Pune, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Market Size and Growth Analysis:
“The Testing, Inspection, and Certification (TIC) Market size was valued at USD 302.52 billion in 2023 and is expected to reach USD 427.69 billion by 2032, growing at a CAGR of 3.94% over the forecast period 2024-2032 - As Per SNS Insider Report.”
The testing, inspection, and certification (TIC) market is integral to ensuring product quality, safety, and compliance across diverse industries. TIC services encompass various activities, including product testing, process inspection, and certification to meet regulatory standards. This market has experienced substantial growth due to the increasing complexity of global supply chains and rising consumer expectations for quality assurance.
Stringent regulations in sectors like pharmaceuticals, automotive, aerospace, and consumer goods are what drive the demand for TIC services. For example, the Consumer Product Safety Commission (CPSC) in the U.S. monitors consumer product safety with a budget of around USD 138 million, while the FDA, with a budget of approximately USD 7 billion, oversees food, pharmaceuticals, and medical devices. The EPA's environmental testing budget was around USD 11 billion in 2023. Globally, over 1.50 million entities have received ISO 9001 certification, highlighting the importance of quality management systems. The market's growth is also fueled by the increasing focus on sustainability and environmental compliance, necessitating more robust testing and certification processes.
Get a Sample Report of Testing, Inspection, And Certification (TIC) Market @ https://www.snsinsider.com/sample-request/1560
Key Market Players Covered in this Research Report are:
- SGS Group
- Bureau Veritas
- Eurofins Scientific
- Apave International
- IRClass
- TIC Sera
- Element Materials Technology
- UL LLC
- QR Testing
- Hohenstein
- Dekra Certification
- ALS Limited
- Intertek Group plc
- SAI Global Limited
- MISTRAS Group Inc
Testing, Inspection, And Certification (TIC) Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 302.52 Billion |
| Market Size by 2032 | USD 427.69 Billion |
| CAGR | CAGR of 3.94% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Company Profiles | SGS Group, Bureau Veritas, Eurofins Scientific, Apave International, IRClass, TIC Sera, Element Materials Technology, UL LLC, Intertek Group plc, SAI Global Limited, MISTRAS Group, QR Testing, Hohenstein, Dekra Certification, ALS Limited |
| Key Growth Drivers | • Navigating intricate regulations and ensuring compliance in the TIC market influenced by global trade. • Increasing demand from consumers is leading to higher investments in TIC services to ensure quality standards are met. |
Segment Analysis:
"Testing maintains a leading position in the TIC Market in 2023, holding more than 42% of the market share"
In 2023, testing was the leading sector in the TIC market with over 42% market share. This part consists of tasks associated with creating and producing products, which are essential in different sectors. Testing guarantees that products comply with safety, quality, and legal standards. Businesses are depending more and more on authorized testing facilities to confirm the strength and efficiency of their products. This request has caused testing services to become the biggest sector in the market.
"In-House Services Dominated the Market with 56% Share in 2023"
The In-House segment claimed around 56% of the market share in 2023, leading the market. This method enables firms to manage quality, pace, and privacy, crucial in sectors like pharmaceuticals, aerospace, and automotive that require precision and strict regulations. In-house services give companies the flexibility to handle risks, follow intricate regulations, and preserve proprietary processes, establishing it as the primary sourcing approach.
"Infrastructure Sector Led with a Revenue Share with Over 15% Share in 2023"
The infrastructure sector accounted for more than 15% of revenue share in 2023 and dominated the segment. The growth of this segment is primarily driven by the increasing number of infrastructure projects in countries, such as China, India, and several European countries. Furthermore, due to elaborate regulatory and administrative requirements encouraged by stringent sector-specific standards of TIC, consumer goods, healthcare, automotive, aerospace, and several other sectors are major contributors to the industry demand.
Do you have any specific queries or need any customization research on Testing, Inspection, And Certification (TIC) Market, Enquiry Now@ https://www.snsinsider.com/enquiry/1560
Key Market Segmentation
By Service Type
- Testing
- Inspection
- Certification
By Sourcing
- In-House
- Outsourced
By Application
- Consumer Goods & Retail
- Agriculture & Food
- Chemicals
- Infrastructure
- Energy & Power
- Education
- Government
- Manufacturing
- Healthcare
- Mining
- Oil & Gas and Petroleum
- Public Sector
- Automotive
- Aerospace & Defense
- Supply Chain & Logistics
- Others
"Asia Pacific Led TIC Market Growth in 2023, While Europe Set for Significant Expansion Through 2032"
In 2023, Asia Pacific dominated the TIC market with a share of over 35%. The region's quick industrial growth, increasing manufacturing operations, and rising consumer demand for quality and safety are pushing this expansion. Significant industrial growth in China, India, and Southeast Asian nations has led to a greater demand for TIC services to guarantee adherence to global standards. Moreover, the increasing growth of the construction, electronics, and automotive industries is driving the need for TIC solutions in the area.
Europe is anticipated to see significant expansion in the forecast period 2024-2032. The demand for TIC services is increased by the strong presence of top automotive industries in Germany and France, as well as popular fashion brands and consumer goods companies in Italy, Portugal, and the U.K. These elements are adding to the expansion of Europe's testing and certification market.
Recent Developments:
- Intertek presented its new Environmental Testing Suite in February 2024. The upgraded software enables more effective evaluation of environmental impact and sustainability, along with enhanced capabilities for assessing product lifecycle and environmental compliance.
- DEKRA released their new service called Automotive Safety Certification in January 2024. The technology was designed for advanced driver-assistance systems for autonomous vehicles. The certification and testing are aimed at the technologies of the new era.
Buy an Enterprise User PDF of Testing, Inspection, And Certification (TIC) Market Outlook 2024-2032@ https://www.snsinsider.com/checkout/1560
Key Takeaways for the Market Study:
- The report provides insights into how companies can leverage TIC services to meet regulatory requirements and ensure product quality, helping to navigate complex compliance landscapes.
- Identifies key growth areas within the TIC market, such as emerging sectors and regions, allowing businesses to devise strategies and take advantage of new opportunities.
- Offers detailed reporting on various market segments, which include service types and applications, helping clients understand where they should concentrate their investments.
- Highlights regional developments and the latest trends, offering valuable information on where the demand is growing and where the best opportunities for the market’s expansion are.
- Details of recent product launches and the technological advancements, which are present in the TIC market, allowing the clients to stay up-to-date on the latest solutions and the competitive benefits they offer.
TABLE OF CONTENTS – Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Testing, Inspection, and Certification (TIC) Key Vendors and Feature Analysis, 2023
5.2 Testing, Inspection, and Certification (TIC) Performance Benchmarks, 2023
5.3 Testing, Inspection, and Certification (TIC) Integration Capabilities, by Software
5.4 Usage Statistics, 2023
6. Competitive Landscape
7. Testing, Inspection, And Certification (TIC) Market Segmentation, by Service Type
8. Testing, Inspection, And Certification (TIC) Market Segmentation, by Sourcing
9. Testing, Inspection, And Certification (TIC) Market Segmentation, by Application
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
Access Full Report Insights of Testing, Inspection, And Certification (TIC) Market Forecast 2024-2032@ https://www.snsinsider.com/reports/testing-inspection-and-certification-market-1560
[For more information or need any customization research mail us at info@snsinsider.com]
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
