to remain consistent during the study’s forecast period (2020-2025); although vertical-specific strategic activities will differ. For instance, companies serving capital asset-intensive markets will likely focus on operational expenditure (OPEX) to achieve sustained revenue, whereas companies serving consumer verticals will focus on enhancing lab capability and capacity in testing connected devices.