Global TIC Market for Logistics & Supply Chain Industry is Anticipated to grow at a Significant Pace and was USD 9.82 billion in 2020

Published Date: Oct, 2021

The TIC market for the logistics & supply chain industry is expected to witness a CAGR of 3.3% during the forecast period. Globalization has increased the cross-border sourcing, specialization, and the outsourcing of complementary activities. The workload of the TIC organization has also increased.  The end users are anticipating high-tech and quality products to be delivered in a short span of time at optimal costs. Buyers must ensure that the quantity and quality of the products they receive meet the specifications, especially from foreign suppliers. Moreover, buyers who want to take advantage of world market price advantages must ensure quality conformance to maintain their brand equity, resulting in the growth of the TIC market for the supply chain and logistics industry.

The COVID-19 pandemic has disrupted the supply chain globally. Moreover, it has affected the company’s competitive strategies, economic growth, and job creation in the logistics and supply chain industry. Thus, the TIC market is anticipated to recover from the COVID-19 outbreak owing to innovation in services such as virtual inspections, visual inspection, and remote auditing.  

Bureau Veritas, a world leader in testing, inspection, and certification (TIC) services, is launching Supply-R, a solution designed to meet companies’ new challenges relating to supplier network reliability and ensuring business continuity in all circumstances.

Browse 53 market data Tables and 35 Figures spread through 200 Pages and in-depth TOC on " TIC Market for Logistics & Supply Chain Industry by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (Warehouse Management, Transportation, Labor Management, Less Than Truckload (LTL), Inbound Logistics, Outbound Logistics, Cargo, ERP, and Others), and Region - Global Forecast to 2027"

By sourcing type, in-house segment is playing an important role in the TIC market for the logistics & supply chain industry during the forecast period.

Based on sourcing type, the TIC market for the logistics and supply chain industry is bifurcated into in-house and outsourced. The in-house segment dominates the market in 2020 owing to its cost-effectiveness, and have control over the entire process in terms of productivity, lead time, and inventory management. Moreover, in-house supply chain management will provide various advantages such as increased quality control, hire skilled employees who can align with the culture and company’s vision, better control and visibility into the operational cost.

Global TIC Market for Logistics & Supply Chain Industry Segmentation Analysis

Segment

Categorization

Leading Category

Sourcing Type

In-House and Outsourced

In-House (Largest)

Service Type

Testing, Inspection, and Certification

Inspection (Fastest) Certification

 (High CAGR)

Industry Vertical

Warehouse Management, Transportation, Labor Management, Less Than Truckload (LTL), Inbound Logistics, Outbound Logistics, Cargo, ERP, and Others

Inbound Logistics (Significant Growth)

Smart & Wireless Devices (Fastest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America (Largest)

Asia-Pacific

(High CAGR)

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“APAC is anticipated to witness high CAGR during the forecast period in the TIC market for logistics & supply chain industry.”

The Asia Pacific region is projected to be having a high CAGR over the forecasted period owing to the adoption of advanced technologies in the TIC market for the logistics & supply chain industry. There are growing investment investments in infrastructure by the government and private enterprises especially in India and Indonesia, so as to ease the movement and improving infrastructure will propel the demand for Supply Chain Management in the region. The growing shift of APAC companies towards lean and rapidly advanced supply chains along with end-to-end visibility by innovation in the latest technologies is one of the major drivers of SCM software and services in the region, leading to the growth of the TIC market in logistics & supply chain industry.

Some of the key players operating in the TIC market in the logistics & supply chain industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, TUV SUD, DEKRA SE, The British Standards Institute, and DNV GL.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Sourcing Type, Service Type, Industry Vertical, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, TUV SUD, DEKRA SE, The British Standards Institute, and DNV GL

Global TIC Market for Logistics & Supply Chain Industry- Market Coverage

Sourcing Type Insight and Forecast 2015-2027

  • In-House
  • Outsourced

Service Type Insight and Forecast 2015-2027

  • Testing
  • Inspection
  • Certification

Industry Vertical Insight and Forecast 2015-2027

  • Warehouse Management
  • Transportation
  • Labor Management
  • Less Than Truckload (LTL)
  • Inbound Logistics
  • Outbound Logistics
  • Cargo
  • ERP
  • Others

Geographical Segmentation

TIC Market for Logistics & Supply Chain Industry by Region

North America

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

 

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Global TIC Market for Logistics & Supply Chain Industry is Anticipated to grow at a Significant Pace and was USD 9.82 billion in 2020