Testing, Inspection and Certification Market

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MarketsandMarkets Research Private Ltd.
Presents
Testing, Inspection and Certification Market
worth 279.3 billion by 2025 with a growing CAGR
of 4.9
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esting-inspection-certification-market-5352498.htm
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According to the new market research report
"Testing, Inspection and Certification Market by
Service (Testing, Inspection, Certification),
Sourcing Type (In-House and Outsourced),
Application (Consumer Goods and Retail,
Construction and Infrastructure), and Geography -
Global Forecast to 2024", the overall TIC market
is expected to grow from USD 209.4 billion in
2019 to USD 279.3 billion by 2025growing at a
CAGR of 4.9. Factors such as the increase in
disposable income and rapid urbanization in
developing economies high growth in product
recalls across the world high adoption of
outsourcing service models by worldwide
manufacturers increased requirement for
harmonized standards surge in illicit trading,
counterfeiting, and piracy practices across the
world and enforcement of rigorous government
regulations and standards across various sectors
are driving the growth of the TIC market.
Browse gtgt 79 Market data
tables 46 figures
248 pages and in-depth TOC on Testing,
Inspection and Certification Market
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Certification services segment is expected to
grow at the highest CAGR during the forecast
period In the TIC ecosystem, certification
services validate the result of a test or
inspection against a range of pre-specified
standards set by governments, international
standardization institutions, or clients. In the
current scenario, certification services are
widely adopted by manufacturers to demonstrate
that their products adhere to the compliance as
well as to improve their marketability.
Certifications ensure that the manufacturers of
the products have followed the standards and
quality and safety norms during the production
process. As global markets grow and expand, many
consumers prefer safe, reliable, and eco-friendly
products, which are validated by
certifications. In-House services segment held
the largest market size during the forecast
period To perform in-house TIC activities, a
company must build in-house capabilities in terms
of technology, test and measurement equipment,
and skilled personnel. Approximately 60 of the
testing, inspection, and certification is
conducted in-house. This process is particularly
evident in applications such as life sciences,
utilities, and public sectors. The rest of the
market is served by independent/third-party
service providers (companies whose primary
business activities are providing TIC services),
termed as outsourced services. To enter the TIC
market, companies must have expertise,
reputation, authorizations, and accreditations in
a large number of countries for further business
operations, require huge capital and a wide
geographic network of offices and laboratories at
both local and international levels. Owing to the
criticality of applications, industries such as
the public sector and mining prefer in-house
services rather than opting for outsourced TIC
services.
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esting-inspection-certification-market-5352498.htm
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Consumer Goods and Retails segment held the
largest market size during the forecast
period The TIC market for consumer goods and
retail is driven by the increasing need of TIC
services in personal care and beauty products,
hard goods, softlines and accessories, toys and
juvenile products, and electrical and
electronics, among others. In a highly regulated
marketplace, manufacturing and retailing is no
longer limited to producing and selling goods at
present. Third-party quality assessment
agencies/labs are gaining traction because they
provide the necessary expertise for product
safety. The scope of this study covers consumer
goods and retail products such as personal care
and beauty products, hard goods, softlines and
accessories, and toys and juvenile products,
electrical and electronic products that utilize
or undergo TIC services. APAC is expected to
grow at the highest CAGR during the forecast
period Asia Pacific (APAC) is expected to grow
at the highest CAGR during the forecast period
owing to the significant developments in
applications such as automotive, construction and
infrastructure, environmental, agriculture, and
consumer goods and retail. Many economically
advanced countries have their manufacturing units
in the developing economies of APAC, especially
China and India. These units are required to
manufacture products in compliance with
internationally accepted standards. The domestic
markets in APAC are growing rapidly owing to the
rising per capita income among the middle class.
Moreover, there is growing consumer awareness
about the importance of certification. Key
players operating in the TIC market include SGS
Group (Switzerland), Bureau Veritas SA (France),
Intertek (UK), and TÜV SÜD Group (Germany),
Eurofins Scientific (Luxembourg), DNV GL
(Norway), TÜV Rheinland Group (Germany), Applus
(Spain), ALS Limited (Australia), TÜV NORD Group
(Germany), Lloyds Register Group Limited (UK),
MISTRAS (US), Element Materials Technology (UK),
and UL LLC (US).
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