USD 249 BN OF POTENTIAL OPPORTUNITY IS OPENING UP IN TESTING, INSPECTION AND CERTIFICATION (TIC) INDUSTRY
Download PDFDisruption – as TIC heads to ~$197 bn sales revenue is the next big trend- $249 BN of potential opportunity is opening up
GLOBAL TIC technology STUDIES & PROJECTS COMPRISING ADVANCED AR/vr devices; Market growth could be attributed to the demanding lifestyle in developed and developing countries as well as increasing advancements in TIC products such as smart goggles, wristbands, and smart shoes.
Disruption – as TIC heads to ~$197 bn sales revenue is the next big trend- $249 BN of potential opportunity is opening up
TOP Testing, Inspection and Certification (TIC) GROWTH STORIES
MARKETSANDMARKETS ASSISTED A LEADING TIC SERVICE PROVIDER TO TAP INTO THE FIBER OPTIC TESTING MARKET—ALLOWING IT TO CAPTURE AN INCREMENTAL REVENUE OF USD 250–300 MILLION OVER A PERIOD OF 5 YEARS
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MARKETSANDMARKETS HELPED A LEADING TIC SERVICE COMPANY TO ACCELERATE MARKET CAPTURE IN GCC MARKET
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MARKETSANDMARKETS PROVIDED A 360° VIEW ANALYSIS TO A CLIENT OF TIC MARKET FOR CONSTRUCTION AND INFRASTRUCTURE IN UK
Download PDFTIC SERVICES MARKET IS ESTIMATED TO GROW AT A HEALTHY CAGR OF 3-4% IN THE COMING 5 YEARS, DRIVEN BY rising popularity of iot and connected devices and growing consumer preference for virtual inspection and testing
TIC SERVICES MARKET IS ESTIMATED TO GROW AT A HEALTHY CAGR OF 3-4% IN THE COMING 5 YEARS, DRIVEN BY rising popularity of iot and connected devices and growing consumer preference for virtual inspection and testing
Testing, inspection, and certification market – Maturity curve
THERE IS USD 249 Bn POTENTIAL WITHIN TIC SERVICES APPLICATIONS
ADDITIONALLY, WE HAVE ASSISTED A HOST OF TIC MARKET PLAYERS to TAP HIGH GROWTH OPPORTUNITIES ACROSS EMERGING APPLICATIONS, GEOGRAPHIES & COMPETITION
WHY DO COMPANIES NEED HELP TO GROW?
ABSENCE OF ORIGINAL RESEARCH:
- Complex and overlapping markets for library prep and target enrichment kits, hence difficult to calculate market potential and TAM
- Insufficient secondary research for strategic decisions
INTELLIGENCE IS NOT DEMOCRATISED:
- Client unmet needs need to be understood by all market facing employees for new product development and vendor selection that require TIC services.
- Bleak knowledge about upcoming technologies and growing applications such as consumer electronics and medical and life sciences application
GROWTH PROGRAM DESIGN AND EXECUTION:
- Lack of knowledge for the need of TIC services in the SMEs and advantages of remote testing and inspection services in the aerospace and agriculture application could present new revenue pockets
SOME UNKNOWNS & ADJACENCIES
- Adoption levels of remote testing services in TIC ecosystem is low. Currently it is very low globally, however, in critical applications such as oil & gas and petroleum and mining it is on the rise. As remote testing TAT, helps in minimization of errors and provides reproducible results, it is also gaining traction in the agriculture and food and aerospace applications.
- Increasing focus on personalized healthcare services drive the need for TIC services
- Increasing focus on personalized healthcare services drive the need for TIC services
- In target enrichment, developing economies present enormous opportunities triggered largely due to the increased adoption of TIC services in the consumer goods and retail application
GROWTH PROBLEMS ENCOUNTERED BY Testing, Inspection and Certification (TIC) COMPANIES
Customer prioritization and assessing unmet needs:
- What are the disruptions in our clients’ businesses? How can we support them for our own growth?
- Who are the most potential customers going forward? Should we prioritize consumer good and retail, medical & life sciences, IT & telecom, industrial & manufacturing applications or aerospace & defense companies?
- What are the key unmet needs of customers? Who are the key stakeholders in different settings? Do vendor selection criteria differ by settings? Which new service offerings should be added to the existing service line?
Where to Play:
- Which applications and technologies should we focus on? Should it be AI, big data, autonomous vehicles, EVs, IoT, or any other?
- Which regions should we place our bets on? Should we continue with developed countries or do developing countries offer more growth opportunities?
