The global Testing Services Market could face a high level of fragmentation in its vendor landscape owing to the presence of a large number of players sustaining amid intense competition but promising growth avenues, observes Transparency Market Research in a recent report. So as to strengthen their positions and earn lucrative growth opportunities, companies are targeting strategic collaborations, mergers, acquisitions, and expansion across lucrative emerging economies.
The report estimates that the global Testing Services market will clock in a CAGR of 5.8% from 2017 to 2025 and rise from an opportunity of US$184,545.5 mn in 2016 to US$299,628.6 mn by 2025.
In terms of services, the testing and inspection segment held approximately 95% of the global market in 2016. This is primarily due to the increased focus on monitoring and maintaining hygienic, healthy, and conducive production environments along the supply chain in order to safeguard the safety and quality of products. While the scenario is expected to remain largely unchanged over the near future as well, the certification segment could also a steady rise in demand over the report’s forecast period.
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Testing Services services are becoming increasingly important for companies spanning a vast number of industries as these services ensure the maintenance of health, safety, and quality requirements of the concerned products. Increasing focus of the enterprise sector on safety legislations and standards, diversified requirement of products, and standard regulations are some of the factors responsible for the growth of the Testing Services Market.
In the European Union, for instance, the General Safety Regulation (EC) No 661/2009 in 2014 mandated advanced safety features in every new van, car, bus and truck sold in the European Union. The new features included ISOFIX child seat anchorages, tire pressure monitoring systems and driver seatbelt reminders. Moreover new buses and trucks must also be armed with lane departure warning systems as well as advanced emergency braking systems. Food safety particularly earns high prominence in countries across North America, calling for advanced technology for Testing Services services. So as to adhere to all these regulations, the demand for TIC services has ramped up in the recent years and continues to be fueled.
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Increased outsourcing of TIC services is expected to emerge as a key opportunities for companies in the global Testing Services market over the forecast period. The Testing Services are unceasingly adopted by the emerging economies such as Asia Pacific and South America, which is further anticipated to drive the growth of Testing Services over the forecast period.