Jersey City, NJ, March 31, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Testing, Inspection, and Certification Market Size, Share & Trends Analysis Report By Service Type (Testing, Inspection, And Certification Services), Sourcing Type (In-House Sourcing And Outsourcing), And Application (Medical & Life Sciences, Consumer Goods & Retail, Agriculture, Chemical, Construction & Infrastructure, Energy & Power, Mining, Oil & Gas, Public Sector, Automotive, Aerospace)- Market Outlook And Industry Analysis 2031"
The global Testing, Inspection, and Certification Market is estimated to reach over USD 342.46 billion by 2031, exhibiting a CAGR of 5.23% during the forecast period.
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The testing, inspection, and certification sector contributes towards the global economy by enhancing the quality of goods used by various end customers in numerous industries. Furthermore, TIC services aid in lowering the number of product recalls and preserving compliance with the regulatory bodies and standards governing multiple sectors. The advent of cutting-edge technologies in various industries has increased the demand for TIC services since they promote the secure adoption and growth of technology while upholding compliance.
Additionally, TIC services offer the necessary certifications in several sectors, including healthcare and pharmaceuticals, food and beverage, automotive and industrial Manufacturing, demand items, and technology that have received international accreditation. Testing, inspection, and certification (TIC) ensure that the products, services, and Infrastructure meet safety and quality requirements. The TIC market is anticipated to increase regardless of industrial seasonality due to the strong market for inspection and testing at regular intervals across a few industries, such as oil and gas.
Recent Developments:
- In January 2022, Microsoft and SGS have made their relationship public. The new partnership will give the business the ability to create and evolve TIC services based on data, IoT, and AI that are sustainable, inclusive, and can help its clients reach their full potential.
List of Prominent Players in the Testing, Inspection, and Certification Market:
- SGS Group,
- Bureau Veritas,
- Intertek,
- TUV Nord,
- TUV SUD,
- Eurofins Scientific,
- TUV Rheinland,
- DEKRA SE,
- DNV GL,
- Applus+,
- ALS Limited,
- Llyod’s Register Group,
- MISTRAS,
- Element Materials Technology,
- Apave International,
- UL LLC,
- IRClass,
- QR Testing,
- TIC Sera,
- Hohenstein
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Testing, Inspection, and Certification Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 219.92 Bn |
| Revenue forecast in 2031 | USD 342.46 Bn |
| Growth rate CAGR | CAGR of 5.23 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Service Type, Sourcing Type, And Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
Trade globalization creates a convoluted supply chain that may affect product quality. In order to preserve the same, TIC services are necessary at every point in the supply chain. Complex supply chains have caused significant obstacles to the TIC market as a result of increased globalization, the privatization of state-owned laboratories, and rising requirements for end-user efficiency.
The COVID-19 pandemic hampered companies from performing testing, inspection, and certification activities by travelling and performing on-site activities, which was mainly attributed to the travel restrictions imposed to stop the pandemic from spreading further, claims TIC Council, the international trade federation which represents the independent third-party testing, inspection, and certification (TIC) industry. In addition, businesses discouraged in-person visits out of concern for their employees. This resulted in a general fall in the creation of revenue from this sector.
Challenges:
The COVID-19 pandemic has had a big effect on the world economy. Many industry segments have also been negatively impacted. Organizations are using digital testing and remote technological channels to guarantee the continuity of their services, provide safety to hospitals, industrial facilities, and power grids, and conduct tests necessary to guarantee the quality of essential goods and the functionality of critical equipment. Automation and the use of cutting-edge technologies for applications specific to the sector, such as collaboration and other productivity and business continuity solutions, have undoubtedly been promoted by this trend.
The outbreak has seriously hampered the world economy and had an impact on a number of sectors, including Manufacturing, oil & gas, construction, transportation, and automobiles. The majority of TIC industry players are strengthening their IT infrastructure and creating business continuity plans for every aspect of their operations. In order to effectively tap into latent demand for greater automation, remotely conducted services, and improved digitization, TIC providers are concentrating on unique services and delivery models. As a result, the market for testing, inspection, and certification has a great chance of recovering from the COVID-19 crisis-related decrease. Thus, it is anticipated that these promising developments will accelerate the market for testing, inspection, and certification in the years to come.
Regional Trends:
In terms of market share for testing, inspection, and certification, North America is predicted to hold the lead in 2020, followed by Asia-Pacific, Europe, Latin America, the Middle East, and Africa. The presence of major TIC players and the emergence of several start-ups in the region, growing demand for processed and organic foods, organizations' increasing focus on meeting regulatory and compliance requirements, early adoption of the newest technologies, government investments in the advancement of technologies, presence of highly developed IT infrastructure, and strict government regulations related to testing, and growing trade of consumer products.
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Segmentation of Testing, Inspection, and Certification Market-
By Service Type-
- Testing Service
- Inspection Service
- Certification Service
By Sourcing Type-
- In-house sourcing
- Outsourced
By Application-
- Medical & Life Sciences,
- Consumer Goods & Retail,
- Agriculture & Food, Chemical,
- Construction & Infrastructure,
- Energy & Power,
- Industrial & Manufacturing,
- Mining, Oil & Gas,
- Public Sector,
- Automotive,
- Aerospace,
- Marine,
- Rail,
- Supply Chain & Logistics,
- It & Telecom,
- Sports & Entertainment
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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