Pune, India, Nov. 14, 2022 (GLOBE NEWSWIRE) -- The global Testing, Inspection, and Certification market size is anticipated to hit USD 328.23 billion by 2029 and exhibit a CAGR of 6.1% during the forecast period. The incorporation of advanced technologies, such as machine learning, artificial intelligence, and Blockchain, to enhance TIC services is expected to boost the market's expansion in the forthcoming years. Fortune Business InsightsTM has presented this information in its report titled, "Testing, Inspection, and Certification (TIC) Market, 2022-2029". The market size stood at USD 208.43 billion in 2021 and USD 217.31 billion in 2022.Further, the rising consumer awareness for customized and standard products is expected to amplify the demand for TIC services, thereby fostering the growth of the market.
Key Industry Development-
November 2021: Modern Testing Services was acquired by Eurofins Scientific SE as a part of strategic expansion in the consumer goods industry. Customers from both firms would get the benefit from the enlarged global services network. This includes around 70 facilities in over 20 countries and more strong technical assistance from over 2,500 devoted and knowledgeable professionals throughout the world.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 6.1% |
| 2029 Value Projection | USD 328.23 Billion |
| Base Year | 2021 |
| Testing, Inspection and Certification Market Size in 2021 | USD 208.43 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Service Type; Sourcing Type; Industry; |
| Testing, Inspection and Certification Market Growth Drivers | Strict Rules and Regulations with Rising Demand for Standardizations of the Products Drive Growth |
| High Cost Associated with TIC Services to Hinder the Market Growth |
Drivers & Restraints-
Incorporation of Emerging Technologies to Fuel Market Growth
Testing, inspection, and certification have become mandatory in several countries to ensure optimum quality and safety of products. Governments across the globe are introducing stricter regulations and laws for manufacturers to safeguard environmental and human safety. Consumer products must adhere to the legal standards and safety laws, including labeling, classification, and other compliances. The growing demand for standardized products, coupled with increasingly strict regulations and rules, is expected to bolster the Testing, Inspection, and Certification (TIC) market growth.
Additionally, the adoption and implementation of advanced technologies such as machine learning, Blockchain, and artificial intelligence to enhance TIC services is a key trend predicted to boost the market's expansion.
However, high costs of TIC services may limit the market's expansion in the forthcoming years.
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Regional Insights-
Increasing Investments by Leading Players to Fuel Growth in Europe
Europe is predicted to bestride the global Testing, Inspection, and Certification (TIC) market share. The key players' presence, including SGS SA, Bureau Veritas (BV), DEKRA Certification B.V., and others, coupled with increasing investment by these players, is expected to amplify the market growth in Europe.
North America is predicted to witness considerable growth due to rising consumer awareness of customized and standard products.
Asia Pacific is anticipated to expand at the highest CAGR in the coming years. The escalating end-user investments in automotive, electronics, and manufacturing industries across developing nations, such as India, Japan, China, and others, are expected to magnify growth in Asia Pacific.
South America and the Middle East & Africa are estimated to expand substantially due to increasing international trade.
Report Coverage-
- It includes a detailed description and analysis of various segments of the market.
- It highlights the latest key industry developments.
- It includes a detailed analysis of the coronavirus pandemic.
- It assimilates the crucial drivers and restraints of the market's expansion.
- It highlights the market's growth analyzed and forecast across various geographies.
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Competitive Landscape-
Key Players Adopt Innovative Strategies to Uptick their Global Positions
The major players operating in the market emphasize upgrading current product portfolios by incorporating advanced technologies to enhance their offerings. The major market players adopt ingenious strategies, including contracts, acquisitions, mergers, collaborations, and others to amplify their growth prospects. For instance, Tecnolab Srl was acquired by Socotec Italia in April 2021 to improve its position in the Italian infrastructure sector.
List of Key Players Mentioned in the Report:
- SGS SA (Switzerland)
- Bureau Veritas (BV) (France)
- Dekra Certification B.V. (Netherlands)
- Intertek Group Plc (U.K.)
- TUV SUD AG (Germany)
- APPLUS+ (Spain)
- ALS Limited (Australia)
- Eurofins Scientific SE (Belgium)
- DNV GL (Norway)
- Socotec Group (U.K.)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Testing, Inspection and Certification (TIC) Key Players Market Share Insights and Analysis, 2021
- Global Testing, Inspection and Certification (TIC) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Service Type (USD)
- Testing
- Inspection
- Certification
- By Sourcing Type (USD)
- In-House
- Outsource
- By Industry (USD)
- Consumer Goods & Retail
- Agriculture & Food
- Chemicals
- Oil & Gas
- Manufacturing
- Others
- By Region (USD)
- North America
- Europe
- Middle East & Africa
- Asia Pacific
- South America
- North America Testing, Inspection and Certification (TIC) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Service Type (USD)
- Testing
- Inspection
- Certification
- By Sourcing Type (USD)
- In-House
- Outsource
- By Industry (USD)
- Consumer Goods & Retail
- Agriculture & Food
- Chemicals
- Oil & Gas
- Manufacturing
- Others
- By Country (USD)
- United States
- By Service Type
- Canada
- By Service Type
- Mexico
- United States
- By Service Type
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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