Building a compelling Right to Win (RTW):
- For M&A, which are the right targets for us? Should we target saller regional TIC service providers with wide customer reach or the test and measurement companies? Should we enter new markets directly or through partners?
- How can we differentiate from top players? What is their right-to-win vs ours?
OBSTACLES TO GROWTH FOR CURRENT PLAYERS
- Not able to keep pace with fast evolving technology enabled lifestyle – New technologies are emerging forcing TIC market players to adapt to them to enable ease of business and improve TAT
- Many start-ups and emerging companies eating up market share of established companies
- Limited clarity on unmet needs, hence requirements for improved TIC services
- Limited clarity on relevant vs redundant TIC services for the future
- Unclear picture about the continuously evolving regulatory scenario
KEY UNCERTAINTIES/ PERSPECTIVES WHICH INDUSTRY LEADERS SEEK ANSWERS TO:
KEY QUESTIONS OF Testing, Inspection and Certification (TIC) COMPANIES
- What lubricant product types will be relevant and redundant in the next 5 years?
- Which TIC service will be relevant and redundant in the next 5 years?
- Can TIC services become affordable?
- How can companies optimize the product development through integration of TIC services during the R&D process
- What regulatory policies can help strategize and achieve improved product to market?
- Which application areas will exhibit high growth in the developing economies in the EMEA region?
- What can be done to increase the awareness of TIC services in sports & entertainment application?
KEY QUESTIONS OF COMPANIES IN ADJACENT MARKETS
- What are the regulations surrounding data privacy and security?
- Which upcoming technologies will require TIC services in the near future to improve rate of adoption?
- Which machine learning approaches can be used to conduct TIC services so that AI models do not lead to misleading insights or faulty predictions?
- What will be the impact of TIC on the electric vehicles market?
- How will big data impact the service offerings of the TIC ecosystem?
What is driving change
in your business
- Product life cycles getting shorter.
- Ecosystems getting converged.
- Newer technologies and new use-cases disrupting.
- New markets, new geographies, new clients, competition and partners.
Are changes only impacting you or your clients and their clients as well?
The trial will be a guided tour by our representative to help you discover the shift in revenue sources of your clients and clients' clients that will impact your revenue. This is your opportunity to unlock the research IP worth $100 million
Ri story: for A LEADING TIC service COMPANY, we helped client to accelerate market capture IN GCC MARKET
RI STORY: MNM PROVIDED CONSULTATION TO A CLIENT TO ASSESS THE TRAINING SERVICES SCENARIO THAT COULD INCREASE THEIR REVENUE AND MARKET IN THE GCC REGION
RI STORY: MNM PROVIDED A 360° VIEW ANALYSIS TO A CLIENT OF TIC MARKET FOR CONSTRUCTION AND INFRASTRUCTURE IN UK
THE FOCUS OF MNM RESEARCH IS ON HIGH-GROWTH MARKETS AND EMERGING TECHNOLOGIES, WHICH WILL BECOME 80% OF THE REVENUES OF wearable PLAYERS FROM the ECOSYSTEM IN THE NEXT 5–10 YEARS
INDICATIVE LIST OF OTHER PROJECTS EXECUTED FOR Testing, Inspection and Certification (TIC) COMPANIES:
- STUDY
- Automotive TIC Market
- Management Systems Certification Market
- Aerospace and Life Sciences TIC Market
- Periodic Technical Inspection (PTI) Services Market
- Medical Devices TIC Market
- Fire TIC Market
- Smart Meter TIC Market
- EMC Testing Market
THE FOCUS OF MNM RESEARCH IS ON HIGH-GROWTH MARKETS AND EMERGING TECHNOLOGIES, WHICH WILL BECOME 80% OF THE REVENUES OF wearable PLAYERS FROM the ECOSYSTEM IN THE NEXT 5–10 YEARS
MNM ASSISTED A LEADING TIC SERVICE PROVIDER TO TAP INTO THE FIBER OPTIC TESTING MARKET—ALLOWING IT TO CAPTURE AN INCREMENTAL REVENUE OF USD 250–300 MILLION OVER A PERIOD OF 5 YEARS
OVER A PERIOD OF 12 MONTHS, WE ASSISTED THE CLIENT ON NUMEROUS OTHER GROWTH OPPORTUNITIES— CREATING A USD 250 MN REVENUE IMPACT FOR THE CLIENT
impacting you and
your clients
Testing, Inspection and Certification (TIC) COMPANIES
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