Testing, Inspection and Certification Market Analysis, Growth, Trend, and Forecast, 2024: Global Market Insights Inc.
Testing, Inspection and Certification (TIC) Market size is anticipated to grow at a steady rate over the years owing to the rising awareness about the quality of products among the consumers. The growing consumption of high-quality products in emerging economies further contributes to the industry demand. Increasing demand for various certification services due to the substantial rise in the production of counterfeit products worldwide is a major factor driving the TIC market growth. Stringent rules and specified standards adhering to international standards are imposed on import-export materials by the government & international standardization institutions. It is expected to provide impetus to the rising demand for various certification services. Awareness among companies about the fact that certifications enhance the marketability and validate the compliance of their products is fueling the TIC market growth. In India, food products, which contain additives or ingredients that do not adhere to the given standards in the Food Safety and Standards Act and Regulations require an approval from FSSAI.
Due to the huge number of applications pending for the product approval, the FSSAI has replaced the traditional manual system with a new online system, the Food Product Approval System (FPAS).In the recent years, rising standards owing to the environment and human safety are becoming compulsory for certain category of products, driving the demand for such services. Due to the increasing regulations and standards, companies can no longer build in-house inspection and testing capabilities, which are projected to increase the number of third-party service providers. To reduce the cost-related to testing services, industry players operating in various domains are increasingly outsourcing services, contributing to the TIC market growth. The divergence in regulations and standards across different geographies is an important factor restraining the TIC market growth. Furthermore, the lack of globallyaccepted standards is anticipated to hamper the industry demand. The presence of different standards & regulations in countries across various regions is compelling the manufacturers to restrict their import & export activities, which might have a negative impact on the TIC market.
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