Allied Market Research published an exclusive report, titled, “Testing, Inspection and Certification Market Size, Share, Competitive Landscape and Trend Analysis Report by Service Type (Testing, Inspection, Certification), by Sourcing Type (In House, Outsource), by Application (Quality and Safety, Production Evaluation, Industrial Inspection, System Certification, Others), by Industry Vertical (Agro, Food, Pharmaceuticals, Chemical, Oil and Gas, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”.
The global testing, inspection and certification market was valued at $226.8 billion in 2022, and is projected to reach $407.2 billion by 2032, growing at a CAGR of 6.3% from 2023 to 2032.
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The TIC market is characterized by the involvement of third-party certification bodies that provide impartial assessments of products and processes. As a result, partners and customers regard companies more highly when they have these certificates. According to the testing, inspection and certification market trends, the industry is going through a digital transformation as TIC procedures become more transparent and efficient via the use of technologies such as blockchain and data analytics.
Technological improvements, globalization, regulatory complexity, and the rise in emphasis on quality & safety drive the testing, inspection, and certification market’s steady rise. The testing, inspection and certification industry is positioned to assume an increasingly more crucial role in influencing the future of numerous sectors as companies endeavor to comply with global standards and prove compliance. Electrical testing and inspection services are essential in the TIC market because they confirm the safety and compliance of electrical systems and provide businesses the confidence they need to adhere to strict industry requirements.
Key Market Players:
The testing, inspection and certification market size report offers an in-depth analysis of the 10 prime market players that are active in the market. Moreover, it provides their thorough financial analysis, business strategies, SWOT profile, business overview, and recently launched products & services. In addition, the report offers recent market developments such as market expansion, mergers & acquisitions, and partnerships & collaborations. The prime market players studied in the report are ABS, ALS Limited, ASTM International, BSI, Bureau Veritas S.A., DEKRA, DNV, Intertek Group PLC, ISO, Lloyds Register Group Limited (LR), SGS S.A., and TUV SUD AG.
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Segmentation Analysis:
The testing, inspection and certification market is segmented on the basis of Service Type, Sourcing Type, Application and Industry Vertical. The report offers an in-depth study of every segment, which helps market players and stakeholders to understand the fastest growing segments and highest grossing segments in the market.
By service type, the testing segment held the largest share in 2022, contributing to nearly half of the global testing, inspection and certification industry revenue, and is projected to maintain its lead position. The increase in need for safety, sustainability, and performance standards globally boosts the segmental growth of the market. The inspection segment is projected to manifest the highest CAGR of 7.4% from 2023 to 2032. There is an increase in adulteration and mixing of substances in products. This has fostered the need for inspection.
By sourcing type, the In house segment held the largest share in 2022, contributing to more than half of the global Testing, Inspection and Certification market revenue, and is expected to maintain its leadership throughout the forecast period. The requirement of organizations to have more control over the whole quality assurance process drives the trend toward in-house Testing, Inspection, and Certification (TIC) services. The outsource segment is projected to manifest the highest CAGR of 7.5% from 2023 to 2032. The usage of cloud-based TIC platforms, which enable seamless cooperation and real-time data exchange between businesses and their external service providers, is a noteworthy development in outsourcing.
The testing, inspection and certification market is analyzed across the globe and highlight several factors that affect the performance of the market across the various region including North America (United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa).
KEY FINDINGS OF THE STUDY
As per the testing, inspection and certification market analysis, digital transformation of customer services is expected to provide lucrative opportunity for the growth of the TIC market during the forecast period.
North America was the highest revenue contributor and also serves as the top investment pocket of TIC market.
The market is highly competitive, with several major players competing for market share. The competition is expected to intensify in the coming years as new players enter the market.
The North America region is expected to be a major market for the Testing, Inspection and Certification market. The key factor driving the growth of the testing, inspection, and certification market in this region includes an increase in emphasis on industrial safety and proactive safety measures.
Also, consumer products and retail are expected to be one of the fastest-growing segments in this region.
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The testing, inspection and certification market report provides thorough information about prime end-users and annual forecast during the period from 2022 to 2030. Moreover, it offers revenue forecast for every year coupled with sales growth of the market. The forecasts are provided by skilled analysts in the market and after an in-depth analysis of the geography of the market. These forecasts are essential for gaining insight into the future prospects of the testing, inspection and certification industry.
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