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Global Testing, Inspection and Certification (TIC) Market Size, Study, By Product, Application, And Forecasts 2028
07-Apr-2023 | Navi Mumbai | General Article (Non-News)
Bharat Book Bureau Provides the Trending Market Research Report on "Testing, Inspection and Certification (TIC) Market by Service Type (Testing, Inspection, Certification), Sourcing Type (In-House, Outsourced), Application (Medical, Life Science, Food, Telecommunication) and Region - Forecast to 2028" under the Consumer Goods Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence, and Market reports.
The global Testing, Inspection, and Certification (TIC) Market is projected to grow from USD 223.9 billion in 2023 to USD 265.0 billion by 2028, registering a CAGR of 3.4% during the forecast period. The growth of the market is mainly driven by the increasing adoption of the latest technologies in the various end-use verticals and increasing business growth in the construction, electronics, and textile industries. Moreover, the huge capacity to manufacture medical devices, electronics, and consumer goods across the globe is also likely to drive the growth of the testing, inspection, and certification market.
The testing service segment is expected to hold the highest market share in the overall testing, inspection, and certification market
To ensure that manufacturing companies offer products and services that meet the required standards and regulations, testing, inspection, and certification services are essential. Various automotive components and solutions, such as automotive lighting, connected car solutions, and materials, are tested for compliance with defined standards and regulatory norms through testing services. Test, inspection, and certification markets are currently experiencing a digital trend. For instance, companies such as SGS S.A. (Switzerland), Intertek Group plc (UK), and Bureau Veritas (France) are focusing on adopting digital technology to boost the market growth.
Companies in the TIC sector also focus on ensuring the security, performance, and safety of products, processes, and services. Before the product is launched and when it is being used or serviced, products are verified at two stages. They can be performed in a lab, on-site, or in other ways. Furthermore, manufacturers are increasingly outsourcing testing, inspection, and certification services due to global trade and regulatory requirements, as well as the rise of digital technologies.
The outsourced sourcing type segment is expected to grow at a higher CAGR during the forecast period
Testing, inspection, and certification are cost-effective conformity assessment methods that drive higher compliance levels. As a result, consumers are more satisfied with safer products, and government agencies are able to improve efficiency and manage their market surveillance resources more efficiently. Furthermore, it reduces in-house compliance costs and makes it easier for manufacturers to navigate global market requirements.
Companies that offer in-house and outsourced testing, inspection, and certification services may carry out operations differently. The public sector and mining industries prefer to perform testing, inspections, and certifications in-house rather than outsourcing them. Meanwhile, consumer goods and environmental industries tend to outsource testing, inspections, and certifications.
Asia Pacific is projected to have the highest CAGR during the forecast period
During the forecast period, the testing, inspection, and certification market in Asia Pacific is expected to witness the highest growth. A high number of European and American countries rely heavily on Asian companies for medical devices, personal protective equipment (PPE), pharmaceuticals, and other essential equipment. The growth of the market in Asia Pacific is driven by increased research and development in autonomous and connected cars (new and improved technologies), as well as improved lifestyles.
Due to its large manufacturing capabilities and exports, the Asia Pacific region is expected to account for the largest share of the testing, inspection, and certification market. China and India are among the developing economies of Asia Pacific, where many economically advanced countries have manufacturing units. These units must meet internationally accepted standards.
Due to the rise in per capita income among the middle class, domestic markets in Asia are growing rapidly.
Furthermore, consumers are increasingly aware of the importance of certifications and high-quality products. As a result, the TIC market in the Asia Pacific region is likely to grow. Other factors contributing to the growth of the market in Asia Pacific include manufacturers' growing willingness to produce electrical and electronic products, aerospace and aeronautical components, and heavy machinery in developing economies of Asia Pacific.
Breakdown of profiles of primary participants:
•By Company Type: Tier 1 = 30%, Tier 2 = 50%, and Tier 3 = 20%
•By Designation: C-level Executives = 25%, Directors = 35%, and Others = 40%
•By Region: North America = 35%, Europe = 30%, APAC = 25%, and Rest of the World = 10%
The major companies in the testing, inspection, and certification market are SGS S.A (Switzerland), Bureau Veritas (France), Intertek Group plc (UK), Eurofins Scientific (Luxembourg), DEKRA SE (Germany) TÜV SÜD (Germany), DNV GL (Norway), TÜV RHEINLAND (Germany), Applus+ (Spain), and ALS (Australia).
This report segments the testing, inspection, and certification (TIC) market, by service type (testing, inspection, certification), sourcing type (in-house, outsourced), application (medical, life science, food, telecommunication), and region - forecast to 2028.
Reasons to Buy the Report:
•This report includes statistics pertaining to the testing, inspection, and certification market based on service type, sourcing type, application, and region.
•Major drivers, restraints, opportunities, and challenges for the testing, inspection, and certification market have been provided in detail in this report
•The report includes illustrative segmentation, analysis, and forecast for the testing, inspection, and certification market based on its segments.
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