Portland,OR, Oct. 26, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global testing, inspection and certification (TIC) market generated $213.60 billion in 2020, and is expected to reach $349.27 billion by 2030, witnessing a CAGR of 5.3% from 2020 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Increase in focus of manufacturing companies on improving customer retention through quality products and demand for interoperability testing for connected devices and IoT drive the growth of the global testing, inspection and certification (TIC) market. However, high cost of TIC services due to diverse standards and regulations hinder the market growth. On the other hand, digital transformation of customer services presents new opportunities in the coming years.
Covid-19 Scenario:
- Daily operations of production and manufacturing industries have been hindered due to partial or complete lockdown restrictions across various countries. This slowed down the testing, inspection, and certification processes.
- These processes would get back on track post-lockdown as daily operations in industrial, automotive and transportation, aerospace and defense, and other industries begin with full capacity.
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The report offers detailed segmentation of the global testing, inspection and certification (TIC) market based on service type, sourcing type, application, end user, and region.
Based on service type, the testing segment contributed to the highest share in 2020, accounting for more than half of the total share, and is estimated to maintain its leadership status throughout the forecast period. However, the inspection segment is expected to manifest the largest CAGR of 6.0% from 2021 to 2030.
Based on application, the quality and safety segment held the highest share in 2020, contributing to more than one-fourth of the total share of the global testing, inspection and certification (TIC) market, and is projected to maintain its lead position during the forecast period. However, the system certification segment is estimated to witness the highest CAGR of 8.0% from 2021 to 2030.
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Based on region, North America accounted for the largest share in 2020, contributing to more than one-third of the total market share, and is expected to maintain its dominant share by 2030. However, Asia-Pacific is estimated to register the fastest CAGR of 8.0% during the forecast period.
Leading players of the global testing, inspection and certification (TIC) market analyzed in the research include Bureau Veritas S.A, Intertek Group Plc., TuV Sud AGSGS S.A., Mistras Group, TuV Rheinland AG Group, Eurofins Scientific SE, Dekra SE, ALS Limited, and Lloyd’s Register Group Limited.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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