The Global Testing, Inspection, And Certification Market Size is valued at 228.28 billion in 2023 and is predicted to reach 341.08 billion by the year 2031 at a 5.30% CAGR during the forecast period for 2024-2031.
Testing, inspection, and certification (TIC) market expansion is encouraged by the growing demand from businesses and companies to engage in safe and effective TIC processes. Companies must obey secure and efficient testing and inspection methods to uphold the highest quality standards, guarantee high output, and achieve maximum efficiency.
Using TIC techniques allows businesses to streamline procedures by customizing their supply chain activities to serve their needs and preferences. For instance, Temasek, a Singapore-based investment company specializing in restructuring, growth capital, and divestment deals, announced the acquisition of Element Materials Technology in January 2022. Element Materials Technology is a well-known testing, inspection, and certification (TIC) service supplier. The investment represents a big deal in the TIC sector and a critical turning point in the group's growth.
Recent Developments:
- In January 2022, Microsoft and SGS have made their relationship public. The new partnership will give the business the ability to create and evolve TIC services based on data, IoT, and AI that are sustainable, inclusive, and can help its clients reach their full potential.
Competitive Landscape:
Some of the Testing, Inspection, and Certification market players are:
- SGS Group,
- Bureau Veritas,
- Intertek,
- TUV Nord,
- TUV SUD,
- Eurofins Scientific,
- TUV Rheinland,
- DEKRA SE,
- DNV GL,
- Applus+,
- ALS Limited,
- Llyod’s Register Group,
- MISTRAS,
- Element Materials Technology,
- Apave International,
- UL LLC,
- IRClass,
- QR Testing,
- TIC Sera,
- Hohenstein
Market Segmentation:
The Testing, Inspection, and Certification market is segmented based on service type, sourcing type, and application. The market is segmented as testing, inspection, and certification services based on service type. The sourcing type segment includes in-house sourcing and outsourcing. By application, the market is segmented into medical & life sciences, consumer goods & retail, agriculture, chemical, construction & Infrastructure, energy & power, mining, oil & gas, public sector, automotive, aerospace, marine, industrial & Manufacturing, rail, supply chain & logistics, IT & Telecom, and sports & entertainment.
Based On Service Type, The Testing Services Segment Is Valued As A Major Contributor In The Testing, Inspection, And Certification Market
The testing services category is expected to hold a major share in the global Testing, Inspection, and Certification market in 2024. Due to the extensive usage of testing procedures in the Manufacturing, automotive, energy & utilities, oil & gas, and petroleum industries, the testing segment constituted the biggest revenue share. Product testing in the real world helps businesses maintain high standards and satisfy client demands. This is encouraging businesses from various sectors to invest more in operational expenses for testing equipment, fostering market expansion. For instance, Wallace Instruments, one of the manufacturers of testing apparatus for the rubber industry, announced the release of the WAC11 Mk5 Compression Stress Relaxometer, the company's Compression Stress Relaxometer's fifth generation, in November 2022.
Consumer Goods & Retail Segment Witness Growth At A Rapid Rate
Due to an increase in inspection operations conducted by businesses in the segment, the consumer goods and retail sector has seen a significant increase in revenue share. To provide their clients with the highest quality products, consumer goods companies must adhere to a number of quality norms and requirements. This makes it easier to implement comprehensive inspection systems that are very effective, providing the market with development potential. Furthermore, retail businesses must ensure customers have access to the best products and customer experiences, which will further increase the penetration of TIC services and technologies and support market expansion.
The North American, Testing, Inspection, and Certification market, maintains a significant revenue share in the region
Asia Pacific led the global market. Rising economic development in nations like China, India, Japan, and South Korea is to blame for the large income share. This has increased the region's Manufacturing and industrial activities, providing the TIC industry with growth potential. Additionally, Singapore's fast-growing AI technology ecosystem supports software and programmes in a variety of ways, which supports the expansion of testing and inspection services for the TIC sector.
Testing, Inspection, and Certification Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 228.28 Bn |
|
Revenue forecast in 2031 |
USD 341.08 Bn |
|
Growth rate CAGR |
CAGR of 5.30% from 2024 to 2031 |
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Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Service Type, Sourcing Type, And Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Competitive Landscape |
SGS Group, Bureau Veritas, Intertek, TUV Nord, TUV SUD, Eurofins Scientific, TUV Rheinland, DEKRA SE, DNV GL, Applus+, ALS Limited, Llyod’s Register Group, MISTRAS, Element Materials Technology, Apave International, UL LLC, IRClass, QR Testing, TIC Sera, Hohenstein. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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