Dublin, April 29, 2024 (GLOBE NEWSWIRE) -- The "Global Testing, Inspection, and Certification Market by Service Type, Sourcing Type (In-house, Outsourced), Application (Consumer Goods & Retail, Agriculture & Food, Industrial & Manufacturing, Medical & Life Sciences) and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global testing, inspection, and certification market was valued at USD 233.2 billion in 2024 and is projected to reach USD 280.6 billion by 2029; it is expected to register a CAGR of 3.8%
The Testing, Inspection, and Certification market is driven by stringent regulatory requirements, technological advancements like AI and IoT, globalization, focus on quality and safety, sustainability initiatives, emerging markets, digitalization, and industry-specific needs. These factors collectively contribute to the growth and expansion of the TIC market globally.
The European market for testing, Inspection, and Certification (TIC) services is experiencing significant growth, primarily attributed to several factors. One key driver is the tightening regulatory landscape across various industries, necessitating compliance with stringent standards and regulations. Additionally, the growing emphasis on quality, safety, and sustainability further fuels the demand for TIC services in the region.
The rise of emerging technologies, such as artificial intelligence and IoT, is also contributing to the expansion of the TIC market by enhancing testing capabilities and efficiency. Moreover, increasing globalization and cross-border trade activities are driving the need for international standards compliance, driving the growth of TIC services in Europe. These factors collectively contribute to the substantial Compound Annual Growth Rate (CAGR) observed in the European TIC market.
The testing segment to hold the largest share during the forecast period
Testing services hold the largest share in the Testing, Inspection, and Certification (TIC) market, primarily due to their critical role in ensuring compliance with regulatory standards and quality assurance across various industries. These services are essential for verifying the safety, quality, and reliability of products and processes, ranging from consumer goods to industrial equipment. As regulatory requirements become more stringent and consumer expectations rise, the demand for testing services continues to grow, driving their dominance in the TIC market.
In-house sourcing segment to record largest market share during the forecast period
The dominance of the in-house sourcing segment in the market share is attributed to its suitability for critical applications, particularly in industries like the public sector and mining, which favor internal testing procedures over outsourced ones. In-house testing affords firms complete control over their processes and facilities, leveraging their core business expertise.
Establishing in-house capabilities demands investments in biotechnology, testing equipment, and skilled personnel. Around 60% of testing, inspection, and certification services are conducted internally, notably in sectors such as life sciences, utilities, and public administration. For example, Intertek undertakes internal testing, inspection, and certification for major aerospace firms like Boeing, Airbus, and GE Aviation, ensuring adherence to industry standards with cutting-edge equipment and expertise.
The medical & life sciences is likely to grow at the highest CAGR during the forecast period
The highest growth in the test, inspection, and certification market is anticipated in the medical and life sciences sector in the foreseeable future. As medical technology evolves, there's a heightened demand for TIC services to ensure patient safety. Testing, inspection, and certification are imperative for various medical devices such as implants, diagnostic tools, ophthalmic, orthopedic, dental, and vascular devices to meet international standards, enabling global market access for manufacturers.
Evolving regulations, particularly in the medical device domain, compel manufacturers to embrace TIC services for compliance. Key services in this sector encompass biocompatibility, electromagnetic compatibility (EMC), clinical research, and wireless/telemedicine testing, all aimed at guaranteeing device quality and safety. Accreditation from regulatory bodies is a prerequisite for TIC service providers to issue certifications for medical devices to their clients.
The testing, inspection, and certification market is dominated by a few globally established players such as SGS SA (Switzerland), Bureau Veritas (France), Intertek Group plc (UK), Eurofins Scientific (Luxembourg), DEKRA (Germany), TUV SUD (Germany), DNV GL (Norway), TUV RHEINLAND (Germany), Applus+ (Spain), ALS (Australia), TUV NORD Group (Germany), Lloyd's Register Group Services Limited (UK), MISTRAS Group (USA), ASTM (US), Element Materials Technology (UK), and UL LLC (US).
Key Benefits to Buy the Report:
- Analysis of key drivers (enforcement of strict regulations to ensure product safety and environmental protection, increasing need for interoperability testing owing to growing adoption of IoT, rising circulation of counterfeit products, increasing focus of manufacturing companies on customer retention). Restraint (lack of uniformity in global TIC standards, high cost of TIC services due to varying standards and regulations across geographies). Opportunity (use of blockchain technology in TIC services, rising adoption of TIC solutions based on advanced technologies). Challenges (slower adoption rate of advanced technologies by small and medium-sized TIC companies).
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the testing, inspection, and certification market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the testing, inspection, and certification market across varied regions.
- Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the testing, inspection, and certification market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 591 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $233.2 Billion |
| Forecasted Market Value (USD) by 2029 | $280.6 Billion |
| Compound Annual Growth Rate | 3.8% |
| Regions Covered | Global |
Companies Featured
- Sgs SA
- Bureau Veritas
- Intertek Group PLC
- Tuv Sud
- Dnv Gl
- Tuv Rheinland
- Dekra
- Eurofins Scientific
- Applus+
- ALS
- Tuv Nord Group
- Lloyd's Register Group Services Limited
- Mistras Group
- Element Materials Technology
- Ul LLC
- Apave
- Irclass
- Normec Qs
- Thomas Bell-Wright International Consultants
- Hohenstein
- Astm
- Vde Pruf- Und Zertifizierungsinstitut GmbH
- Keystone Compliance
- Washington Laboratories, Ltd.
- Force Technology
- Kiwa Inspecta
- Rina S.P.A.
- Technicka Inspekcia, A.S.
- Turk Loydu
- Safety Assessment Federation(Safed)
- Prime Group
- Hv Technologies Inc.
- Core Laboratories
- Ncml
- Amspec Group
- Asurequality
- Medistri SA
- Inotiv
- Gateway Analytical
- Gulf Inspection International Co.
- Nippon Kaiji Kentei Kyokai
- Humber Inspection International Ltd.
- Nqa
- Baltic Control
- British Standards Institute
- Opus Group Ab
- Team Inc.
- Favareto SA
- Lenor Group
- Cotecna
For more information about this report visit https://www.researchandmarkets.com/r/ude07f
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
