The TIC market for the IT & Telecom industry is expected to witness a CAGR of 3.5% during the forecast period. IT & telecommunication industry focus on the importance to protect the networks and communication channels and secures communication over encrypted networks and technology, resulting in the growth of the TIC market for the IT & telecom industry.
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Moreover, the growing need of enterprises and corporations to provide safe and efficient testing, inspection, and certification practices will propel market growth. Globalization, industrialization, technological development, adoption of cloud-based technology, rising need for certification requirements, adoption of high-speed networks, cybersecurity, and digital devices will fuel the market growth in the TIC market for the IT and Telecom industry.
The COVID-19 outbreak has had an unprecedented impact on the IT & Telecom industry which has disrupted the supply chain globally. So, companies need to have business continuity plans to ensure operational efficiencies and take strategic actions resulting in the growth of the TIC market for the IT & Telecom industry. Nevertheless, the TIC market is attributed to growth during the COVID-19 crisis due to innovation in services, for instance, virtual inspections, visual inspection, and remote auditing.
TÜV Rheinland has signed a contract for cooperation with Ericsson, the leading provider of mobile communications infrastructure to service providers i.e., Ericsson Device Hub (EDH) ecosystem. Ericsson and TÜV Rheinland will offer manufacturers of radio and telecommunications products all services related to global market launch and can reduce the previous complexity of product launch and marketing on the part of product providers.
Based on sourcing type, the TIC market for the IT & telecommunication industry is segregated into in-house and outsourced. In-house dominates the market as companies’ sensitive information that is stored on in-house servers and files via messages, images, documents, etc. are delivered to trading partners and customers. Thus, it gives emphasis on cybersecurity and meets stringent compliance requirements.
Asia-Pacific is anticipated to have a high CAGR during the forecast period owing to the adoption of advanced technology, the presence of major industry players, and initiatives taken by the government on R&D. Also, there is the rising number of TIC start-ups because of the initiatives taken by the government will create opportunities for the TIC market for the IT & Telecom industry.
Some of the key players operating in the TIC market in the IT & Telecommunication industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, TUV SUD, The Lloyd Register Group Limited, Element Materials Technology, and Applus+.