Testing, inspection, and certification services help ensure products meet the desired quality and standards before they are released in the market. These services play a vital role in validating product performance and safety. There has been rising demand for third-party auditing and certification of products to ensure adherence to global quality norms. The global Testing, Inspection, and Certification (TIC) Market is estimated to be valued at US$ 220 billion in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased outsourcing of testing services is one of the key trends driving the Global Testing, Inspection, And Certification Market Size. Manufacturers are increasingly outsourcing testing, inspection and certification requirements to specialized third-party providers to benefit from their expertise and focus on their core businesses. The outsourcing of testing services helps companies reduce operational costs and improve efficiency. It also helps ensure faster and more reliable testing and certification of products. The third-party providers have invested heavily in infrastructure and workforce to handle increased testing requirements, which is contributing to the rising adoption of outsourcing models. This trend is expected to continue and further accelerate the growth of the TIC market over the forecast period.
Segment Analysis
The global testing, inspection, and certification (TIC) market is dominated by the testing segment. This segment accounts for nearly half of the overall market share as testing is essential to ensure products meet the desired quality and safety standards. Key types of testing include quality assurance testing, laboratory testing, and environmental testing. Quality assurance testing, especially for products intended for consumer use, is in high demand to check various quality parameters.
Key Takeaways
The global testing, inspection, and certification (TIC) market is expected to witness high growth over the forecast period.
Regional analysis: Asia Pacific region is currently the fastest growing regional market for TIC services. Countries like China, India, and others are increasingly outsourcing testing and certification needs to third party providers. This is driven by growing manufacturing industries in these countries along with the need to meet various international quality certifications for global market access. Key players are expanding their operations in the region to gain from the growth opportunities.
Major players operating in the testing, inspection, and certification market are SGS Group, Bureau Veritas, Dekra Certification, Intertek, TUV SUD, Eurofins Scientific, DNV GL, TUV Rheinland, UL LLC, ALS Limited, TUV Nord Group, Mistras Group, Inc., SAI Global Limited, BSI Group, Exova Group PLC, Applus+, Envigo, and Lloyd's Register Group Limited. These companies are focusing on strategic partnerships and acquisitions to enhance service capabilities and expand globally.
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OverviewThe Electrical & Electronic Testing, Inspection, & Certification (TIC) Market is expected to reach USD 133,116.9 Million by 2025, registering a CAGR of 5.8% during the forecast period (2019–2025).
In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the coming years.The electrical electronics testing, inspection, & certification (TIC) market exhibits a prominent growth potential during the forecast period.
However, the lack of global certification standards limits the market growth.
However, the lack of global certification standards and skilled personnel are expected to limit the growth of the market during the forecast period.
The TIC sector is widely influenced by the complex political landscape.
The rate of change and the impact of government policy remain uncertain in most geographies.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/8519Segmental AnalysisThe Global Electrical & Electronics Testing, Inspection, & Certification Market has been segmented based on service type, product, offerings, and region.Based on the service type, the electrical & electronics testing, inspection, & certification market has been segmented into testing, inspection, and certification service.
