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The Testing, Inspection and Certification (TIC) industry operators generally deliver higher margins and require relatively lower capital expenditure than other business services sectors. Increasing levels of regulation have triggered a transition from a voluntary-based risk management approach to mandatory testing services. An evolving regulatory landscape is an intrinsic part of the TIC industry and will continue to generate new opportunities for firms – matching their clients’ needs. Globalization is also a major growth element of the TIC industry.
From drones to Big Data, leading TIC companies are embracing new technologies such as digital inspection, predictive maintenance and integrated sensors which are replacing physical inspection. These benefits provide growth opportunities and help operators to raise margins, enter new markets and embed client relationships. Leading players are introducing a range of initiatives to improve productivity and customer experience with new technology like AI and IoT which can help to improve ‘what if’ simulation methods and lower detection limits.
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