Dublin, April 28, 2023 (GLOBE NEWSWIRE) -- The "Testing, Inspection and Certification (TIC) Market by Service Type (Testing, Inspection, Certification), Sourcing Type (In-House, Outsourced), Application (Medical, Life Science, Food, Telecommunication) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global testing, inspection, and certification (TIC) market is projected to grow from USD 223.9 billion in 2023 to USD 265.0 billion by 2028, registering a CAGR of 3.4%
The growth of the market is mainly driven by the increasing adoption of the latest technologies in the various end-use verticals and increasing business growth in the construction, electronics, and textile industries.
Moreover, the huge capacity to manufacture medical devices, electronics, and consumer goods across the globe is also likely to drive the growth of the testing, inspection, and certification market.
The testing service segment is expected to hold the highest market share in the overall testing, inspection, and certification market
To ensure that manufacturing companies offer products and services that meet the required standards and regulations, testing, inspection, and certification services are essential. Various automotive components and solutions, such as automotive lighting, connected car solutions, and materials, are tested for compliance with defined standards and regulatory norms through testing services. Test, inspection, and certification markets are currently experiencing a digital trend.
For instance, companies such as SGS S.A. (Switzerland), Intertek Group plc (UK), and Bureau Veritas (France) are focusing on adopting digital technology to boost market growth. Companies in the TIC sector also focus on ensuring the security, performance, and safety of products, processes, and services.
Before the product is launched and when it is being used or serviced, products are verified at two stages. They can be performed in a lab, on-site, or in other ways. Furthermore, manufacturers are increasingly outsourcing testing, inspection, and certification services due to global trade and regulatory requirements, as well as the rise of digital technologies.
The outsourced sourcing type segment is expected to grow at a higher CAGR during the forecast period
Testing, inspection, and certification are cost-effective conformity assessment methods that drive higher compliance levels. As a result, consumers are more satisfied with safer products, and government agencies are able to improve efficiency and manage their market surveillance resources more efficiently.
Furthermore, it reduces in-house compliance costs and makes it easier for manufacturers to navigate global market requirements. Companies that offer in-house and outsourced testing, inspection, and certification services may carry out operations differently.
The public sector and mining industries prefer to perform testing, inspections, and certifications in-house rather than outsourcing them. Meanwhile, consumer goods and environmental industries tend to outsource testing, inspections, and certifications.
Asia Pacific is projected to have the highest CAGR during the forecast period
During the forecast period, the testing, inspection, and certification market in Asia Pacific is expected to witness the highest growth. Many European and American countries rely heavily on Asian companies for medical devices, personal protective equipment (PPE), pharmaceuticals, and other essential equipment.
The growth of the market in Asia Pacific is driven by increased research and development in autonomous and connected cars (new and improved technologies), as well as improved lifestyles. Due to its large manufacturing capabilities and exports, the Asia Pacific region is expected to account for the largest share of the testing, inspection, and certification market.
China and India are among the developing economies of Asia Pacific, where many economically advanced countries have manufacturing units. These units must meet internationally accepted standards. Due to the rise in per capita income among the middle class, domestic markets in Asia are growing rapidly.
Furthermore, consumers are increasingly aware of the importance of certifications and high-quality products. As a result, the TIC market in the Asia Pacific region is likely to grow. Other factors contributing to the growth of the market in Asia Pacific include manufacturers' growing willingness to produce electrical and electronic products, aerospace and aeronautical components, and heavy machinery in developing economies of Asia Pacific.
Competitive landscape
The major companies in the testing, inspection, and certification market are SGS S.A (Switzerland), Bureau Veritas (France), Intertek Group plc (UK), Eurofins Scientific (Luxembourg), DEKRA SE (Germany) TUV SUD (Germany), DNV GL (Norway), TUV RHEINLAND (Germany), Applus+ (Spain), and ALS (Australia).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 517 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $223.9 Billion |
| Forecasted Market Value (USD) by 2028 | $265 Billion |
| Compound Annual Growth Rate | 3.4% |
| Regions Covered | Global |
Premium Insights
- Asia-Pacific Region to Emerge as a Lucrative Growth Avenue for Tic Services
- Electrical and Electronics Segment to Account for Largest Market Share During Forecast Period
- In-House Sourcing Segment to Account for Largest Market Share During Forecast Period
- Testing Services to Account for Largest Market Share During Forecast Period
- Asia-Pacific to Account for Largest Market Share During Forecast Period
Market Dynamics
Drivers
- Stringent Government Regulations to Ensure Product Safety and Environmental Protection
- Rising Need for Interoperability Testing due to IoT Deployment
- Increasing Trade in Counterfeit & Defective Pharmaceutical Products
- Growing Focus on Manufacturing High-Quality Products
Restraints
- Complexities Associated with Government Authorities for Global Standards
- High Cost of Tic Services due to Geographical Diversity
Opportunities
- Rising Focus on Digitalization to Improve Customer Experience
- Increasing Importance of Food Safety & Hygiene
- Growing Adoption of Ai and Ml Worldwide
Challenges
- Low Adoption Rate of Innovative Technologies
Technology Analysis
- Substitute Technology
- Automation Testing Technology
Case Study Analysis
- Tuv Sud Provides Certification and Auditing Services for Meiji Co. Ltd.
- Tuv Sud Provides Certification Services to Primech Holdings Limited
- Applus+ Rtd Improves Field Service Delivery for Energy & Power with Launch of a Mobile Reach Platform
- Lloyd's Register as an Independent Third-Party Certifying Authority for Safe Installation of Tennet's Borwin Gamma Platform
Company Profiles
Key Players
- Sgs S.A.
- Bureau Veritas
- Intertek Group plc
- Tuv Sud
- Dnv Gl
- Tuv Rheinland
- Dekra Se
- Eurofins Scientific
- Applus+
- Als
- Tuv Nord Group
- Lloyd's Register Group Services Limited
- Mistras
- Element Materials Technology
- Ul LLC
Other Players
- Apave International
- Irclass
- Normec Qs
- Thomas Bell-Wright International Consultants
- Tic-Sera Ltd.
- Hohenstein
- Astm
- Vde Testing and Certification Institute
- Keystone Compliance
- Washington Laboratories, Ltd.
- Force Technology
- Kiwa Inspecta
- Rina S.P.A.
- Technicka Inspekcia
- Turk Loydu
- Safety Assessment Federation (Safed)
- Prime Group
- Hv Technologies, Inc.
- Core Laboratories
- National Commodities Management Services Limited (Ncml)
- Amspec, LLC
- Asurequality
- Medistri Sa
- Avomeen Analytical Services
- Inotiv, Inc.
- Gateway Analytical
- Gulf Inspection International Co.
- Nippon Kaiji Kentei Kyokai (Nkkk)
- Humber Inspection International India Private Limited
- Nqaqsr
- Baltic Control
- British Standards Institution (Bsi)
- Opus Group Ab
- Team, Inc.
- Favareto Sa
- Lenor Group
- Cotecna Inspection Sa
For more information about this report visit https://www.researchandmarkets.com/r/u9n7gz
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