OCT 30 2020: The global Testing, Inspection, and Certification market size is expected to reach USD 404.7 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to witness a CAGR of 5.2% from 2019 to 2025. Testing, inspection, and certification (TIC) services are being adopted rapidly due to the strict implementation of testing, inspection, and certification regulations. The market incumbents cater to various range of industries and sectors across the globe with a variety of legislation and standards.
Owing to the increasing presence of international players in growing economies, such as India and China, governments are taking the help of these industry participants for regulating the quality of various products and services through third-party inspection services. Furthermore, with the gradual development of these economies, issues concerning food safety standards and environmental protection are anticipated to emerge over the forecast period. Consumer concerns related to health and safety issues arising from the use of consumer electronics, as well as the quality of consumer goods, has necessitated governments to regulate the quality of the products manufactured domestically.
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Also, an upsurge in the volume of traded goods has a direct impact on the number of certifications and inspecting services. With globalization, supply chains are increasingly becoming more complex. Increasing end-user quality expectations and outsourcing have led to a rise in the demand for independent TIC services. Organizations are aiming to ensure that processes, infrastructures, and products meet the required regulations and standards in terms of social responsibility, environmental protection, health and safety, and quality, thus reducing the risk of accidents and failure. This includes services such as the inspection and testing of bulk carriers that might be carrying different types of commodities, such as livestock, grains, or petroleum.
The Asia Pacific regional TIC market is expected to witness steady growth over the forecast period, owing to the growing economic and regulatory factors. The governments of several countries in the region are promoting various development plans in multiple application areas such as manufacturing, infrastructure, automotive, agriculture, and food. Also, the role of TIC is expected to change with the emergence of digital technologies such as connected devices, connected vehicles, mobile payments, and artificial intelligence. With the penetration of such technologies in this region, the inspection and testing of software and software-based service would gain importance similar to that of hardware testing and inspection.
Further key findings from the report suggest:
- The rise in manufacturing, construction, and infrastructure sectors provides a higher number of growth opportunities for the testing, inspection, and certification (TIC) market
- The increase in the outsourcing of testing, inspection, and certification services by major industries operating in the automotive, manufacturing, and consumer goods, is projected to boost the market growth
- The government of different countries in APAC are promoting various development plans. For instance, the 13th Five Year Plan of China stated the development of green transportation solutions for the advancement of the transportation sector in China
- Key market players are considering partnerships and acquisition of startups providing innovative products to expand their outreach in the market
- The key competitors in the TIC market are ALS Limited; Applus+; Bureau Veritas SA; UL LLC; DNV GL; Eurofins Scientific; Element Materials Technology; Intertek Group plc; SGS SA; TuV NORD GROUP; MISTRAS Group, Inc.; TuV Rheinland; TuV SuD; and DEKRA SE.
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Table of Contents
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List to Data Sources
Chapter 2 Executive Summary
2.1 TIC Market - Industry Snapshot & Key Buying Criteria, 2014 - 2025
2.2 Global
2.2.1 Global TIC market, 2014 - 2025
2.2.2 Global TIC market, by service type, 2014 - 2025
2.2.3 Global TIC market, by sourcing type, 2014 - 2025
2.2.4 Global TIC market, by application, 2014 - 2025
2.2.5 Global TIC market, by Region, 2014 - 2025
Chapter 3 Market Variables, Trends & Scope
3.1 Market Segmentation & Scope
3.2 Technological Overview
3.3 Market Growth Prospects
3.4 Value Chain Analysis
3.5 Market Dynamics
3.5.1 Market Drivers
3.5.1.1 Strict implementation of testing, inspection, and certification regulations
3.5.1.2 Globalization and the rise of global trade
3.5.1.3 Increasing outsourcing of TIC services
3.5.1.4 Emerging digital technologies
3.5.2 Market Restraint
Continued…………….
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