Testing Inspection and Certification (TIC) Market Size, Status and Global Outlook 2022 To 2030
The testing Inspection and Certification market will be valued at USD 89.68 Billion by 2030 | Growing at a CAGR of 5.60%.
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Testing and Inspection Certification Market Overview
Global Testing and Inspection Certification Market to grow at a CAGR of 5.60% by 2030, North America to Dominate the Global Testing and Inspection Certification Market
Market Synopsis
The global testing, inspection, certification (TIC) market is estimated to progress at a CAGR of 5.60% by the end of 2030. As per the study conducted at Market Research Future Reports (MRFR), the strict rules and regulation in end-user sectors such as food & beverage, pharmaceuticals, and textiles are projected to drive the global TIC market 2020. Besides, the robust fundamentals of the industry are likely to be another factor leading to market expansion. Also, the imports have increased, which have to pass through strict quality and safety testing procedures, which has augmented the demand considerably. Besides, the number of manufacturing units has increased in developing countries such as China, India, and Singapore, which is another crucial factor leading to market growth.
Further, the growing awareness about quality among consumers has multiplied the demand, growing at double rate of global GDP. Additionally, the import and export, along with globalization, is likely to propel the market further. On the contrary, the absence of global certification standards is estimated to hamper market growth. Besides, the lack of expertise is further likely to influence the market negatively. Countries like India and, in MEA witness lack of expertise with about only 5% of the workforce being skilled. Also, the difference in regional rules & regulations affects the investments made by international players.
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Recent developments in Testing, Inspection, and Certification (TIC) include an increased focus on digital technologies, such as the use of artificial intelligence (AI) and machine learning (ML) to improve quality control and increase accuracy. Additionally, the emergence of autonomous and connected cars is driving the need for certification testing to ensure that vehicles meet safety and performance requirements. The market is also seeing an increase in demand for services related to product safety and compliance, as more companies are seeking certification to ensure their products meet the necessary regulatory standards. Furthermore, the growth of the Internet of Things (IoT) is creating new opportunities for testing, inspection, and certification services, as companies need to ensure their connected products and services are secure and compliant.
Testing and Inspection Certification Market Segmentation
The global testing, inspection, certification (TIC) market can be segmented on the basis of service type, sourcing type, application, end-user, and region.
On the basis of service, the global testing, inspection, certification market can be distinguished into testing service, certification service, and inspection service.
On the basis of sourcing, the global testing, inspection, certification market can be distinguished into in-house and outsourcing.
On the basis of application, the global testing, inspection, certification market can be distinguished into industrial and commercial.
On the basis of end-user, the global testing, inspection, certification market can be distinguished into textile, automotive, aerospace, petroleum, oil & gas, and food & beverage, among others.
On the basis of region, the global testing, inspection, certification market can be distinguished into North America, Europe, APAC, and the Rest-of-the-world (RoW).
Testing and Inspection Certification Market Regional Analysis
The global market for TIC is estimated to grow significantly during the forecast period. Regions such as North America, Europe, APAC, and the Rest-of-the-world (RoW) have been evaluated. As per the study, the global market is likely to be dominated by North America by acquiring the maximum part of the market. North America is likely to reign the market due to a large base of the electronic sector. Besides, the increased global trade, defense, aviation industry, and the development in medical equipment automation are likely to fuel the regional market. The region is likely to acquire a large amount of revenue during the review period.
on the other hand, the APAC region is rapidly growing. The increased demand for these services from emerging countries such as India and China are likely to trigger the market. Also, the increased consumer awareness towards quality, growing demand for consumer electronics are projected to be another factor leading to market expansion.
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Key Players
The renowned players of the global TIC market are Bureau Veritas SA (France), SGS group (Switzerland), Dekra Certification GmbH (Germany), ALS Limited (Australia), Intertek Group Plc (U.K), ASTM International (U.S.), SAI Global Limited (Australia), BSI Group (U.K), Mistras Group (U.S.), UL LLC (U.S.), and a few others. However, SGS Group and Bureau Veritas hold the acquire the largest market with 14% and 11% respectively.
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